Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Income before Income Tax, Domestic and Foreign

The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entities consisted of the following:



	Year Ended December 31,
In millions	2015		2014		2013
U.S.	$	307.6	$	128.0	$	252.0
International	51.7		4.7		(39.4		)
Income before Income Taxes and Equity Income of Unconsolidated Entities	$	359.3	$	132.7	$	212.6

Schedule of Components of Income Tax (Expense) Benefit

The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entities consisted of the following:



	Year Ended December 31,
In millions	2015			2014			2013
Current (Expense) Benefit:
U.S.	$	(7.9	)	$	(7.5	)	$	(1.4	)
International	(12.5		)	(4.8		)	(3.3		)
Total Current	$	(20.4	)	$	(12.3	)	$	(4.7	)

Deferred (Expense) Benefit:
U.S.	(110.6		)	(35.0		)	(65.3		)
International	0.6			1.9			2.6
Total Deferred	$	(110.0	)	$	(33.1	)	$	(62.7	)
Income Tax (Expense)	$	(130.4	)	$	(45.4	)	$	(67.4	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entities at the federal statutory rate of 35% compared with the Company’s actual Income Tax (Expense) Benefit is as follows:



	Year Ended December 31,
In millions	2015			Percent		2014			Percent		2013			Percent
Income Tax Expense at U.S. Statutory Rate	$	(125.8	)	35.0	%	$	(46.4	)	35.0	%	$	(74.4	)	35.0	%
U.S. State and Local Tax (Expense) Benefit	(11.4		)	3.2		(5.9		)	4.4		(7.7		)	3.6
Goodwill Related to Dispositions	—			—		(8.6		)	6.5		—			—
Capital Loss on Subsidiary Stock	—			—		—			—		5.4			(2.6	)
Permanent Items	1.7			(0.5	)	(4.7		)	3.5		(3.5		)	1.7
Change in Valuation Allowance	1.8			(0.5	)	(5.1		)	3.9		(15.2		)	7.2
International Tax Rate Differences	2.4			(0.7	)	3.5			(2.6	)	2.9			(1.4	)
Foreign Withholding Tax	(0.2		)	0.1		(0.1		)	—		(0.4		)	0.2
Non taxable Excise Tax Credit Refunds	—			—		—			—		29.4			(13.8	)
Change in Tax Rates	1.0			(0.3	)	4.5			(3.4	)	(3.6		)	1.7
U.S. Federal & State Research Credits	5.5			(1.5	)	20.1			(15.1	)	—			—
Uncertain Tax Positions	(3.7		)	1.0		(4.5		)	3.4		—			—
Other	(1.7		)	0.5		1.8			(1.4	)	(0.3		)	0.1
Income Tax (Expense) Benefit	$	(130.4	)	36.3	%	$	(45.4	)	34.2	%	$	(67.4	)	31.7	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows:



In millions	2015			2014
Deferred Income Tax Assets:
Compensation Based Accruals	$	26.5		$	38.9
Net Operating Loss Carryforwards	211.5			310.4
Postretirement Benefits	103.2			127.3
Tax Credits	32.6			28.8
Other	63.4			50.5
Valuation Allowance	(44.8		)	(53.6		)
Total Deferred Income Tax Assets	$	392.4		$	502.3
Deferred Income Tax Liabilities:
Property, Plant and Equipment	(286.1		)	(264.7		)
Goodwill	(279.0		)	(271.3		)
Other Intangibles	(86.8		)	(85.1		)
Other	(3.6		)	(5.9		)
Net Noncurrent Deferred Income Tax Liabilities	$	(655.5	)	$	(627.0	)
Net Deferred Income Tax (Liability) Asset ^(a)	$	(263.1	)	$	(124.7	)

Summary of Valuation Allowance

The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2015, 2014, and 2013, respectively:



	December 31,
In millions	2015			2014			2013
Balance Beginning of Period	$	53.6		$	52.1		$	37.3
Charges	—			5.1			15.2
Deductions	(8.8		)	(3.6		)	(0.4		)
Balance at End of Period	$	44.8		$	53.6		$	52.1

Summary of Operating Loss Carryforwards

The U.S. federal net operating loss carryforwards expire as follows:



In millions
2018	$	—
2019	—
2021	40.0
2022	1.4
2023	67.9
2024	117.8
2026	22.9
2027	93.1
2028	12.1
2029	114.6
Total	$	469.8

Schedule of Reconciliation of Unrecognized Tax Benefits

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



In millions	2015			2014
Balance at January 1,	$	5.2		$	7.4
Additions for Tax Positions of Current Year	0.8			0.4
Additions for Tax Positions of Prior Years	3.2			4.1
Reductions for Tax Positions of Prior Years	(0.1		)	(6.7		)
Balance at December 31,	$	9.1		$	5.2