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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of the components of income before income taxes and the provision for income taxes

	Year Ended December 31,
	2014			2013			2012

Income before income taxes:
United States	$	161.4		$	152.8		$	145.8
Foreign	811.1			693.8			633.0
	$	972.5		$	846.6		$	778.8

Current tax provision:
United States	$	63.7		$	47.5		$	54.6
Foreign	183.1			162.3			163.1
	246.8			209.8			217.7

Deferred tax provision (benefit):
United States	(0.7		)	(0.1		)	7.7
Foreign	11.2			(1.8		)	(6.1		)
	10.5			(1.9		)	1.6
Total provision for income taxes	$	257.3		$	207.9		$	219.3

Schedule of differences between the U.S. statutory federal tax rate and the Company's effective income tax rate

	Year Ended December 31,
	2014		2013		2012

U.S. statutory federal tax rate	35.0	%	35.0	%	35.0	%
State and local taxes	0.4		0.6		0.6
Foreign earnings and dividends taxed at different rates	(8.3	)	(9.4	)	(7.9	)
Valuation allowance	(0.4	)	0.2		(0.2	)
Tax impact of the delay in American Taxpayer Relief Act	—		(1.3	)	1.5
Other	(0.2	)	(0.5	)	(0.8	)
Effective tax rate	26.5	%	24.6	%	28.2	%

Schedule of deferred tax assets and liabilities, excluding the valuation allowance

	December 31,
	2014		2013
Deferred tax assets relating to:
Accrued liabilities and reserves	$	27.3	$	25.3
Operating loss and tax credit carryforwards	26.2		19.6
Pensions, net	61.1		35.2
Inventory reserves	22.6		18.8
Employee benefits	35.6		32.0
	$	172.8	$	130.9

Deferred tax liabilities relating to:
Goodwill	$	129.4	$	108.5
Depreciation and amortization	36.1		4.2
Contingent consideration	6.6		6.6
	$	172.1	$	119.3

Schedule of reconciliation of gross amounts of unrecognized tax benefits excluding interest and penalties

	2014			2013			2012
Unrecognized tax benefits as of January 1	$	24.8		$	26.4		$	20.2
Gross increases and gross decreases for tax positions in prior periods	2.2			1.4			11.3
Gross increases - current period tax position	2.6			2.4			1.5
Settlements	(0.5		)	—			(3.1		)
Lapse of statute of limitations	(1.4		)	(5.4		)	(3.5		)
Unrecognized tax benefits as of December 31	$	27.7		$	24.8		$	26.4

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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