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Income Taxes (Tables)

12 Months Ended

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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