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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Provision from (benefit for) Income Taxes | The provision from (benefit for) income taxes consisted of the following:
| Twelve Months Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Current: |  |  |  |  |
Federal | $ | 108.1 |  |  | $ | 34.8 |  |  | $ | (5.2) |
State | 39.3 |  |  | 24.0 |  |  | 8.5 |
Foreign | 44.0 |  |  | 33.7 |  |  | 43.7 |
| 191.4 |  |  | 92.5 |  |  | 47.0 |
Deferred: |  |  |  |  |
Federal | 43.3 |  |  | 40.6 |  |  | (48.2) |
State | 4.7 |  |  | (0.1) |  |  | (11.3) |
Foreign | (38.7) |  |  | 26.0 |  |  | (23.2) |
| 9.3 |  |  | 66.5 |  |  | (82.7) |
Provision from (benefit for) income taxes | $ | 200.7 |  |  | $ | 159.0 |  |  | $ | (35.7) |
Domestic and Foreign Income before Income Taxes | Domestic and foreign income (loss) before income taxes was as follows:
| Twelve Months Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
U.S. | $ | 885.6 |  |  | $ | 470.3 |  |  | $ | (522.7) |
Foreign | 63.6 |  |  | 214.9 |  |  | 108.9 |
| $ | 949.2 |  |  | $ | 685.2 |  |  | $ | (413.8) |
Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate | The provision from (benefit for) income taxes reconciles with the U.S. federal statutory rate, as follows:
| Twelve Months Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Provision computed at federal statutory rate | $ | 199.3 |  |  | $ | 143.9 |  |  | $ | (86.9) |
State and local taxes, net of federal tax benefit | 34.9 |  |  | 17.8 |  |  | (6.3) |
Foreign | (10.4) |  |  | 5.5 |  |  | (2.7) |
Federal research & development credit | (16.6) |  |  | (15.9) |  |  | (14.9) |
Equity compensation | (14.0) |  |  | (6.0) |  |  | (3.0) |
Tax reserves | (0.8) |  |  | 1.4 |  |  | 1.2 |
Legal settlement | — |  |  | 0.1 |  |  | 69.1 |
Excess officer’s compensation | 5.8 |  |  | 5.8 |  |  | 5.1 |
Valuation Allowance | 0.5 |  |  | 7.8 |  |  | — |
Other | 2.0 |  |  | (1.4) |  |  | 2.7 |
Provision from (benefit for) income taxes | $ | 200.7 |  |  | $ | 159.0 |  |  | $ | (35.7) |
Effective income tax rate | 21.2 | % |  | 23.2 | % |  | 8.6 | %
Components of Deferred Income Tax Assets and Liabilities | Components of the deferred income tax assets and liabilities at December 31, 2021 and 2020, were as follows:
| December 31,
| 2021 |  | 2020
| (In millions)
Deferred income tax assets: |  |  |
Net operating and capital loss carryforwards | $ | 124.9 |  |  | $ | 286.1 |
Goodwill and intangible assets | 123.4 |  |  | 128.0 |
Employee compensation programs | 61.0 |  |  | 62.7 |
Foreign tax credits | 17.2 |  |  | 17.4 |
Employee pension benefits | 34.7 |  |  | 34.6 |
Reserves and accrued expenses | 19.6 |  |  | 17.6 |
Accrued legal expense | 94.9 |  |  | 94.9 |
Research and development costs | 34.1 |  |  | 33.0 |
Operating lease asset | 26.0 |  |  | 23.1 |
Other | 14.8 |  |  | 11.8 |
Gross deferred income tax assets | 550.6 |  |  | 709.2 |
Valuation allowance | (192.0) |  |  | (382.7) |
Total deferred income tax assets, net | 358.6 |  |  | 326.5 |
Deferred income tax liabilities: |  |  |
Goodwill and intangible assets | (620.6) |  |  | (540.7) |
Undistributed earnings of foreign subsidiaries | (5.7) |  |  | (11.3) |
Depreciation | (23.4) |  |  | (19.1) |
Operating lease liability | (26.0) |  |  | (23.1) |
Prepaid expenses | (10.7) |  |  | (11.6) |
Investment basis difference | (17.4) |  |  | (41.5) |
Other | (4.0) |  |  | (2.3) |
Total deferred income tax liability | (707.8) |  |  | (649.6) |
Net deferred income tax liability | $ | (349.2) |  |  | $ | (323.1) |
Deferred Income Tax Assets, Included in Other Current Assets, and Liabilities | Our deferred income tax assets and deferred income tax liabilities at December 31, 2021 and 2020, are included in the accompanying Consolidated Balance Sheets as follows:
| December 31,
| 2021 |  | 2020
| (In millions)
Long-term deferred income tax assets, included in other assets | $ | 9.0 |  |  | $ | 9.2 |
Long-term deferred income tax liabilities | (358.2) |  |  | (332.3) |
Net deferred income tax liability | $ | (349.2) |  |  | $ | (323.1) |
Reconciliation of 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
| (In millions)
Beginning balance (January 1) | $ | 41.5 |  |  | $ | 27.5 |
Increases related to prior year tax positions | 8.7 |  |  | 12.7 |
Decreases related to prior year tax positions | (0.1) |  |  | (0.1) |
Increases related to current year tax positions | 8.7 |  |  | 9.1 |
Decreases related to settlements | (0.5) |  |  | (0.2) |
Expiration of the statute of limitations for the assessment of taxes | (9.6) |  |  | (7.2) |
Currency translation adjustment | (0.2) |  |  | (0.3) |
Ending balance (December 31) | $ | 48.5 |  |  | $ | 41.5 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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