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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Roll-Forward of Unrecognized Tax Benefits

A roll-forward of unrecognized tax benefits is as follows:

(in millions)		2017				2016				2015
Opening balance at January 1		$	2.2			$	3.6			$	5.7
Reductions for tax positions of prior periods			0.0				(0.6	)			0.0
Additions for tax positions of prior periods			0.5				0.0				0.3
Additions for current year tax positions			0.0				0.0				1.2
Reductions due to lapsed statute of limitations			(0.5	)			(0.8	)			(3.6	)
Closing balance at 31 December		$	2.2			$	2.2			$	3.6

Sources of Income before Income Taxes

The sources of income before income taxes were as follows:

(in millions)		2017				2016				2015
Domestic		$	3.1			$	16.8			$	52.7
Foreign			125.0				86.3				99.6
		$	128.1			$	103.1			$	152.3

Components of Income Tax Expense

The components of income tax expense are summarized as follows:

(in millions)		2017				2016				2015
Current:
Federal		$	51.2			$	4.4			$	5.2
State and local			0.9				1.1				1.3
Foreign			21.0				15.3				14.3
			73.1				20.8				20.8
Deferred:
Federal			(8.1	)			(0.7	)			12.8
State and local			0.7				(0.3	)			0.5
Foreign			0.6				2.0				(1.3	)
			(6.8	)			1.0				12.0
		$	66.3			$	21.8			$	32.8

Factors Effecting Effective Tax Rate from U.S. Federal Statutory Rate

The effective tax rate varies from the U.S. federal statutory rate because of the factors indicated below:

(in percent)		2017				2016				2015
Statutory rate			35.0	%			35.0	%			35.0	%
Foreign income inclusions			2.1				1.0				1.8
Foreign tax rate differential			(13.7	)			(16.6	)			(9.6	)
Tax charge/(credit) from previous years			1.1				(0.7	)			(0.5	)
Net credit from unrecognized tax benefits			(0.4	)			(1.6	)			(1.5	)
Foreign currency transactions			(0.9	)			2.4				(1.9	)
United Kingdom income tax rate reduction			0.0				(0.6	)			(0.7	)
Effect of U.S. tax law change			31.7				0.0				0.0
Other items and adjustments, net			(3.1	)			2.2				(1.1	)
			51.8	%			21.1	%			21.5	%

Details of Deferred Tax Assets and Liabilities

Details of deferred tax assets and liabilities are analyzed as follows:

(in millions)		2017				2016
Deferred tax assets:
Stock compensation		$	4.3			$	5.5
Net operating loss carry forwards			15.9				18.2
Other intangible assets			4.8				3.7
Accretion expense			3.3				5.1
Other			4.5				9.5
Subtotal			32.8				42.0
Less valuation allowance			0.0				0.0
Total net deferred tax assets		$	32.8			$	42.0
Deferred tax liabilities:
Property, plant and equipment		$	(16.7	)		$	(13.0	)
Intangible assets including goodwill			(27.0	)			(38.0	)
Pension asset			(18.3	)			(8.2	)
Investment impairment recapture			(3.5	)			0.0
Customer relationships			(5.8	)			0.0
Other			0.0				(0.2	)
Total deferred tax liabilities		$	(71.3	)		$	(59.4	)
Net deferred tax liability		$	(38.5	)		$	(17.4	)
Deferred tax assets		$	6.5			$	14.9
Deferred tax liabilities			(45.0	)			(32.3	)
		$	(38.5	)		$	(17.4	)

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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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.

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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 the change in unrecognized tax benefits.

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