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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule income tax provision (benefit)

The income tax provision (benefit) was as follows:

(In millions)		2014				2013				2012
Continuing operations:
Current:
Federal		$	(47.9	)		$	(127.5	)		$	82.3
State		(4.0		)		(10.2		)		8.7
Foreign		9.8				7.9				9.0
Total		(42.1		)		(129.8		)		100.0
Deferred:
Federal		34.1				62.7				(27.6		)
State		(0.2		)		4.6				0.1
Foreign		(0.5		)		(1.1		)		(0.1		)
Total		33.4				66.2				(27.6		)
Income tax provision (benefit) from continuing operations		$	(8.7	)		$	(63.6	)		$	72.4
Income tax provision (benefit) from discontinued operations		$	(0.3	)		$	161.4			$	3.8
Total company income tax provision (benefit)		$	(9.0	)		$	97.8			$	76.2

Schedule of effective income tax rate reconciliation

The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax provision (benefit) from continuing operations:

		Income Tax Provision (Benefit)
(In millions)		2014				2013				2012
Taxes computed at the federal rate		$	0.5			$	(54.2	)		$	81.3
State and local income taxes, net of federal tax benefit		(2.0		)		(11.8		)		0.6
Tax reserve adjustments		(0.5		)		(10.2		)		(0.4		)
Repatriation of foreign earnings		0.3				9.4				1.3
Valuation allowance		0.5				9.1				2.2
Adjustment to prior years’ taxes		0.1				(5.3		)		1.4
Foreign earnings taxed at different rate		(6.6		)		(2.5		)		(10.2		)
Manufacturing deduction		—				—				(7.1		)
Other		(1.0		)		1.9				3.3
Income tax provision (benefit)		$	(8.7	)		$	(63.6	)		$	72.4

Schedule of income before income tax

Income (loss) from continuing operations before income taxes for the Company’s U.S. and non-U.S. operations was as follows:

(In millions)		2014				2013				2012
U.S.		$	(46.1	)		$	(180.0	)		$	178.4
Non-U.S.		47.6				25.2				53.9
Income (loss) from continuing operations before income taxes		$	1.5			$	(154.8	)		$	232.3

Schedule of income taxes paid

Income taxes paid and amounts received as refunds were as follows:

(In millions)		2014				2013				2012
Income taxes paid		$	15.1			$	21.4			$	101.7
Income tax refunds received		(20.2		)		(18.3		)		(15.8		)
Income taxes paid (received), net		$	(5.1	)		$	3.1			$	85.9

Schedule of deferred tax assets and liabilities

The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 31, 2014 and 2013 were as follows:

(In millions)		2014				2013
Deferred income tax assets
Pensions		$	251.8			$	115.7
Postretirement benefits other than pensions		169.0				182.9
Federal and state net operating loss tax carryovers		122.7				32.2
Federal and state tax credits		53.6				42.0
Deferred compensation and other benefit plans		25.6				29.4
Self insurance reserves		10.1				10.1
Other items		79.1				79.5
Gross deferred income tax assets		711.9				491.8
Valuation allowance for deferred tax assets		(34.4		)		(33.9		)
Total deferred income tax assets		677.5				457.9
Deferred income tax liabilities
Bases of property, plant and equipment		579.5				488.1
Inventory valuation		111.7				66.5
Bases of amortizable intangible assets		75.5				67.1
Other items		53.9				46.3
Total deferred tax liabilities		820.6				668.0
Net deferred tax liability		$	(143.1	)		$	(210.1	)

Schedule of changes in unrecognized income tax benefits

The changes in the liability for unrecognized income tax benefits for the years ended December 31, 2014, 2013 and 2012 were as follows:

(In millions)		2014				2013				2012
Balance at beginning of year		$	72.8			$	29.2			$	29.7
Increases in prior period tax positions		2.0				0.1				0.2
Decreases in prior period tax positions		(0.6		)		(5.8		)		(0.3		)
Increases in current period tax positions		0.7				60.4				1.2
Expiration of the statute of limitations		(0.5		)		(0.7		)		(2.0		)
Settlements		(0.7		)		(8.6		)		(0.4		)
Interest and penalties, net		(0.3		)		(1.8		)		0.8
Balance at end of year		$	73.4			$	72.8			$	29.2

Summary of income tax examinations

A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:

Jurisdiction		Earliest Year Open to Examination
U.S. Federal		2013
States:
Alabama		2011
Illinois		2011
North Carolina		2010
Oregon		2011
Pennsylvania		2011
Foreign:
China		2010
Germany		2012
Poland		2010
United Kingdom		2011

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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