Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes are listed below.



	Years ended December 31,
	2014		2013		2012
Domestic	$	387.7	$	255.3	$	386.9
Foreign	333.0		212.7		287.9
Total	$	720.7	$	468.0	$	674.8

Schedule of Components of Provision for Income Taxes

The provision for income taxes is listed below.



	Years ended December 31,
	2014			2013			2012
U.S. federal income taxes (including foreign withholding taxes):
Current	$	8.0		$	46.9		$	9.4
Deferred	130.7			25.2			118.1
	138.7			72.1			127.5
State and local income taxes:
Current	9.7			(14.7		)	17.1
Deferred	23.8			24.7			25.3
	33.5			10.0			42.4
Foreign income taxes:
Current	115.3			79.6			83.2
Deferred	(71.0		)	19.5			(39.8		)
	44.3			99.1			43.4
Total	$	216.5		$	181.2		$	213.3

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the effective income tax rate as reflected in our Consolidated Statements of Operations to the U.S. federal statutory income tax rate is listed below.



	Years ended December 31,
	2014			2013			2012
U.S. federal statutory income tax rate	35.0		%	35.0		%	35.0		%

Income tax provision at U.S. federal statutory rate	$	252.3		$	163.8		$	236.2
	21.4			6.5			27.3
Impact of foreign operations, including withholding taxes	1.7			30.5			8.4
Change in net valuation allowance ¹	(66.0		)	3.2			(57.3		)
Worthless securities deduction	0.0			(22.2		)	0.0
Increases in unrecognized tax benefits, net	5.2			0.0			24.1
Other	1.9			(0.6		)	(25.4		)
Provision for income taxes	$	216.5		$	181.2		$	213.3
Effective income tax rate on operations	30.0		%	38.7		%	31.6		%


1	Reflects changes in valuation allowance that impacted the effective income tax rate for each year presented.

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are listed below.



	December 31,
	2014			2013
Postretirement/post-employment benefits	$	27.4		$	32.5
Deferred compensation	191.2			187.2
Pension costs	41.4			31.1
Basis differences in fixed assets	(38.5		)	(4.1		)
Rent	45.8			50.7
Interest	60.9			60.7
Accruals and reserves	34.8			39.6
Allowance for doubtful accounts	10.8			10.8
Basis differences in intangible assets	(412.3		)	(402.2		)
Investments in equity securities	(2.6		)	48.6
Tax loss/tax credit carry forwards	404.4			443.6
Restructuring and other reorganization-related costs	(0.3		)	2.6
Other	59.2			60.5
Total deferred tax assets, net	422.2			561.6
Valuation allowance	(332.2		)	(467.3		)
Net deferred tax assets	$	90.0		$	94.3

Summary of Valuation Allowance

The change in the valuation allowance is listed below.



	Years ended December 31,
	2014			2013		2012
Balance at beginning of period	$	467.3		$	392.9	$	489.9
(Reversed) charged to costs and expenses	(72.8		)	65.2		(49.5		)
(Reversed) charged to gross tax assets and other accounts	(62.3		)	9.2		(47.5		)
Balance at end of period	$	332.2		$	467.3	$	392.9

Schedule of Unrecognized Tax Benefits Activity

The table below summarizes the activity related to our unrecognized tax benefits.



	December 31,
	2014			2013			2012
Balance at beginning of period	$	219.2		$	194.6		$	161.0
Increases as a result of tax positions taken during a prior year	29.0			8.3			28.2
Decreases as a result of tax positions taken during a prior year	(16.3		)	(1.9		)	(6.8		)
Settlements with taxing authorities	(1.1		)	(34.9		)	(0.7		)
Lapse of statutes of limitation	(4.1		)	(10.6		)	(1.1		)
Increases as a result of tax positions taken during the current year	11.3			63.7			14.0
Balance at end of period	$	238.0		$	219.2		$	194.6