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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Loss Income Before Income Taxes and Noncontrolling Interests

The components of income from continuing operations before income taxes and noncontrolling interests were as follows:

(In millions)		2016				2015				2014
Domestic operations		$	513.8			$	387.7			$	301.4
Foreign operations			68.3				72.2				90.5
Income before income taxes and noncontrolling interests		$	582.1			$	459.9			$	391.9

Reconciliation of Income Taxes at Federal Statutory Income Tax Rate to Income Taxes from Continuing Operations

A reconciliation of income taxes at the 35% federal statutory income tax rate to the income tax provision reported was as follows:

(In millions)		2016				2015				2014
Income tax expense computed at federal statutory income tax rate		$	203.7			$	161.0			$	137.2
Other income taxes, net of federal tax benefit			12.6				9.4				7.2
Foreign taxes at a different rate than U.S. federal statutory income tax rate			(7.6	)			(8.7	)			(13.4	)
Tax benefit on income attributable to domestic production activities			(13.0	)			(12.5	)			(7.6	)
Net adjustments for uncertain tax positions			13.2				4.7				4.7
Adoption of ASU 2016-09			(27.8	)			—				—
Net effect of rate changes on deferred taxes			(1.1	)			0.2				(0.7	)
Valuation allowance increase (decrease)			(2.1	)			0.8				(4.1	)
Miscellaneous other, net			(8.2	)			(1.5	)			(5.0	)
Income tax expense as reported		$	169.7			$	153.4			$	118.3
Effective income tax rate			29.2	%			33.4	%			30.2	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”) was as follows:

(In millions)		2016				2015				2014
Unrecognized tax benefits — beginning of year		$	38.2			$	31.0			$	23.7
Gross additions — current year tax positions			10.7				4.6				8.7
Gross additions — prior year tax positions			10.4				8.3				2.2
Gross additions (reductions) — purchase accounting adjustments			9.7				0.1				(1.1	)
Gross reductions — prior year tax positions			(9.8	)			(2.1	)			(2.5	)
Gross reductions — settlements with taxing authorities			(1.0	)			(3.6	)			—
Impact of change in foreign exchange rates			(0.0	)			(0.1	)			—
Unrecognized tax benefits — end of year		$	58.2			$	38.2			$	31.0

Income Taxes

Income taxes in 2016, 2015 and 2014 were as follows:

(In millions)		2016				2015				2014
Current
Federal		$	150.4			$	130.6			$	86.9
Foreign			22.3				19.7				12.3
State and other			22.9				16.1				12.0
Deferred
Federal, state and other			(23.9	)			(11.3	)			2.7
Foreign			(2.0	)			(1.7	)			4.4
Total income tax expense		$	169.7			$	153.4			$	118.3

Components of Net Deferred Tax Assets Liabilities

The components of net deferred tax assets (liabilities) as of December 31, 2016 and 2015 were as follows:

(In millions)		2016				2015
Deferred tax assets:
Compensation and benefits		$	56.1			$	32.8
Defined benefit plans			82.5				84.4
Capitalized inventories			13.6				12.1
Accounts receivable			10.3				7.7
Other accrued expenses			41.4				23.7
Net operating loss and other tax carryforwards			39.7				39.9
Valuation allowance			(16.4	)			(19.7	)
Miscellaneous			2.5				6.1
Total deferred tax assets			229.7				187.0
Deferred tax liabilities:
LIFO inventories			(6.7	)			(8.2	)
Fixed assets			(57.1	)			(48.5	)
Identifiable intangible assets			(210.4	)			(194.6	)
Investment in partnership			(109.3	)			(129.8	)
Miscellaneous			(0.2	)			(0.2	)
Total deferred tax liabilities			(383.7	)			(381.3	)
Net deferred tax liability		$	(154.0	)		$	(194.3	)

In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 31, 2016 and 2015 as follows:

(In millions)		2016				2015
Other current assets		$	—			$	—
Other current liabilities			—				—
Other assets			9.5				7.4
Deferred income taxes			(163.5	)			(201.7	)
Net deferred tax liability		$	(154.0	)		$	(194.3	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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+ References

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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Tabular disclosure of the change in unrecognized tax benefits.

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-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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