INCOME TAXES

Domestic and foreign components of income from continuing operations before income taxes for the years ended on December 31, are shown below:



(In millions)	2015		2014		2013
Domestic	$	38.2	$	18.1	$	18.9
Foreign	44.0		26.6		28.9
Income before income taxes	$	82.2	$	44.7	$	47.8

The provision for income taxes related to income from continuing operations for the years ended on December 31, consisted of:



(In millions)	2015			2014			2013
Current:
Federal	$	6.0		$	0.4		$	0.6
State	1.2			0.3			0.5
Foreign	13.2			8.3			7.0
Total current	20.4			9.0			8.1
Deferred:
Federal	4.8			4.8			3.0
State	0.9			0.8			0.7
Foreign	(0.8		)	0.2			2.7
Decrease in the valuation allowance for deferred tax assets	—			(0.3		)	(0.3		)
Decrease in deferred tax liabilities due to foreign tax rate change	0.4			—			—
Benefits of operating loss carryforward	0.5			(0.6		)	(0.4		)
Total deferred	5.8			4.9			5.7
Provision for income taxes	$	26.2		$	13.9		$	13.8

Significant components of our deferred tax assets and liabilities at December 31, were as follows:



(In millions)	2015		2014
Deferred tax assets attributable to:
Accrued pension and other post-retirement benefits	$	33.2	$	34.1
Accrued expenses and accounts receivable allowances	15.8		15.4
Net operating loss carryforwards	2.5		4.7
Inventories	9.1		9.0
Stock-based compensation	6.5		6.8
Research and development credit carryforwards	2.2		2.1
Foreign tax credit carryforward	0.5		0.4
Total deferred tax assets	69.8		72.5
Valuation allowance	—		—
Deferred tax assets, net of valuation allowance	69.8		72.5
Deferred tax liabilities attributable to:
Liquidation of subsidiary for income tax purposes	13.3		13.3
Property, plant and equipment	10.9		9.7
Goodwill and amortization	14.6		13.4
Other	0.8		5.8
Deferred tax liabilities	39.6		42.2
Net deferred tax assets	$	30.2	$	30.3

We have adopted ASU No. 2015-17 for the year ended December 31, 2015, which simplifies the presentation of deferred taxes in the balance sheet by eliminating the requirement to separately identify the net current and net noncurrent deferred tax asset or liability in each jurisdiction and allocate valuation allowances. We have applied the amendments retrospectively and as a result have reclassed the following amounts out of current and into noncurrent deferred taxes: $23.2 million in deferred tax assets, and $4.1 million in deferred tax liabilities in 2014.

Included in our deferred tax assets are tax benefits related to net operating loss carryforwards attributable to our foreign operations. At December 31, 2015, we had $6.7 million of net operating loss deferred tax assets that are available to offset future taxable income in several foreign jurisdictions indefinitely, and $2.4 million of net operating losses that are available to offset future taxable income through 2033. We expect to use $9.2 million of net operating losses relating to prior years in the filing of our 2015 corporate income tax returns.

Also included in our deferred tax assets at December 31, 2015 are $2.2 million of research and development credit carryforward, which will expire by 2035, if unused. We anticipate being able to fully utilize the net operating loss carryforwards, the foreign tax credit carryforward, and the research and development credit carryforward before any expiration.

The effective income tax rate on income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the following:



	2015		2014		2013
Statutory U.S. federal tax rate	35	%	35	%	35	%
Net difference resulting from:
Research and development tax credit	(2	)	(3	)	(4	)
Foreign earnings subject to different tax rates	(3	)	(3	)	(2	)
Tax on foreign intercompany dividends and deemed dividends for tax purposes	6		1		—
Nondeductible expenses	—		1		1
State income taxes	2		2		2
Foreign tax credits	(7	)	(2	)	(2	)
Foreign withholding taxes	1		1		1
Change in valuation allowance	—		(1	)	(1	)
Other	—		—		(1	)
Total difference	(3	)	(4	)	(6	)
Effective income tax rate	32	%	31	%	29	%

U.S. income taxes have not been provided on $70.9 million of undistributed earnings of foreign subsidiaries at December 31, 2015 as these amounts are considered permanently invested. A liability could arise if our intention to permanently invest such earnings were to change and amounts are distributed by such subsidiaries, or if such subsidiaries are ultimately disposed. It is not practicable to estimate the additional income taxes related to the hypothetical distribution of permanently invested earnings.

We are a party to a Tax Sharing Agreement with FMC Technologies whereby we have agreed to indemnify FMC Technologies for any additional tax liability resulting from John Bean Technologies Corporation businesses. As of December 31, 2015, we are not aware of any additional tax liability.

The following tax years remain subject to examination in the following significant jurisdictions:



Belgium	2011 – 2015
Brazil	2010 – 2015
Italy	2010 – 2015
Sweden	2009 – 2015
United States	2011 – 2015