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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Provision for income taxes | Our provision for income taxes consisted of the following:
| Year Ended December 31,
(in millions) | 2024 | 2023 | 2022
U.S. federal: |  |  |
| Current | $ | 34.1 |  | 88.1 |  | 81.7 |
| Deferred | (22.7) |  | (160.1) |  | (5.8) |
|  | $ | 11.4 |  | (72.0) |  | 75.9 |
State and Local: |  |  |
| Current | $ | 12.8 |  | 33.4 |  | 29.2 |
| Deferred | (5.7) |  | (54.6) |  | 2.1 |
|  | $ | 7.1 |  | (21.2) |  | 31.3 |
International: |  |  |
| Current | $ | 120.7 |  | 161.2 |  | 136.3 |
| Deferred | (6.7) |  | (42.3) |  | (42.7) |
|  | $ | 114.0 |  | 118.9 |  | 93.6 |
Total | $ | 132.5 |  | 25.7 |  | 200.8 |
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) | 2024 |  | 2023 |  | 2022
Income tax expense at statutory rates | $ | 142.6 |  | 21.0 | % |  | $ | 52.9 |  | 21.0 | % |  | $ | 208.7 |  | 21.0 | %
| Increase (reduction) in income taxes from: |  |  |  |  |  |  |  |
| State and local income taxes, net of federal income tax benefit | 5.4 |  | 0.8 |  |  | (17.1) |  | (6.8) |  |  | 26.8 |  | 2.7 |
| Nondeductible expenses | 13.8 |  | 2.0 |  |  | 7.1 |  | 2.9 |  |  | 13.9 |  | 1.4 |
| International earnings taxed at various rates | (32.3) |  | (4.8) |  |  | (58.4) |  | (23.2) |  |  | (34.7) |  | (3.5) |
| Valuation allowance | 12.7 |  | 1.9 |  |  | 41.3 |  | 16.4 |  |  | (4.8) |  | (0.5) |
| Other, net | (9.7) |  | (1.4) |  |  | (0.1) |  | (0.1) |  |  | (9.1) |  | (0.9) |
Total | $ | 132.5 |  | 19.5 | % |  | $ | 25.7 |  | 10.2 | % |  | $ | 200.8 |  | 20.2 | %
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) | 2024 | 2023 | 2022
Domestic | $ | 93.4 |  | (175.5) |  | 447.9 |
International | 585.9 |  | 427.4 |  | 546.3 |
Total | $ | 679.3 |  | 251.9 |  | 994.2 |
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) | 2024 | 2023 |
Deferred tax assets attributable to: |  |  |
Accrued expenses | $ | 472.3 |  | 511.3 |  |
U.S. federal and state loss and credit carryovers | 66.2 |  | 55.1 |  |
Allowances for uncollectible accounts | 37.5 |  | 37.6 |  |
International loss carryovers | 330.6 |  | 313.0 |  |
Investments | 20.4 |  | 1.6 |  |
Pension liabilities | 27.9 |  | 27.7 |  |
Deferred tax assets | 954.9 |  | 946.3 |  |
Less: valuation allowances | (164.9) |  | (172.7) |  |
Net deferred tax assets | $ | 790.0 |  | 773.6 |  |
Deferred tax liabilities attributable to: |  |  |
Property and equipment | $ | 8.4 |  | 24.8 |  |
Intangible assets | 277.5 |  | 277.7 |  |
Income deferred for tax purposes | 26.6 |  | 11.4 |  |
Other | 4.9 |  | 7.1 |  |
Deferred tax liabilities | $ | 317.4 |  | 321.0 |  |
Net deferred taxes | $ | 472.6 |  | 452.6 |  |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.
(in millions) | 2024 | 2023
Balance as of January 1, | $ | 71.2 |  | 75.1 |
Additions based on tax positions related to the current year | 2.8 |  | 2.9 |
Increase (decrease) related to tax positions of prior years | 1.6 |  | (6.8) |
Settlements with taxing authorities | (1.9) |  | — |
Balance as of December 31, | $ | 73.7 |  | 71.2 |

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