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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Earnings Before Income Taxes and Provision for Income Taxes | Significant components of earnings before income taxes and the provision for income taxes are as follows (in millions):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Earnings before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 388.4 |  |  | $ | 337.6 |  |  | $ | 274.1 |
Foreign, principally Australia, Canada, New Zealand and the U.K. |  |  | 237.7 |  |  |  | 141.8 |  |  |  | 85.7 |
Total earnings before income taxes |  | $ | 626.1 |  |  | $ | 479.4 |  |  | $ | 359.8 |
Provision (benefit) for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 3.8 |  |  | $ | — |  |  | $ | 7.1 |
Deferred |  |  | (142.5 | ) |  |  | (214.0 | ) |  |  | (183.5 | )
|  |  | (138.7 | ) |  |  | (214.0 | ) |  |  | (176.4 | )
State and local: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 11.1 |  |  |  | 15.4 |  |  |  | 11.6 |
Deferred |  |  | (6.0 | ) |  |  | (29.0 | ) |  |  | (3.9 | )
|  |  | 5.1 |  |  |  | (13.6 | ) |  |  | 7.7 |
Foreign: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 66.6 |  |  |  | 60.7 |  |  |  | 25.9 |
Deferred |  |  | (22.7 | ) |  |  | (29.6 | ) |  |  | (14.3 | )
|  |  | 43.9 |  |  |  | 31.1 |  |  |  | 11.6 |
Total benefit for income taxes |  | $ | (89.7 | ) |  | $ | (196.5 | ) |  | $ | (157.1 | )
Reconciliation of Provision for Income Taxes with Federal Statutory Income Tax Rate | A reconciliation of the provision for income taxes with the U.S. federal statutory income tax rate is as follows (in millions, except percentages):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | Amount |  |  | % of Pretax Earnings |  |  | Amount |  |  | % of Pretax Earnings |  |  | Amount |  |  | % of Pretax Earnings |
Federal statutory rate |  | $ | 131.5 |  |  |  | 21.0 |  |  | $ | 100.7 |  |  |  | 21.0 |  |  | $ | 126.0 |  |  |  | 35.0 |
State income taxes - net of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal benefit |  |  | 4.4 |  |  |  | 0.7 |  |  |  | 8.5 |  |  |  | 1.8 |  |  |  | 5.0 |  |  |  | 1.4 |
Differences related to non U.S. operations |  |  | (10.1 | ) |  |  | (1.6 | ) |  |  | (14.8 | ) |  |  | (3.1 | ) |  |  | (46.9 | ) |  |  | (13.0 | )
Alternative energy and other tax credits |  |  | (196.1 | ) |  |  | (31.3 | ) |  |  | (252.9 | ) |  |  | (52.8 | ) |  |  | (230.1 | ) |  |  | (64.0 | )
Other permanent differences |  |  | (7.6 | ) |  |  | (1.2 | ) |  |  | 0.9 |  |  |  | 0.2 |  |  |  | (10.6 | ) |  |  | (2.9 | )
U.S. repatriation tax |  |  | — |  |  |  | — |  |  |  | (1.8 | ) |  |  | (0.4 | ) |  |  | 36.8 |  |  |  | 10.2 |
Stock-based compensation |  |  | (16.2 | ) |  |  | (2.6 | ) |  |  | (15.0 | ) |  |  | (3.1 | ) |  |  | (15.1 | ) |  |  | (4.2 | )
Changes in unrecognized tax benefits |  |  | 0.8 |  |  |  | 0.1 |  |  |  | (0.2 | ) |  |  | — |  |  |  | (0.9 | ) |  |  | (0.3 | )
Change in valuation allowance |  |  | 7.5 |  |  |  | 1.2 |  |  |  | (22.0 | ) |  |  | (4.6 | ) |  |  | 12.3 |  |  |  | 3.4 |
Change in tax rates |  |  | (3.7 | ) |  |  | (0.6 | ) |  |  | — |  |  |  | — |  |  |  | (33.2 | ) |  |  | (9.2 | )
Other |  |  | (0.2 | ) |  |  | — |  |  |  | 0.1 |  |  |  | — |  |  |  | (0.4 | ) |  |  | (0.1 | )
Benefit for income taxes |  | $ | (89.7 | ) |  |  | (14.3 | ) |  | $ | (196.5 | ) |  |  | (41.0 | ) |  | $ | (157.1 | ) |  |  | (43.7 | )
Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in millions):
|  | December 31, |
|  | 2019 |  |  | 2018 |
Gross unrecognized tax benefits at January 1 |  | $ | 10.7 |  |  | $ | 10.9 |
Increases in tax positions for current year |  |  | 2.1 |  |  |  | 1.7 |
Settlements |  |  | (0.4 | ) |  |  | — |
Lapse in statute of limitations |  |  | (1.1 | ) |  |  | (1.4 | )
Increases in tax positions for prior years |  |  | 0.6 |  |  |  | 0.4 |
Decreases in tax positions for prior years |  |  | (0.4 | ) |  |  | (0.9 | )
Gross unrecognized tax benefits at December 31 |  | $ | 11.5 |  |  | $ | 10.7 |
Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows (in millions):
|  | December 31, |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Alternative minimum tax and other credit carryforwards |  | $ | 962.1 |  |  | $ | 856.9 |
Accrued and unfunded compensation and employee benefits |  |  | 156.0 |  |  |  | 158.8 |
Amortizable intangible assets |  |  | 54.3 |  |  |  | 48.8 |
Compensation expense related to stock options |  |  | 11.3 |  |  |  | 12.2 |
Accrued liabilities |  |  | 63.9 |  |  |  | 63.8 |
Accrued pension liability |  |  | 9.9 |  |  |  | 11.5 |
Investments |  |  | 0.9 |  |  |  | 1.5 |
Net operating loss carryforwards |  |  | 37.2 |  |  |  | 36.8 |
Capital loss carryforwards |  |  | 12.6 |  |  |  | 12.2 |
Lease liabilities |  |  | 65.3 |  |  |  | 4.2 |
Hedging instruments |  |  | 11.7 |  |  |  | 1.9 |
Other |  |  | 4.3 |  |  |  | 3.4 |
Total deferred tax assets |  |  | 1,389.5 |  |  |  | 1,212.0 |
Valuation allowance for deferred tax assets |  |  | (80.5 | ) |  |  | (67.4 | )
Deferred tax assets |  |  | 1,309.0 |  |  |  | 1,144.6 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Nondeductible amortizable intangible assets |  |  | 322.4 |  |  |  | 297.6 |
Investment-related partnerships |  |  | 9.1 |  |  |  | 13.6 |
Depreciable fixed assets |  |  | 22.4 |  |  |  | 25.4 |
Right-of-use assets |  |  | 62.6 |  |  |  | — |
Revenue recognition |  |  | 63.7 |  |  |  | 98.1 |
Other prepaid items |  |  | 10.6 |  |  |  | 10.6 |
Total deferred tax liabilities |  |  | 490.8 |  |  |  | 445.3 |
Net deferred tax assets |  | $ | 818.2 |  |  | $ | 699.3 |

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