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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Taxes [Abstract]  
Loss Before Income Taxes
Loss before income taxes for the years ended December 31, 2017, 2016 and 2015 consisted of the following:

  
2017
  
2016
  
2015
 
          
U.S.
 
$
(145.8
)
 
$
(149.4
)
 
$
(450.0
)
Non-U.S.
  
33.1
   
86.2
   
83.3
 
Loss before income taxes
 
$
(112.7
)
 
$
(63.2
)
 
$
(366.7
)
Components of (Benefit) Provision for Income Taxes
The following table details the components of the (benefit) provision for income taxes for the years ended December 31, 2017, 2016 and 2015.
 
  
2017
  
2016
  
2015
 
Current:
         
U.S. federal
 
$
64.0
  
$
(6.6
)
 
$
-
 
U.S. state and local
  
3.0
   
1.3
   
1.6
 
Non-U.S.
  
49.8
   
57.8
   
46.7
 
Deferred:
            
U.S. federal
  
(217.5
)
  
(61.4
)
  
(31.5
)
U.S. state and local
  
-
   
(3.4
)
  
(9.3
)
Non-U.S.
  
(30.5
)
  
(19.6
)
  
(22.2
)
Benefit for income taxes
 
$
(131.2
)
 
$
(31.9
)
 
$
(14.7
)
Reconciliation of Effective Income Tax Rate
The U.S. federal corporate statutory rate is reconciled to the Company’s effective income tax rate for the years ended December 31, 2017, 2016 and 2015 as follows.
 
  
2017
  
2016
  
2015
 
U.S. federal corporate statutory rate
  
35.0
%
  
35.0
%
  
35.0
%
State and local taxes, less federal tax benefit
  
3.1
   
4.0
   
2.3
 
U.S. deferred tax rate change from 35% to 21%
  
79.5
   
-
   
-
 
Net effects of foreign tax rate differential
  
6.2
   
19.9
   
1.5
 
Sale of subsidiary
  
(4.6
)
  
(17.1
)
  
-
 
Repatriation cost
  
3.8
   
4.4
   
(0.3
)
U.S. transition tax toll charge net of FTC
  
(56.2
)
  
-
   
-
 
ASC 740-30
  
61.2
   
26.3
   
(2.0
)
Valuation allowance changes
  
(1.1
)
  
(15.9
)
  
(0.5
)
Impairment of goodwill and intangible assets
  
-
   
(0.6
)
  
(31.7
)
Uncertain tax positions
  
1.9
   
(7.0
)
  
(0.4
)
Nondeductible equity compensation
  
(9.2
)
  
-
   
-
 
Nondeductible foreign interest expense
  
(3.0
)
  
-
   
-
 
Other, net
  
(0.3
)
  
1.5
   
0.1
 
Effective income tax rate
  
116.3
%
  
50.5
%
  
4.0
%
Components of Deferred Tax Assets and Liabilities
The principal items that gave rise to deferred income tax assets and liabilities as of December 31, 2017 and 2016 are as follows.

  
2017
  
2016
 
Deferred Tax Assets:
      
Reserves and accruals
 
$
62.4
  
$
38.2
 
Postretirement benefits other than pensions
  
0.7
   
1.1
 
Postretirement benefits - pensions
  
15.6
   
20.9
 
Tax loss carryforwards
  
41.8
   
58.0
 
Foreign tax credit carryforwards
  
29.8
   
11.6
 
Other
  
19.4
   
33.1
 
Total deferred tax assets
  
169.7
   
162.9
 
Valuation allowance
  
(47.9
)
  
(33.6
)
Deferred Tax Liabilities:
        
LIFO inventory
  
(9.3
)
  
(17.0
)
Property, plant, and equipment
  
(21.0
)
  
(28.6
)
Intangibles
  
(322.2
)
  
(444.3
)
Unremitted foreign earnings
  
(9.3
)
  
(77.3
)
Other
  
3.5
   
(48.3
)
Total deferred tax liabilities
  
(358.3
)
  
(615.5
)
Net deferred income tax liability
 
$
(236.5
)
 
$
(486.2
)
Tax Attributes and Related Valuation Allowance
Tax attributes and related valuation allowances as of December 31, 2017 were as follows.
 
  
Tax Benefit
  
Valuation
Allowance
  
Carryforward
Period Ends
 
Tax Attributes to be Carried Forward
         
U.S. federal net operating loss
 
$
15.1
  
$
(2.0
)
  
2035-2037
 
U.S federal capital loss
  
6.9
   
(6.9
)
  
2021
 
U.S. federal tax credit
  
33.4
   
(29.9
)
  
2023-2037
 
Alternative minimum tax credit
  
0.9
   
-
  
Unlimited
 
U.S. state and local net operating losses
  
5.4
   
-
   
2034-2037
 
U.S. state and local tax credit
  
0.5
   
-
   
2018-2034
 
Non U.S. net operating losses
  
2.7
   
(0.8
)
  
2018-2037
 
Non U.S. net operating losses
  
8.1
   
(7.7
)
 
Unlimited
 
Non U.S. capital losses
  
0.5
   
(0.5
)
 
Unlimited
 
Other deferred tax assets
  
5.3
   
(0.1
)
 
Unlimited
 
Total tax carryforwards
 
$
78.8
  
$
(47.9
)
    
Reconciliation of Changes in Valuation Allowance for Deferred Tax Assets
A reconciliation of the changes in the valuation allowance for deferred tax assets for the years ended December 31, 2017, 2016 and 2015 are as follows.
 
  
2017
  
2016
  
2015
 
Valuation allowance for deferred tax assets at beginning of the period
 
$
33.6
  
$
23.8
  
$
27.5
 
Revaluation and change due to U.S. Tax Reform
  
10.7
   
-
   
-
 
Charged to tax expense
  
3.1
   
12.5
   
4.8
 
Charged to other accounts
  
1.6
   
(0.1
)
  
-
 
Deductions(1)
  
(1.1
)
  
(2.6
)
  
(8.5
)
Valuation allowance for deferred tax assets at end of the period
 
$
47.9
  
$
33.6
  
$
23.8
 

(1)
Deductions relate to the realization of net operating losses or the removal of deferred tax assets.
Reconciliation of the Changes in Total Unrecognized Tax Benefits
Below is a tabular reconciliation of the changes in total unrecognized tax benefits during the years ended December 31, 2017, 2016 and 2015.

  
2017
  
2016
  
2015
 
Beginning balance
 
$
6.8
  
$
4.8
  
$
4.0
 
Gross increases for tax positions of prior years
  
11.2
   
3.1
   
-
 
Gross decreases for tax positions of prior years
  
-
   
-
   
(0.4
)
Gross increases for tax positions of current year
  
0.6
   
-
   
1.8
 
Settlements
  
(6.2
)
  
(0.4
)
  
-
 
Lapse of statute of limitations
  
(0.3
)
  
(0.7
)
  
(0.6
)
Changes due to currency fluctuations
  
0.5
   
-
   
-
 
Ending balance
 
$
12.6
  
$
6.8
  
$
4.8