Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019



	2019			2018
Deferred tax assets:
Accrued postretirement benefits cost	$	0.1		$	28.9
Accrued pension cost	55.1			59.5
Other employee benefit accruals	10.9			16.8
Tax loss and credit carryforwards	86.0			86.1
Other, net	46.9			42.9
Valuation allowances	(33.7		)	(77.5		)
	$	165.3		$	156.7
Deferred tax liabilities - principally depreciation and amortization	(261.6		)	(235.7		)
Net deferred tax (liabilities) assets	$	(96.3	)	$	(79.0	)

Summary of Variation of Effective Income Tax Rate from Continuing Operations from Statutory Federal Income Tax Rate [Table Text Block]

The following table is the reconciliation between the provision for income taxes and the amount computed by applying the U.S. federal income tax rate of 21% (35% in 2017) to income before taxes:



	2019			2018			2017
Income tax at the U.S. federal statutory rate	$	99.2		$	85.7		$	91.0
Adjustments:
State and local income taxes, net of federal tax benefit	7.4			6.8			3.1
Tax on foreign remittances and U.S. tax on foreign income	26.4			21.1			93.0
Tax expense related to undistributed earnings of foreign subsidiaries	6.0			—			—
Foreign losses without current tax benefits	3.2			3.7			8.9
Foreign earnings taxed at different rates including tax holidays	12.6			11.1			(18.0		)
U.S. domestic manufacturing deduction	—			—			(3.9		)
U.S. foreign tax credit	(18.3		)	(21.2		)	(104.2		)
Accruals and settlements related to tax audits	11.1			(3.8		)	(34.4		)
Valuation allowance changes	(44.5		)	—			(12.6		)
Deferred taxes related to branch operations	5.3			—			—
U.S. Tax Reform	—			(10.6		)	35.3
Other tax rate change	(5.0		)	(2.4		)	—
Other items, net	(5.7		)	12.2			(0.6		)
Provision for income taxes	$	97.7		$	102.6		$	57.6
Effective income tax rate	20.7		%	25.1		%	22.2		%

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]



	2019		2018		2017
United States	$	190.7	$	202.0	$	107.4
Non-United States	281.7		206.1		152.5
Income before income taxes	$	472.4	$	408.1	$	259.9

Components of deferred tax assets and liabilities

The following table reconciles the Company’s total gross unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017:



	2019			2018			2017
Beginning balance, January 1	$	26.0		$	14.0		$	39.2
Tax positions related to the current year:
Additions	3.6			0.4			2.7
Tax positions related to prior years:
Additions	11.7			17.8			6.9
Reductions	(1.1		)	(2.9		)	(5.2		)
Settlements with tax authorities	(1.2		)	(2.2		)	—
Lapses in statutes of limitation	(0.1		)	(1.1		)	(29.6		)
Ending balance, December 31	$	38.9		$	26.0		$	14.0

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]



	2019			2018			2017
Current:
Federal	$	20.8		$	46.1		$	9.1
State and local	4.8			9.9			4.6
Foreign	81.0			68.0			44.3
	$	106.6		$	124.0		$	58.0
Deferred:
Federal	$	39.8		$	(19.9	)	$	13.6
State and local	6.5			(0.7		)	(4.6		)
Foreign	(55.2		)	(0.8		)	(9.4		)
	$	(8.9	)	$	(21.4	)	$	(0.4	)
United States and foreign tax provision on income	$	97.7		$	102.6		$	57.6