Income taxes



	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015		2014
Continuing operations
Provision for income taxes (in millions)	$	7.6		4.1		23.1		12.8
Effective tax rate	(40.2		%)	120.6	%	(220.0	%)	(16.8	%)

2015 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2015 was negative when compared to 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 and from the Venezuela impairment recorded in the second quarter. These nondeductible expenses caused our earnings before tax in the period to be negative.

Excluding these nondeductible expenses, our effective tax rate on continuing operations in the first six months is 46%. The rate is higher than 35% primarily due to cross border payments, nondeductible expenses in Mexico and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings.

2014 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six 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 these nondeductible expenses, our effective tax rate on continuing operations in the first six months was 37%. The rate was higher than 35% primarily due to cross border payments, nondeductible expenses in Mexico due to a recent law change and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings.