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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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