Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

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

	Year Ended December 31,
	2015			2014			2013
Income before income taxes:
United States	$	134.4		$	161.4		$	152.8
Foreign	918.4			811.1			693.8
	$	1,052.8		$	972.5		$	846.6
Current tax provision:
United States	$	39.5		$	63.7		$	47.5
Foreign	228.1			183.1			162.3
	267.6			246.8			209.8
Deferred tax provision (benefit):
United States	13.3			(0.7		)	(0.1		)
Foreign	(0.4		)	11.2			(1.8		)
	12.9			10.5			(1.9		)
Total provision for income taxes	$	280.5		$	257.3		$	207.9

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

	Year Ended December 31,
	2015		2014		2013
U.S. statutory federal tax rate	35.0	%	35.0	%	35.0	%
State and local taxes	0.1		0.4		0.6
Foreign earnings and dividends taxed at different rates	(8.8	)	(8.3	)	(9.4	)
Valuation allowance	0.3		(0.4	)	0.2
Tax impact of the delay in American Taxpayer Relief Act	—		—		(1.3	)
Other	—		(0.2	)	(0.5	)
Effective tax rate	26.6	%	26.5	%	24.6	%

Schedule of deferred tax assets and liabilities

	December 31,
	2015			2014
Deferred tax assets relating to:
Accrued liabilities and reserves	$	21.4		$	27.3
Operating loss and tax credit carryforwards	29.4			26.2
Pensions, net	63.6			61.1
Inventories	29.0			22.6
Employee benefits	41.8			35.6
Total deferred tax assets	185.2			172.8
Valuation allowance	(18.5		)	(15.5		)
Total deferred tax assets, net of valuation allowances	166.7			157.3
Deferred tax liabilities relating to:
Goodwill		163.5			129.4
Depreciation and amortization	37.4			36.1
Contingent consideration	6.6			6.6
Total deferred tax liabilities	207.5			172.1
Net deferred tax liability	$	(40.8	)	$	(14.8	)

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

	2015			2014			2013
Unrecognized tax benefits as of January 1	$	27.7		$	24.8		$	26.4
Gross increases and gross decreases for tax positions in prior periods	0.3			2.2			1.4
Gross increases - current period tax position	2.1			2.6			2.4
Settlements	—			(0.5		)	—
Lapse of statute of limitations	(0.3		)	(1.4		)	(5.4		)
Unrecognized tax benefits as of December 31	$	29.8		$	27.7		$	24.8