Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of income before income taxes

	Year Ended December 31,
	2016		2015		2014
Income before income taxes:
United States	$	87.7	$	134.4	$	161.4
Foreign		1,053.4		918.4		811.1
	$	1,141.1	$	1,052.8	$	972.5
Current tax provision:
United States	$	74.6	$	39.5	$	63.7
Foreign		263.8		228.1		183.1
		338.4		267.6		246.8
Deferred tax provision (benefit):
United States		(32.3)		13.3		(0.7)
Foreign		2.4		(0.4)		11.2
		(29.9)		12.9		10.5
Total provision for income taxes	$	308.5	$	280.5	$	257.3

Schedule of provision for income taxes

	Year Ended December 31,
	2016		2015		2014
Income before income taxes:
United States	$	87.7	$	134.4	$	161.4
Foreign		1,053.4		918.4		811.1
	$	1,141.1	$	1,052.8	$	972.5
Current tax provision:
United States	$	74.6	$	39.5	$	63.7
Foreign		263.8		228.1		183.1
		338.4		267.6		246.8
Deferred tax provision (benefit):
United States		(32.3)		13.3		(0.7)
Foreign		2.4		(0.4)		11.2
		(29.9)		12.9		10.5
Total provision for income taxes	$	308.5	$	280.5	$	257.3

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

	Year Ended December 31,
	2016		2015		2014
U.S. statutory federal tax rate	35.0	%	35.0	%	35.0	%
State and local taxes	0.1		0.1		0.4
Foreign earnings and dividends taxed at different rates	(9.7)		(8.8)		(8.3)
Valuation allowance	0.7		0.3		(0.4)
Other	0.9		—		(0.2)
Effective tax rate	27.0	%	26.6	%	26.5	%

Schedule of deferred tax assets and liabilities

	December 31,
	2016		2015
Deferred tax assets relating to:
Accrued liabilities and reserves	$	36.8	$	21.4
Operating loss and tax credit carryforwards		58.8		29.4
Pensions, net		64.7		63.6
Inventories		45.3		29.0
Employee benefits		43.4		41.8
Total deferred tax assets		249.0		185.2
Valuation allowance		(37.2)		(18.5)
Total deferred tax assets, net of valuation allowances		211.8		166.7
Deferred tax liabilities relating to:
Goodwill		185.9		163.5
Depreciation and amortization		67.6		37.4
Contingent consideration		6.6		6.6
Total deferred tax liabilities		260.1		207.5
Net deferred tax liability	$	48.3	$	40.8
Classification of deferred tax assets and liabilities, as reflected on the balance sheet:
Intangibles, net and other long-term assets	$	29.4	$	26.0
Other long-term liabilities		77.7		66.8
Net deferred tax liability, long-term	$	48.3	$	40.8

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

	2016		2015		2014
Unrecognized tax benefits as of January 1	$	29.8	$	27.7	$	24.8
Gross increases for tax positions in prior periods		81.9		0.3		2.2
Gross increases for tax positions in current period		7.0		2.1		2.6
Settlements		(10.8)		—		(0.5)
Lapse of statute of limitations		(1.7)		(0.3)		(1.4)
Unrecognized tax benefits as of December 31	$	106.2	$	29.8	$	27.7