Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of income before income taxes

	Year Ended December 31,
	2017		2016		2015
Income before income taxes:
United States	$	153.0	$	87.7	$	134.4
Foreign		1,199.4		1,053.4		918.4
	$	1,352.4	$	1,141.1	$	1,052.8
Current tax provision:
United States	$	200.0	$	74.6	$	39.5
Foreign		305.4		263.8		228.1
		505.4		338.4		267.6
Deferred tax provision (benefit):
United States		51.0		(32.3)		13.3
Foreign		135.3		2.4		(0.4)
		186.3		(29.9)		12.9
Total provision for income taxes	$	691.7	$	308.5	$	280.5

Schedule of provision for income taxes

	Year Ended December 31,
	2017		2016		2015
Income before income taxes:
United States	$	153.0	$	87.7	$	134.4
Foreign		1,199.4		1,053.4		918.4
	$	1,352.4	$	1,141.1	$	1,052.8
Current tax provision:
United States	$	200.0	$	74.6	$	39.5
Foreign		305.4		263.8		228.1
		505.4		338.4		267.6
Deferred tax provision (benefit):
United States		51.0		(32.3)		13.3
Foreign		135.3		2.4		(0.4)
		186.3		(29.9)		12.9
Total provision for income taxes	$	691.7	$	308.5	$	280.5

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

	Year Ended December 31,
	2017		2016		2015
U.S. statutory federal tax rate	35.0	%	35.0	%	35.0	%
State and local taxes	0.2		0.1		0.1
Foreign earnings and dividends taxed at different rates	(9.1)		(9.7)		(8.8)
Valuation allowance	0.1		0.7		0.3
Tax Act - transition tax	19.2		—		—
Tax Act - remeasurement of deferred tax liabilities, net	(2.8)		—		—
Tax Act - change in indefinite reinvestment assertion	13.1		—		—
Excess tax benefits related to stock-based compensation	(4.9)		—		—
Impact of acquisition-related expenses	—		0.5		0.1
Other, net	0.3		0.4		(0.1)
Effective tax rate	51.1	%	27.0	%	26.6	%

Schedule of deferred tax assets and liabilities

	December 31,
	2017		2016
Deferred tax assets relating to:
Accrued liabilities and reserves	$	31.7	$	36.8
Operating loss and tax credit carryforwards		84.2		58.8
Pensions		27.8		64.7
Inventories		35.1		45.3
Employee benefits		29.8		43.4
Total deferred tax assets		208.6		249.0
Valuation allowance		(39.6)		(37.2)
Total deferred tax assets, net of valuation allowances		169.0		211.8
Deferred tax liabilities relating to:
Goodwill		135.5		185.9
Depreciation and amortization		61.8		67.6
Unremitted foreign earnings		176.6		—
Contingent consideration		4.3		6.6
Total deferred tax liabilities		378.2		260.1
Net deferred tax liability	$	209.2	$	48.3
Classification of deferred tax assets and liabilities, as reflected on the Consolidated Balance Sheets:
Intangibles, net and other long-term assets	$	32.0	$	29.4
Deferred income taxes		241.2		77.7
Net deferred tax liability, long-term	$	209.2	$	48.3

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

	2017		2016		2015
Unrecognized tax benefits as of January 1	$	106.2	$	29.8	$	27.7
Gross increases for tax positions in prior periods		32.7		81.9		0.3
Gross increases for tax positions in current period		2.4		7.0		2.1
Settlements		(11.0)		(10.8)		—
Lapse of statute of limitations		(3.0)		(1.7)		(0.3)
Unrecognized tax benefits as of December 31	$	127.3	$	106.2	$	29.8