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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Taxes [Abstract]  
Income (Loss) Before Income Taxes
Income (loss) before income taxes for the years ended December 31, 2018, 2017 and 2016 consisted of the following.

  
2018
  
2017
  
2016
 
U.S.
 
$
169.0
  
$
(145.8
)
 
$
(149.4
)
Non-U.S.
  
180.5
   
33.1
   
86.2
 
Income (loss) before income taxes
 
$
349.5
  
$
(112.7
)
 
$
(63.2
)
Components of (Benefit) Provision for Income Taxes
The following table details the components of the provision (benefit) for income taxes for the years ended December 31, 2018, 2017 and 2016.

  
2018
  
2017
  
2016
 
Current:
         
U.S. federal
 
$
25.6
  
$
64.0
  
$
(6.6
)
U.S. state and local
  
1.5
   
3.0
   
1.3
 
Non-U.S.
  
47.8
   
49.8
   
57.8
 
Deferred:
            
U.S. federal
  
14.4
   
(217.5
)
  
(61.4
)
U.S. state and local
  
(0.7
)
  
-
   
(3.4
)
Non-U.S.
  
(8.5
)
  
(30.5
)
  
(19.6
)
Provision (benefit) for income taxes
 
$
80.1
  
$
(131.2
)
 
$
(31.9
)
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, 2018, 2017 and 2016 as follows.

  
2018
  
2017
  
2016
 
U.S. federal corporate statutory rate
  
21.0
%
  
35.0
%
  
35.0
%
State and local taxes, less federal tax benefit
  
0.3
   
3.1
   
4.0
 
U.S. deferred change due to U.S. tax law change
  
4.3
   
79.5
   
-
 
Net effects of foreign tax rate differential
  
2.2
   
6.2
   
19.9
 
Sale of subsidiary
  
0.3
   
(4.6
)
  
(17.1
)
Repatriation cost
  
(0.5
)
  
3.8
   
4.4
 
U.S. transition tax toll charge net of FTC
  
(3.7
)
  
(56.2
)
  
-
 
Global Intangible Low-Tax Income ("GILTI")
  
3.4
   
-
   
-
 
ASC 740-30 (formerly APB 23)
  
(1.0
)
  
61.2
   
26.3
 
Valuation allowance changes
  
(1.2
)
  
(1.1
)
  
(15.9
)
Impairment of other intangible assets
  
-
   
-
   
(0.6
)
Uncertain tax positions
  
0.1
   
1.9
   
(7.0
)
Nondeductible equity compensation
  
(3.0
)
  
(9.2
)
  
-
 
Nondeductible foreign interest expense
  
1.7
   
(3.0
)
  
-
 
Other, net
  
(1.0
)
  
(0.3
)
  
1.5
 
Effective income tax rate
  
22.9
%
  
116.3
%
  
50.5
%
Deferred Tax Assets and Liabilities
The principal items that gave rise to deferred income tax assets and liabilities as of December 31, 2018 and 2017 are as follows.

  
2018
  
2017
 
Deferred Tax Assets:
      
Reserves and accruals
 
$
51.0
  
$
62.4
 
Postretirement benefits other than pensions
  
0.7
   
0.7
 
Postretirement benefits - pensions
  
16.9
   
15.6
 
Tax loss carryforwards
  
22.7
   
41.8
 
Foreign tax credit carryforwards
  
53.3
   
29.8
 
Other
  
8.4
   
19.4
 
Total deferred tax assets
  
153.0
   
169.7
 
Valuation allowance
  
(72.5
)
  
(47.9
)
Deferred Tax Liabilities:
        
LIFO inventory
  
(9.3
)
  
(9.3
)
Property, plant and equipment
  
(19.2
)
  
(21.0
)
Intangibles
  
(304.8
)
  
(322.2
)
Unremitted foreign earnings
  
(5.6
)
  
(9.3
)
Other
  
(5.8
)
  
3.5
 
Total deferred tax liabilities
  
(344.7
)
  
(358.3
)
Net deferred income tax liability
 
$
(264.2
)
 
$
(236.5
)
Tax Attributes and Related Valuation Allowance
The Company believes that it is more likely than not that it will realize its deferred tax assets through the reduction of future taxable income, other than for the deferred tax assets reflected below.  Tax attributes and related valuation allowances as of December 31, 2018 were as follows.

  
Tax Benefit
  
Valuation
Allowance
  
Carryforward
Period Ends
 
Tax Attributes to be Carried Forward
         
U.S. federal net operating loss
 
$
0.1
  
$
-
  
Unlimited
 
U.S. federal net operating loss
  
2.2
   
(2.1
)
  
2029-2037
 
U.S. federal capital loss
  
6.8
   
(6.8
)
  
2021
 
U.S. federal tax credit
  
53.3
   
(53.3
)
  
2023-2037
 
U.S. state and local net operating losses
  
1.8
   
-
   
2018-2037
 
U.S. state and local tax credit
  
0.4
   
(0.1
)
  
2018-2037
 
Non U.S. net operating losses
  
7.8
   
(6.6
)
 
Unlimited
 
Non U.S. capital losses
  
0.5
   
(0.4
)
 
Unlimited
 
Non U.S. alternative minimum tax credit
  
0.1
   
-
   
2026
 
Other deferred tax assets
  
6.0
   
(3.2
)
 
Unlimited
 
Total tax carryforwards
 
$
79.0
  
$
(72.5
)
    
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, 2018, 2017 and 2016 are as follows.

  
2018
  
2017
  
2016
 
Valuation allowance for deferred tax assets at beginning of the period
 
$
47.9
  
$
33.6
  
$
23.8
 
Revaluation and change due to U.S. Tax Reform
  
23.4
   
10.7
   
-
 
Charged to tax expense
  
(4.2
)
  
3.1
   
12.5
 
Charged to other accounts
  
(1.3
)
  
1.6
   
(0.1
)
Deductions(1)
  
6.7
   
(1.1
)
  
(2.6
)
Valuation allowance for deferred tax assets at end of the period
 
$
72.5
  
$
47.9
  
$
33.6
 


(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, 2018, 2017 and 2016.

  
2018
  
2017
  
2016
 
Beginning balance
 
$
12.6
  
$
6.8
  
$
4.8
 
Gross increases for tax positions of prior years
  
-
   
11.2
   
3.1
 
Gross decreases for tax positions of prior years
  
-
   
-
   
-
 
Gross increases for tax positions of current year
  
-
   
0.6
   
-
 
Settlements
  
-
   
(6.2
)
  
(0.4
)
Lapse of statute of limitations
  
(0.5
)
  
(0.3
)
  
(0.7
)
Changes due to currency fluctuations
  
(0.6
)
  
0.5
   
-
 
Ending balance
 
$
11.5
  
$
12.6
  
$
6.8