Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Income before Income Tax, Domestic and Foreign

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

Schedule of Components of Income Tax Expense (Benefit)

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

Schedule of Deferred Tax Assets and Liabilities

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

Schedule of Effective Income Tax Rate Reconciliation

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	%

Summary of Income Tax Examinations

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