Income tax (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

(in millions)	2015		2014			2013
U.S. income before income taxes	$	260.1	$	255.3		$	201.1
Non-U.S. income before income taxes	103.8		108.4			88.6
Income from continuing operations before income taxes	$	363.9	$	363.7		$	289.7
Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	71.8	$	82.6		$	59.7
Foreign	28.0		31.2			30.9
State and local	8.0		11.3			5.9
Total current tax expense	107.8		125.1			96.5
Deferred tax expense (benefit):
U.S. federal	11.5		1.0			13.9
Foreign	2.1		(0.7		)	(14.8		)
State and local	0.6		(0.8		)	1.6
Total deferred tax expense (benefit)	14.2		(0.5		)	0.7
Total income tax expense	$	122.0	$	124.6		$	97.2

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below. 

(in millions)	2015			2014
Deferred Tax Assets:
Trade receivables, principally due to allowances for returns and doubtful accounts	$	4.4		$	5.5
Inventories, principally due to additional costs inventoried for tax purposes	19.8			24.1
Employee compensation and benefits accrued for financial reporting purposes	92.1			88.1
Foreign net operating losses	21.7			22.8
Foreign tax credits	24.1			25.0
Other	12.0			13.4
Total deferred tax assets	174.1			178.9
Less valuation allowance	(42.0		)	(47.9		)
Total deferred tax assets, after valuation allowance	$	132.1		$	131.0
(in millions)	2015			2014
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead	$	123.1		$	116.9
Goodwill and intangible assets, principally due to differences in amortization	177.6			172.1
Total deferred tax liabilities	300.7			289.0
Deferred tax liabilities, net	$	168.6		$	158.0

Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block]

The net deferred tax liabilities are reflected in the balance sheet as follows: 

(in millions)	2015		2014
Deferred tax assets (included in prepaid expense and other current assets)	$	—	$	61.0
Deferred charges and other assets	3.8		4.4
Deferred tax liabilities	172.4		223.4
Net deferred tax liabilities	$	168.6	$	158.0

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Company’s effective tax rate differs from the federal statutory rate due to the following items: 

	2015					2014					2013
(dollars in millions)	Amount			% of Income Before Tax		Amount			% of Income Before Tax		Amount			% of Income Before Tax
Computed “expected” tax expense on income before taxes at federal statutory rate	$	127.4		35.0	%	$	127.3		35.0	%	$	101.4		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	5.6			1.5		6.8			1.9		4.9			1.7
Foreign tax rate differential	(7.5		)	(2.1	)	(7.4		)	(2.0	)	(4.2		)	(1.4	)
Manufacturing tax benefits	(6.7		)	(1.8	)	(7.5		)	(2.1	)	(5.8		)	(2.0	)
Other	3.2			0.9		5.4			1.5		0.9			0.3
Actual income tax expense	$	122.0		33.5	%	$	124.6		34.3	%	$	97.2		33.6	%

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows: 

	2015			2014
Balance at beginning of year	$	24.1		$	21.4
Additions based on tax positions related to the current year	2.6			2.3
Additions for tax positions of prior years	11.5			3.2
Reductions for tax positions of prior years	(1.6		)	(0.6		)
Reductions due to a lapse of the statute of limitations	(4.7		)	(1.7		)
Settlements	(1.2		)	(0.5		)
Balance at end of year	$	30.7		$	24.1