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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021, 2020 and 2019 were as follows:
| 2021 |  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |
Environmental and other similar items | $ | 73.2 |  |  | $ | 82.9 |  |  | $ | 83.5 |
Employee related and benefit items | 170.3 |  |  | 166.6 |  |  | 129.3 |
Operating lease liabilities | 463.1 |  |  | 448.9 |  |  | 430.6 |
Other items | 192.0 |  |  | 232.8 |  |  | 204.0 |
Total deferred tax assets | 898.6 |  |  | 931.2 |  |  | 847.4 |
Deferred tax liabilities: |  |  |  |  |
Intangible assets and Property, plant, and equipment | 1,053.7 |  |  | 1,156.4 |  |  | 1,232.6 |
LIFO inventories | 68.6 |  |  | 87.6 |  |  | 80.5 |
Operating lease right-of-use assets | 448.4 |  |  | 434.0 |  |  | 417.8 |
Other items | 33.3 |  |  | 31.7 |  |  | 28.1 |
Total deferred tax liabilities | 1,604.0 |  |  | 1,709.7 |  |  | 1,759.0 |
Net deferred tax liabilities | $ | 705.4 |  |  | $ | 778.5 |  |  | $ | 911.6 |
Significant Components of the Provisions for Income Taxes | Significant components of the provisions for income taxes were as follows:
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 331.2 |  |  | $ | 457.7 |  |  | $ | 440.1 |
Foreign | 86.5 |  |  | 92.0 |  |  | 71.1 |
State and local | 46.8 |  |  | 84.4 |  |  | 60.4 |
Total current | 464.5 |  |  | 634.1 |  |  | 571.6 |
Deferred: |  |  |  |  |
Federal | (36.5) |  |  | (102.7) |  |  | (83.7) |
Foreign | (40.4) |  |  | (19.0) |  |  | (32.3) |
State and local | (3.4) |  |  | (23.6) |  |  | (15.1) |
Total deferred | (80.3) |  |  | (145.3) |  |  | (131.1) |
Total provisions for income taxes | $ | 384.2 |  |  | $ | 488.8 |  |  | $ | 440.5 |
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:
| 2021 |  | 2020 |  | 2019
Domestic | $ | 2,106.8 |  |  | $ | 2,317.9 |  |  | $ | 1,899.6 |
Foreign | 141.8 |  |  | 201.3 |  |  | 82.2 |
| $ | 2,248.6 |  |  | $ | 2,519.2 |  |  | $ | 1,981.8 |
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:
| 2021 |  | 2020 |  | 2019
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
State and local income taxes | 2.2 |  |  | 2.5 |  |  | 2.3 |
Investment vehicles | (0.8) |  |  | (0.8) |  |  | (1.3) |
Employee share-based payments | (4.8) |  |  | (3.8) |  |  | (3.3) |
Research and development credits | (0.6) |  |  | (0.5) |  |  | (1.1) |
Amended returns and refunds | 0.2 |  |  | 0.3 |  |  | 0.1 |
Tax credit reversal | — |  |  | — |  |  | 3.7 |
Other - net | (0.1) |  |  | 0.7 |  |  | 0.8 |
Reported effective tax rate | 17.1 | % |  | 19.4 | % |  | 22.2 | %
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:
| 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 227.0 |  |  | $ | 203.0 |  |  | $ | 89.5 |
Additions based on tax positions related to the current year | 14.0 |  |  | 13.8 |  |  | 14.9 |
Additions for tax positions of prior years | 23.1 |  |  | 16.4 |  |  | 107.9 |
Reductions for tax positions of prior years | (22.1) |  |  | (3.3) |  |  | (3.6) |
Settlements | (5.6) |  |  | (2.0) |  |  | — |
Lapses of statutes of limitations | (7.9) |  |  | (0.9) |  |  | (5.7) |
Balance at end of year | $ | 228.5 |  |  | $ | 227.0 |  |  | $ | 203.0 |

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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=121826272&loc=d3e32537-109319 + Details
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