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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision for income taxes

Our provision for income taxes consisted of the following:

		Year Ended December 31,
($ in millions)		2019			2018		2017
U.S. federal:
	Current	$	38.2		39.8		12.2
	Noncurrent	0.7			35.7		122.2
	Deferred	(12.9		)	(20.1	)	(23.7	)
		$	26.0		55.4		110.7
State and Local:
	Current	$	15.1		12.5		5.4
	Noncurrent	—			7.5		19.1
	Deferred	(7.0		)	(5.0	)	(5.0	)
		$	8.1		15.0		19.5
International:
	Current	$	156.9		145.3		141.2
	Deferred	(31.3		)	(1.4	)	(15.1	)
		$	125.6		143.9		126.1
Total		$	159.7		214.3		256.3

Reconciliation of reported tax expense to federal statutory tax

Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before provision for income taxes as a result of the following:

		Year Ended December 31,
($ in millions)		2019						2018						2017
Income tax expense at statutory rates		$	146.5		21.0	%		$	148.3		21.0	%		$	187.5		35.0	%
	Increase (reduction) in income taxes from:
	State and local income taxes, net of federal income tax benefit	8.9			1.3			2.8			0.4			(0.1		)	—
	Amortization of goodwill and other intangibles	(3.7		)	(0.5	)		(3.4		)	(0.5	)		(6.7		)	(1.3	)
	Nondeductible expenses	18.9			2.7			14.6			2.1			7.0			1.3
	International earnings taxed at various rates	(8.7		)	(1.3	)		(21.1		)	(3.0	)		(69.0		)	(12.9	)
	Valuation allowances	7.2			1.0			12.4			1.8			5.8			1.1
	Transition tax and deferred tax due to U.S. tax reform	(4.3		)	(0.6	)		47.0			6.7			125.9			23.5
	Other, net	(5.1		)	(0.7	)		13.7			1.9			5.9			1.1
Total		$	159.7		22.9	%		$	214.3		30.4	%		$	256.3		47.8	%

Income (loss) before taxes from domestic and international sources

Our income before taxes from domestic (U.S.) and international sources is presented in the following table.

	Year Ended December 31,
($ in millions)	2019			2018		2017
Domestic	$	145.9		101.3		62.7
International	551.7			604.7		473.1
Total	$	697.6		706.0		535.8

Tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.

	December 31,
($ in millions)	2019			2018
Deferred tax assets attributable to:
Accrued expenses	$	268.3		216.0
U.S. federal and state loss and credit carryovers	26.5			24.1
Allowances for uncollectible accounts	20.2			17.5
International loss carryovers	141.5			142.5
Pension liabilities	20.3			17.7
Other	15.6			11.6
Deferred tax assets	492.4			429.4
Less: valuation allowances	(70.4		)	(79.2	)
Net deferred tax assets	$	422.0		350.2
Deferred tax liabilities attributable to:
Property and equipment	$	11.5		14.2
Intangible assets	244.8			132.2
Income deferred for tax purposes	12.9			5.9
Investment in real estate ventures	3.9			8.0
Other	9.5			12.6
Deferred tax liabilities	$	282.6		172.9
Net deferred taxes	$	139.4		177.3

Reconciliation of beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.

($ in millions)	2019			2018
Balance as of January 1	$	62.7		49.4
Additions based on tax positions related to the current year	1.4			8.3
Increase related to tax positions of prior years	24.3			5.0
Settlements with taxing authorities	(10.2		)	—
Balance as of December 31	$	78.2		62.7

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