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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for income taxes

Our provision for income taxes consisted of the following:

						Year Ended December 31,
(in millions)						2021			2020			2019
U.S. federal:
			Current			$	95.1		16.4			38.2
			Noncurrent			—			—			0.7
			Deferred			29.1			3.8			(12.9)
						$	124.2		20.2			26.0
State and Local:
			Current			$	34.6		12.5			15.1
			Noncurrent			—			—			—
			Deferred			11.8			0.2			(7.0)
						$	46.4		12.7			8.1
International:
			Current			$	156.0		103.7			156.9
			Deferred			(62.3)			(29.7)			(31.3)
						$	93.7		74.0			125.6
Total						$	264.3		106.9			159.7

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)						2021									2020									2019
Income tax expense at statutory rates						$	256.9		21.0		%				$	111.2		21.0		%				$	146.5		21.0		%
			Increase (reduction) in income taxes from:
			State and local income taxes, net of federal income tax benefit			39.7			3.2						9.4			1.8						4.9			0.7
			Nondeductible expenses			17.6			1.4						11.2			2.1						18.9			2.7
			International earnings taxed at various rates			(22.6)			(1.8)						(20.5)			(3.9)						(8.7)			(1.3)
			U.S. capital loss carryover			(35.2)			(2.9)						—			—						—			—
			Valuation allowance			34.2			2.8						4.3			0.8						7.2			1.0
			Other, net			(26.3)			(2.1)						(8.7)			(1.6)						(9.1)			(1.2)
Total						$	264.3		21.6		%				$	106.9		20.2		%				$	159.7		22.9		%

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)			2021			2020			2019
Domestic			$	798.9		165.2			145.9
International			424.7			364.4			551.7
Total			$	1,223.6		529.6			697.6

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)			2021			2020
Deferred tax assets attributable to:
Accrued expenses			$	354.2		344.3
U.S. federal and state loss and credit carryovers			82.0			17.9
Allowances for uncollectible accounts			27.1			21.1
International loss carryovers			225.8			163.4
Pension liabilities			17.6			25.0
Other			1.9			13.1
Deferred tax assets			708.6			584.8
Less: valuation allowances			(128.8)			(71.4)
Net deferred tax assets			$	579.8		513.4
Deferred tax liabilities attributable to:
Property and equipment			$	23.1		14.8
Intangible assets			342.8			296.8
Income deferred for tax purposes			6.3			10.1
Investments			56.2			14.1
Other			0.3			1.1
Deferred tax liabilities			$	428.7		336.9
Net deferred taxes			$	151.1		176.5

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)			2021			2020
Balance as of January 1,			$	75.3		78.2
Additions based on tax positions related to the current year			5.7			2.8
Increase related to tax positions of prior years			(1.7)			(5.0)
Settlements with taxing authorities			—			(0.7)
Balance as of December 31,			$	79.3		75.3

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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