Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Income taxes

Note 4 – Income taxes

	Three Months					Nine Months
	Ended September 30,					Ended September 30,
(In millions)		2014		2013		2014		2013
Continuing operations
Provision (benefit) for income taxes	$	23.2		15.0		36.9		31.1
Effective tax rate		56.2	%	28.3	%	(115.7)	%	33.7	%

2014 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2014 was negative and less than the 35% U.S. statutory tax rate primarily due to the significant nondeductible expenses resulting from the currency devaluation in Venezuela in the first quarter.  These nondeductible expenses caused our earnings before tax in the period to be negative.

Excluding the Venezuela nondeductible expenses, our effective tax rate on continuing operations in the first nine monthsis 44%.  The rate is higher than 35% primarily due to third-quarter tax expensefor a divestiture of an equity-method investment in Peru and the realization of tax benefit for only a portion of the restructuring charges of the Netherlands operations, combined with higher tax expense resulting from cross border payments, nondeductible expenses in Mexico and the characterization of a French business tax as an income tax, partially offset by lower taxes resulting from the geographical mix of earnings.

2013 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine monthsof 2013 was lower than the 35% U.S. statutory tax rate largely due to the geographical mix of earnings, mostly offset by higher taxes due to cross border payments, and the characterization of a French business tax as an income tax.