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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Significant Components of the Provisions for Income Taxes | Significant components of the provisions for income taxes were as follows:
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 505.5 |  |  | $ | 331.2 |  |  | $ | 457.7 |
Foreign | 90.3 |  |  | 86.5 |  |  | 92.0 |
State and local | 102.0 |  |  | 46.8 |  |  | 84.4 |
Total current | 697.8 |  |  | 464.5 |  |  | 634.1 |
Deferred: |  |  |  |  |
Federal | (81.7) |  |  | (36.5) |  |  | (102.7) |
Foreign | (47.3) |  |  | (40.4) |  |  | (19.0) |
State and local | (15.8) |  |  | (3.4) |  |  | (23.6) |
Total deferred | (144.8) |  |  | (80.3) |  |  | (145.3) |
Total provisions for income taxes | $ | 553.0 |  |  | $ | 384.2 |  |  | $ | 488.8 |
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:
| 2022 |  | 2021 |  | 2020
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
State and local income taxes | 2.8 |  |  | 2.2 |  |  | 2.5 |
Investment vehicles | (0.4) |  |  | (0.8) |  |  | (0.8) |
Employee share-based payments | (1.4) |  |  | (4.8) |  |  | (3.8) |
Research and development credits | (0.6) |  |  | (0.6) |  |  | (0.5) |
Amended returns and refunds | 0.4 |  |  | 0.2 |  |  | 0.3 |
Other - net | (0.3) |  |  | (0.1) |  |  | 0.7 |
Reported effective tax rate | 21.5 | % |  | 17.1 | % |  | 19.4 | %
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:
| 2022 |  | 2021 |  | 2020
Domestic | $ | 2,427.6 |  |  | $ | 2,106.8 |  |  | $ | 2,317.9 |
Foreign | 145.5 |  |  | 141.8 |  |  | 201.3 |
| $ | 2,573.1 |  |  | $ | 2,248.6 |  |  | $ | 2,519.2 |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022, 2021 and 2020 were as follows:
| 2022 |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |  |
Environmental and other similar items | $ | 66.4 |  |  | $ | 73.2 |  |  | $ | 82.9 |
Employee related and benefit items | 157.1 |  |  | 170.3 |  |  | 166.6 |
Operating lease liabilities | 478.1 |  |  | 463.1 |  |  | 448.9 |
Research and development capitalization | 52.6 |  |  |  |  |
Other items | 204.1 |  |  | 192.0 |  |  | 232.8 |
Total deferred tax assets | 958.3 |  |  | 898.6 |  |  | 931.2 |
Deferred tax liabilities: |  |  |  |  |
Intangible assets and Property, plant, and equipment | 973.4 |  |  | 1,053.7 |  |  | 1,156.4 |
LIFO inventories | 97.3 |  |  | 68.6 |  |  | 87.6 |
Operating lease right-of-use assets | 460.5 |  |  | 448.4 |  |  | 434.0 |
Other items | 31.7 |  |  | 33.3 |  |  | 31.7 |
Total deferred tax liabilities | 1,562.9 |  |  | 1,604.0 |  |  | 1,709.7 |
Net deferred tax liabilities | $ | 604.6 |  |  | $ | 705.4 |  |  | $ | 778.5 |
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:
| 2022 |  | 2021 |  | 2020
Balance at beginning of year | $ | 228.5 |  |  | $ | 227.0 |  |  | $ | 203.0 |
Additions based on tax positions related to the current year | 18.7 |  |  | 14.0 |  |  | 13.8 |
Additions for tax positions of prior years | 10.6 |  |  | 23.1 |  |  | 16.4 |
Reductions for tax positions of prior years | (6.0) |  |  | (22.1) |  |  | (3.3) |
Settlements | (1.7) |  |  | (5.6) |  |  | (2.0) |
Lapses of statutes of limitations | (7.7) |  |  | (7.9) |  |  | (0.9) |
Balance at end of year | $ | 242.4 |  |  | $ | 228.5 |  |  | $ | 227.0 |

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