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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) |  | 2022 |  | 2021 |  | 2020
United States (U.S.) | ​ |  | $295.6 |  | ​ |  | $277.7 |  | ​ |  | $100.5 |
International |  | ​ | 1,047.8 | ​ | ​ | ​ | 1,136.5 | ​ | ​ | ​ | 1,060.9 | ​
Total | ​ | ​ | $1,343.4 | ​ | ​ | ​ | $1,414.2 | ​ | ​ | ​ | $1,161.4 | ​
​
Provision (benefit) for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) |  | 2022 |  | 2021 |  | 2020
U.S. federal and state | ​ |  | $145.7 | ​ | ​ | ​ | $30.9 | ​ | ​ | ​ | ($43.9) |
International |  | ​ | 231.4 | ​ | ​ | ​ | 240.2 | ​ | ​ | ​ | 259.8 | ​
Total current |  | ​ | 377.1 | ​ | ​ | ​ | 271.1 | ​ | ​ | ​ | 215.9 | ​
U.S. federal and state |  | ​ | (78.9) | ​ | ​ | ​ | 3.6 | ​ | ​ | ​ | 12.0 | ​
International |  | ​ | (63.7) | ​ | ​ | ​ | (4.5) | ​ | ​ | ​ | (51.3) | ​
Total deferred |  | ​ | (142.6) | ​ | ​ | ​ | (0.9) | ​ | ​ | ​ | (39.3) | ​
Provision for income taxes | ​ | ​ | $234.5 | ​ | ​ | ​ | $270.2 | ​ | ​ | ​ | $176.6 | ​
​
Net deferred tax assets and deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 (millions) |  | 2022 |  | 2021
Deferred tax assets | ​ |  | ​ |  | ​ |  | ​ |
Pension and post-retirement benefits | ​ | ​ | $87.0 | ​ | ​ | ​ | $136.8 | ​
Other accrued liabilities | ​ | ​ | 129.6 | ​ | ​ | ​ | 135.6 | ​
Lease liability |  |  | 109.2 | ​ | ​ |  | 101.3 | ​
Credit carryforwards | ​ | ​ | 97.8 | ​ | ​ | ​ | 81.8 | ​
Capitalization of R&D costs | ​ | ​ | 84.5 | ​ | ​ | ​ | - | ​
Loss carryforwards |  |  | 67.2 | ​ | ​ |  | 59.6 | ​
Share-based compensation |  |  | 51.2 | ​ | ​ |  | 44.7 | ​
Deferred income | ​ | ​ | 59.6 | ​ | ​ | ​ | 44.8 | ​
Other, net |  |  | 98.8 | ​ | ​ |  | 71.0 | ​
Valuation allowance |  |  | (65.2) | ​ | ​ |  | (50.3) | ​
Total deferred tax assets |  |  | 719.7 | ​ | ​ |  | 625.3 | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intangible assets |  |  | (611.1) | ​ | ​ |  | (631.0) | ​
Property, plant and equipment |  |  | (319.7) | ​ | ​ |  | (333.5) | ​
Lease asset | ​ | ​ | (109.1) | ​ | ​ | ​ | (100.3) | ​
Financing | ​ | ​ | (33.5) | ​ | ​ | ​ | (34.2) | ​
Other, net |  |  | (43.8) | ​ | ​ |  | (27.7) | ​
Total deferred tax liabilities |  |  | (1,117.2) | ​ | ​ |  | (1,126.7) | ​
Net deferred tax liabilities balance | ​ | ​ | ($397.5) | ​ | ​ | ​ | ($501.4) | ​
​
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 | ​ | 2021 | ​ | 2020
Statutory U.S. rate | ​ | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
State income taxes, net of federal benefit | ​ | 1.3 |  | ​ | 0.6 |  | ​ | 0.4 | ​
Foreign operations | ​ | (0.8) |  | ​ | (0.6) |  | ​ | (1.3) | ​
Excess stock benefits | ​ | (0.4) | ​ | ​ | (2.0) | ​ | ​ | (4.9) | ​
R&D credit | ​ | (1.4) |  | ​ | (1.3) |  | ​ | (1.1) | ​
Foreign derived intangible income | ​ | (1.8) | ​ | ​ | (1.6) | ​ | ​ | (0.2) | ​
Change in valuation allowance | ​ | 0.7 |  | ​ | 0.5 |  | ​ | 0.6 | ​
Legal entity rationalization | ​ | (1.5) | ​ | ​ | - | ​ | ​ | - | ​
One-time transfer of intangibles | ​ | - | ​ | ​ | 1.8 | ​ | ​ | - | ​
Other, net | ​ | 0.4 |  | ​ | 0.7 |  | ​ | 0.7 | ​
Effective income tax rate | ​ | 17.5 | % | ​ | 19.1 | % | ​ | 15.2 | %
​
Reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) |  | 2022 |  | 2021 | ​ | 2020
Balance at beginning of year | ​ | ​ | $25.1 | ​ | ​ | ​ | $20.7 | ​ | ​ | ​ | $27.0 | ​
Additions based on tax positions related to the current year |  | ​ | 2.7 | ​ | ​ |  | 3.8 | ​ | ​ |  | 3.3 | ​
Additions for tax positions of prior years |  |  | 3.6 | ​ | ​ |  | 3.0 | ​ | ​ |  | - | ​
Current year acquisitions | ​ | ​ | - | ​ | ​ | ​ | 4.4 | ​ | ​ | ​ | - | ​
Reductions for tax positions of prior years |  |  | (1.5) | ​ | ​ |  | - | ​ | ​ |  | (1.1) | ​
Reductions for tax positions due to statute of limitations |  |  | (0.7) | ​ | ​ |  | (3.0) | ​ | ​ |  | (9.1) | ​
Settlements |  |  | (3.4) | ​ | ​ |  | (3.7) | ​ | ​ |  | - | ​
Foreign currency translation |  |  | (0.9) | ​ | ​ |  | (0.1) | ​ | ​ |  | 0.6 | ​
Balance at end of year | ​ | ​ | $24.9 | ​ | ​ | ​ | $25.1 | ​ | ​ | ​ | $20.7 | ​
​

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