Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2015		2014		2013
Domestic	$	595.6	$	574.1	$	544.5
Foreign		39.8		50.8		53.3
Total	$	635.4	$	624.9	$	597.8

Schedule of U.S. Federal, State and Foreign Income Taxes

The following table summarizes the provision for U.S. federal, state and foreign income taxes:

	2015			2014		2013
Current:
U.S. federal	$	161.4		$	159.0	$	151.7
State		25.5			24.4		24.7
Foreign		14.1			14.9		15.9
		201.0			198.3		192.3
Deferred:
U.S. federal		22.8			11.5		12.6
State		3.3			1.1		(1.7	)
Foreign		(2.1	)		0.1		0.2
		24.0			12.7		11.1
Total provision	$	225.0		$	211.0	$	203.4

Components of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) consist of the following at December 31:

	2015			2014
Deferred tax assets:
Accounts receivable	$	4.6		$	4.6
Deferred compensation		67.9			63.6
Pension, postretirement and postemployment benefits		8.7			9.9
Investment in Natronx		7.7			1.2
Other		24.4			26.0
Tax credit carryforwards/other tax attributes		14.4			1.9
International operating loss carryforwards		6.2			8.0
Total gross deferred tax assets		133.9			115.2
Valuation allowances		(16.3	)		(12.0	)
Total deferred tax assets		117.6			103.2
Deferred tax liabilities:
Goodwill		(193.5	)		(174.7	)
Trade names and other intangibles		(312.4	)		(300.6	)
Property, plant and equipment		(95.6	)		(97.5	)
Total deferred tax liabilities		(601.5	)		(572.8	)
Net deferred tax liability	$	(483.9	)	$	(469.6	)
Long term net deferred tax asset (1)		0.9			1.0
Long term net deferred tax liability (1)		(484.8	)		(470.6	)
Net deferred tax liability	$	(483.9	)	$	(469.6	)

⁽¹⁾ The Company retrospectively adopted new accounting guidance requiring all deferred tax assets to be classified as noncurrent.  See Note 1 for further details.

Effective Tax Rate Reconciliation

The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:

	2015			2014			2013
Statutory rate		35	%		35	%		35	%
Tax that would result from use of the federal statutory rate	$	222.4		$	218.7		$	209.2
State and local income tax, net of federal effect		18.7			16.5			14.9
Varying tax rates of foreign affiliates		(2.6	)		(3.6	)		(3.1	)
Benefit from domestic manufacturing deduction		(14.4	)		(14.3	)		(13.2	)
Resolution of tax contingencies		0.0			(1.5	)		0.0
Valuation Allowances		8.5			0.9			0.6
Other		(7.6	)		(5.7	)		(5.0	)
Recorded tax expense	$	225.0		$	211.0		$	203.4
Effective tax rate		35.4	%		33.8	%		34.0	%

Reconciliation of Unrecognized Tax Benefits

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

	2015			2014			2013
Unrecognized tax benefits at January 1	$	4.0		$	5.9		$	9.1
Gross increases - tax positions in prior period		0.0			0.0			0.9
Gross decreases - tax positions in prior period		(3.7	)		(1.5	)		0.0
Settlements		0.0			0.0			(3.7	)
Lapse of statute of limitations		(0.3	)		(0.4	)		(0.4	)
Unrecognized tax benefits at December 31	$	0.0		$	4.0		$	5.9