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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Provision for income taxes | Our provision for income taxes consisted of the following:
| Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
U.S. federal: |  |  |
| Current | $ | 88.1 |  | 81.7 |  | 95.1 |
| Deferred | (160.1) |  | (5.8) |  | 29.1 |
|  | $ | (72.0) |  | 75.9 |  | 124.2 |
State and Local: |  |  |
| Current | $ | 33.4 |  | 29.2 |  | 34.6 |
| Deferred | (54.6) |  | 2.1 |  | 11.8 |
|  | $ | (21.2) |  | 31.3 |  | 46.4 |
International: |  |  |
| Current | $ | 161.2 |  | 136.3 |  | 156.0 |
| Deferred | (42.3) |  | (42.7) |  | (62.3) |
|  | $ | 118.9 |  | 93.6 |  | 93.7 |
Total | $ | 25.7 |  | 200.8 |  | 264.3 |
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) | 2023 |  | 2022 |  | 2021
Income tax expense at statutory rates | $ | 52.9 |  | 21.0 | % |  | $ | 208.7 |  | 21.0 | % |  | $ | 256.9 |  | 21.0 | %
| Increase (reduction) in income taxes from: |  |  |  |  |  |  |  |
| State and local income taxes, net of federal income tax benefit | (17.1) |  | (6.8) |  |  | 26.8 |  | 2.7 |  |  | 39.7 |  | 3.2 |
| Nondeductible expenses | 7.1 |  | 2.9 |  |  | 13.9 |  | 1.4 |  |  | 17.6 |  | 1.4 |
| International earnings taxed at various rates | (58.4) |  | (23.2) |  |  | (34.7) |  | (3.5) |  |  | (22.6) |  | (1.8) |
| U.S. capital loss carryover | — |  | — |  |  | — |  | — |  |  | (35.2) |  | (2.9) |
| Valuation allowance | 41.3 |  | 16.4 |  |  | (4.8) |  | (0.5) |  |  | 34.2 |  | 2.8 |
| Other, net | (0.1) |  | (0.1) |  |  | (9.1) |  | (0.9) |  |  | (26.3) |  | (2.1) |
Total | $ | 25.7 |  | 10.2 | % |  | $ | 200.8 |  | 20.2 | % |  | $ | 264.3 |  | 21.6 | %
Income (loss) before taxes from domestic and international sources | Our income (loss) before taxes from domestic (U.S.) and international sources is presented in the following table.
| Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
Domestic | $ | (175.5) |  | 447.9 |  | 798.9 |
International | 427.4 |  | 546.3 |  | 424.7 |
Total | $ | 251.9 |  | 994.2 |  | 1,223.6 |
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) | 2023 | 2022 |
Deferred tax assets attributable to: |  |  |
Accrued expenses | $ | 511.3 |  | 393.6 |  |
U.S. federal and state loss and credit carryovers | 55.1 |  | 52.5 |  |
Allowances for uncollectible accounts | 37.6 |  | 33.9 |  |
International loss carryovers | 313.0 |  | 237.3 |  |
Investments | 1.6 |  | — |  |
Pension liabilities | 27.7 |  | 19.8 |  |
Deferred tax assets | 946.3 |  | 737.1 |  |
Less: valuation allowances | (172.7) |  | (120.8) |  |
Net deferred tax assets | $ | 773.6 |  | 616.3 |  |
Deferred tax liabilities attributable to: |  |  |
Property and equipment | $ | 24.8 |  | 23.6 |  |
Intangible assets | 277.7 |  | 325.6 |  |
Income deferred for tax purposes | 11.4 |  | 7.5 |  |
Investments | — |  | 72.6 |  |
Other | 7.1 |  | 1.4 |  |
Deferred tax liabilities | $ | 321.0 |  | 430.7 |  |
Net deferred taxes | $ | 452.6 |  | 185.6 |  |
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) | 2023 | 2022
Balance as of January 1, | $ | 75.1 |  | 79.3 |
Additions based on tax positions related to the current year | 2.9 |  | 3.6 |
Decrease related to tax positions of prior years | (6.8) |  | (5.6) |
Settlements with taxing authorities | — |  | (2.2) |
Balance as of December 31, | $ | 71.2 |  | 75.1 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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