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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019, 2018 and 2017 were as follows:
| 2019 |  | 2018 |  | 2017
Deferred tax assets: |  |  |  |  |
Exit costs, environmental and other similar items | $ | 83.5 |  |  | $ | 84.5 |  |  | $ | 50.2 |
Employee related and benefit items | 129.3 |  |  | 97.0 |  |  | 104.1 |
Operating lease liabilities | 430.6 |  |  |  |  |
Other items | 204.0 |  |  | 161.6 |  |  | 113.2 |
Total deferred tax assets | 847.4 |  |  | 343.1 |  |  | 267.5 |
Deferred tax liabilities: |  |  |  |  |
Depreciation and amortization | 1,232.6 |  |  | 1,303.6 |  |  | 1,506.7 |
LIFO inventories | 80.5 |  |  | 64.5 |  |  | 66.5 |
Operating lease right-of-use assets | 417.8 |  |  |  |  |
Other items | 28.1 |  |  | 29.5 |  |  | 49.7 |
Total deferred tax liabilities | 1,759.0 |  |  | 1,397.6 |  |  | 1,622.9 |
Net deferred tax liabilities | $ | 911.6 |  |  | $ | 1,054.5 |  |  | $ | 1,355.4 |
Significant Components of the Provisions for Income Taxes | Significant components of the provisions for income taxes were as follows:
| 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |
Federal | $ | 440.1 |  |  | $ | 288.8 |  |  | $ | 269.3 |
Foreign | 71.1 |  |  | 53.2 |  |  | 53.5 |
State and local | 60.4 |  |  | 52.4 |  |  | 39.3 |
Total current | 571.6 |  |  | 394.4 |  |  | 362.1 |
Deferred: |  |  |  |  |
Federal | (83.7 | ) |  | (102.1 | ) |  | (486.6 | )
Foreign | (32.3 | ) |  | (35.3 | ) |  | (42.3 | )
State and local | (15.1 | ) |  | (6.0 | ) |  | (91.8 | )
Total deferred | (131.1 | ) |  | (143.4 | ) |  | (620.7 | )
Total provisions (credits) for income taxes | $ | 440.5 |  |  | $ | 251.0 |  |  | $ | (258.6 | )
Significant Components of Income Before Income Taxes as Used for Income Tax Purposes | Significant components of income before income taxes as used for income tax purposes, were as follows:
| 2019 |  | 2018 |  | 2017
Domestic | $ | 1,899.6 |  |  | $ | 1,309.3 |  |  | $ | 1,415.6 |
Foreign | 82.2 |  |  | 50.4 |  |  | 53.7 |
| $ | 1,981.8 |  |  | $ | 1,359.7 |  |  | $ | 1,469.3 |
Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate | A reconciliation of the statutory federal income tax rate to the effective tax rate follows:
| 2019 |  | 2018 |  | 2017
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Effect of: |  |  |  |  |
State and local income taxes | 2.3 |  |  | 3.2 |  |  | 2.1 |
Investment vehicles | (1.3 | ) |  | (1.2 | ) |  | (1.4 | )
Domestic production activities |  |  |  |  |  |  | (3.1 | )
Employee share-based payments | (3.3 | ) |  | (3.2 | ) |  | (5.9 | )
Research and development credits | (1.1 | ) |  | (1.3 | ) |  | (0.9 | )
Amended returns and refunds | 0.1 |  |  | (1.6 | ) |  | (0.9 | )
Tax credit reversal | 3.7 |  |  |  |  |
Other - net | 0.8 |  |  | (0.3 | ) |  | (0.4 | )
Subtotal | 22.2 | % |  | 16.6 | % |  | 24.5 | %
Effect of: |  |  |  |  |
Tax Act |  |  |  | 1.9 |  |  | (40.8 | )
Subsidiary mergers |  |  |  |  |  |  | (4.2 | )
Reported effective tax rate | 22.2 | % |  | 18.5 | % |  | (20.5 | )%
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2019 |  | 2018 |  | 2017
Balance at beginning of year | $ | 89.5 |  |  | $ | 59.0 |  |  | $ | 32.8 |
Additions from the Valspar acquisition |  |  |  | 12.4 |  |  | 18.9 |
Additions based on tax positions related to the current year | 14.9 |  |  | 12.9 |  |  | 6.8 |
Additions for tax positions of prior years | 107.9 |  |  | 11.0 |  |  | 4.0 |
Reductions for tax positions of prior years | (3.6 | ) |  | (2.0 | ) |  | (1.2 | )
Settlements |  |  |  | (1.4 | ) |  | (0.3 | )
Lapses of statutes of limitations | (5.7 | ) |  | (2.4 | ) |  | (2.0 | )
Balance at end of year | $ | 203.0 |  |  | $ | 89.5 |  |  | $ | 59.0 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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