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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income before Provision for Income Taxes, Classified by Source of Income | Income before provision for income taxes, classified by source of income, was as follows:
In millions | 2020 |  | 2019 |  | 2018
U.S. | $ | 1,390.4 |  |  | $ | 2,159.1 |  |  | $ | 2,218.0 |
Outside the U.S. | 4,750.3 |  |  | 5,859.0 |  |  | 5,598.1 |
Income before provision for income taxes * | $ | 6,140.7 |  |  | $ | 8,018.1 |  |  | $ | 7,816.1 |
Provision for Income Taxes, Classified by Timing and Location of Payment | The provision for income taxes, classified by the timing and location of payment, was as follows:
In millions | 2020 |  | 2019 |  | 2018
U.S. federal | $ | 554.1 |  |  | $ | 521.8 |  |  | $ | 292.9 |
U.S. state | 119.1 |  |  | 194.7 |  |  | 183.9 |
Outside the U.S. | 730.6 |  |  | 1,126.5 |  |  | 1,312.4 |
Current tax provision | 1,403.8 |  |  | 1,843.0 |  |  | 1,789.2 |
U.S. federal | 870.3 |  |  | 38.5 |  |  | 145.7 |
U.S. state | 73.3 |  |  | 20.0 |  |  | 18.7 |
Outside the U.S. | (937.2) |  |  | 91.2 |  |  | (61.8) |
Deferred tax provision | 6.4 |  |  | 149.7 |  |  | 102.6 |
Provision for income taxes | $ | 1,410.2 |  |  | $ | 1,992.7 |  |  | $ | 1,891.8 |
Net Deferred Tax Liabilities | Net deferred tax (assets) liabilities consisted of:
In millions | December 31, 2020 |  | 2019
Lease right-of-use asset |  |  | $ | 3,427.3 |  |  | $ | 3,296.8 |
Property and equipment |  |  | 1,600.4 |  |  | 1,316.4 |
Intangible assets |  |  | 1,046.2 |  |  | 334.8 |
Other |  |  | 322.4 |  |  | 511.1 |
Total deferred tax liabilities |  |  | 6,396.3 |  |  | 5,459.1 |
Lease liability |  |  | (3,462.0) |  |  | (3,331.1) |
Intangible assets |  |  | (2,095.9) |  |  | (1,051.0) |
Property and equipment |  |  | (593.8) |  |  | (585.6) |
Deferred foreign tax credits |  |  | (289.3) |  |  | (311.2) |
Employee benefit plans |  |  | (190.8) |  |  | (192.3) |
Deferred revenue |  |  | (154.8) |  |  | (145.5) |
Operating loss carryforwards |  |  | (86.8) |  |  | (81.5) |
Other |  |  | (449.0) |  |  | (323.6) |
Total deferred tax assets before valuation allowance |  |  | (7,322.4) |  |  | (6,021.8) |
Valuation allowance |  |  | 816.0 |  |  | 741.9 |
Net deferred tax (assets) liabilities |  |  | $ | (110.1) |  |  | $ | 179.2 |
Balance sheet presentation: |  |  |  |  |
Deferred income taxes |  |  | $ | 2,025.6 |  |  | $ | 1,318.1 |
Other assets-miscellaneous |  |  | (2,135.7) |  |  | (1,138.9) |
Net deferred tax (assets) liabilities |  |  | $ | (110.1) |  |  | $ | 179.2 |
Statutory U.S. Federal Income Tax Rate Reconciliation to Effective Income Tax Rates | The statutory U.S. federal income tax rate reconciles to the effective income tax rates as follows:
| 2020 |  | 2019 |  | 2018
Statutory U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of related federal income tax benefit | 1.8 |  |  | 1.8 |  |  | 1.8 |
Foreign income taxed at different rates | 0.4 |  |  | 1.6 |  |  | 1.5 |
Tax impact of intercompany transactions | 2.1 |  |  | — |  |  | — |
Global intangible low-tax income ("GILTI") | 1.2 |  |  | 1.3 |  |  | 0.4 |
Foreign-derived intangible income ("FDII") | (3.4) |  |  | (1.3) |  |  | (1.4) |
Transition tax | — |  |  | — |  |  | 1.0 |
U.S./Foreign tax law changes | (1.8) |  |  | — |  |  | — |
Foreign tax credit redetermination regulations | — |  |  | (1.0) |  |  | — |
Other, net | 1.7 |  |  | 1.5 |  |  | (0.1) |
Effective income tax rates | 23.0 | % |  | 24.9 | % |  | 24.2 | %
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
In millions | 2020 |  | 2019
Balance at January 1 | $ | 1,439.1 |  |  | $ | 1,342.8 |
Decreases for positions taken in prior years | (71.4) |  |  | (18.3) |
Increases for positions taken in prior years | 38.5 |  |  | 107.1 |
Increases for positions related to the current year | 89.6 |  |  | 88.3 |
Settlements with taxing authorities | (3.9) |  |  | (68.6) |
Lapsing of statutes of limitations | (12.7) |  |  | (12.2) |
Balance at December 31(1) | $ | 1,479.2 |  |  | $ | 1,439.1 |
(1)Of this amount, $1,137.8 million and $1,285.3 million are included in Long-term income taxes for 2020 and 2019, respectively, and $325.0 million and $138.8 million are included in Prepaid expenses and other current assets for 2020 and 2019, respectively, on the Consolidated Balance Sheet. The remainder is included in Deferred income taxes on the Consolidated Balance Sheet.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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