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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Components of Earnings (Loss) from Continuing Operations Before Income Tax Provision | The components of earnings (loss) from continuing operations before income tax provision, as retrospectively changed to account for our change from LIFO to FIFO, were as follows:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Domestic |  | $ | (62.2 | ) |  | $ | (92.6 | ) |  | $ | (1,450.8 | )
Foreign |  |  | 329.4 |  |  |  | 272.8 |  |  |  | (433.6 | )
Total |  | $ | 267.2 |  |  | $ | 180.2 |  |  | $ | (1,884.4 | )
Components of Income Tax Provision (Benefit) | The components of our income tax provision (benefit), as retrospectively changed to account for our change from LIFO to FIFO, were as follows:
|  | Year Ended December 31, |
(In millions) |  | 2014 |  |  | 2013 |  |  | 2012 |
Current tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (216.0 | ) |  | $ | (4.3 | ) |  | $ | (8.6 | )
State and local |  |  | 0.2 |  |  |  | (3.9 | ) |  |  | (6.5 | )
Foreign |  |  | 88.8 |  |  |  | 85.2 |  |  |  | 69.0 |
Total current |  |  | (127.0 | ) |  |  | 77.0 |  |  |  | 53.9 |
Deferred tax expense (benefit) : |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 176.8 |  |  |  | 4.2 |  |  |  | (231.8 | )
State and local |  |  | (27.2 | ) |  |  | 10.4 |  |  |  | (24.9 | )
Foreign |  |  | (13.5 | ) |  |  | (6.7 | ) |  |  | (62.6 | )
Total deferred tax benefit |  |  | 136.1 |  |  |  | 7.9 |  |  |  | (319.3 | )
Total provision (benefit) |  | $ | 9.1 |  |  | $ | 84.9 |  |  | $ | (265.4 | )
Components of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following:
|  | Year Ended |  |  | Year Ended |
(In millions) |  | 2014 |  |  | 2013 |
Settlement agreement and related accrued interest(1) |  | $ | — |  |  | $ | 460.7 |
Restructuring reserves |  |  | 4.7 |  |  |  | 3.1 |
Accruals not yet deductible for tax purposes |  |  | 56.5 |  |  |  | 68.3 |
Net operating loss carry forwards |  |  | 291.1 |  |  |  | 127.0 |
Foreign, federal and state credits and investment tax allowances |  |  | 109.3 |  |  |  | 32.7 |
Employee benefit items |  |  | 163.8 |  |  |  | 130.6 |
Other |  |  | 44.1 |  |  |  | 20.2 |
Gross deferred tax assets |  |  | 669.5 |  |  |  | 842.6 |
Valuation allowance |  |  | (227.8 | ) |  |  | (240.0 | )
Total deferred tax assets |  |  | 441.7 |  |  |  | 602.6 |
Depreciation and amortization |  |  | (40.0 | ) |  |  | (51.8 | )
Unremitted foreign earnings |  |  | (130.0 | ) |  |  | (135.2 | )
Intangibles |  |  | (214.2 | ) |  |  | (256.0 | )
Other |  |  | (12.3 | ) |  |  | (21.5 | )
Total deferred tax liabilities |  |  | (396.5 | ) |  |  | (464.5 | )
Net deferred tax assets |  | $ | 45.2 |  |  | $ | 138.1 |
(1) | The 2013 deferred tax asset reflects the cash portion of the Settlement agreement and related accrued interest and the fair market value of 18 million shares of our common stock at a post-split price of $17.86 per share based on the price when the Settlement agreement was reached in 2002. See Note 17, “Commitments and Contingencies,” for further discussion.
Federal Statutory Corporate Tax Rate Reconciles to Our Effective Income Tax Rate | The U.S. federal statutory corporate tax rate reconciles to our effective income tax rate, as retrospectively changed to account for our change from LIFO to FIFO, as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory U.S. federal tax rate |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
State income taxes, net of federal tax benefit |  |  | (2.1 | ) |  |  | (1.2 | ) |  |  | 0.5 |
Foreign earnings taxed at lower effective rates |  |  | (15.1 | ) |  |  | (8.8 | ) |  |  | (0.2 | )
U.S. tax on foreign earnings |  |  | 3.9 |  |  |  | 4.7 |  |  |  | (0.6 | )
Impairment |  |  | — |  |  |  | — |  |  |  | (20.0 | )
Reorganization tax benefit |  |  | (0.9 | ) |  |  | (6.7 | ) |  |  | — |
Net change in valuation allowance |  |  | (5.0 | ) |  |  | 22.4 |  |  |  | (2.2 | )
Net change in unrecognized tax benefits |  |  | (8.7 | ) |  |  | 2.0 |  |  |  | 1.9 |
Other |  |  | (3.7 | ) |  |  | (0.3 | ) |  |  | (0.3 | )
Effective income tax rate |  |  | 3.4 | % |  |  | 47.1 | % |  |  | 14.1 | %
Unrecognized Tax Benefits and Effect on Effective Income Tax Rate | We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized (in millions):
Unrecognized tax benefits at December 31, 2013 |  | $ | 221.9 |
Additions for tax positions of current year |  |  | 5.2 |
Additions for tax positions of prior years |  |  | 7.7 |
Reductions for tax positions of prior years |  |  | (45.9 | )
Unrecognized tax benefits at December 31, 2014 |  | $ | 188.9 |

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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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