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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities from continuing operations at the end of each fiscal year were as follows:

(Millions of Dollars)			2022						2021
Deferred tax liabilities:
Depreciation			$	160.1					$	132.2
Intangible assets			907.5						917.3
Liability on undistributed foreign earnings			45.4						48.2
Lease right-of-use asset			108.2						106.5
Inventory			59.4						79.6
Other			46.7						48.4
Total deferred tax liabilities			$	1,327.3					$	1,332.2
Deferred tax assets:
Employee benefit plans			$	130.9					$	204.2
Basis differences in liabilities			104.0						100.4
Operating loss, capital loss and tax credit carryforwards			817.4						830.7
Lease liability			110.4						109.7
Intangible assets			556.8						417.7
Basis difference in debt obligations			268.0						205.1
Capitalized research and development costs			134.7						86.0
Other			204.3						206.6
Total deferred tax assets			$	2,326.5					$	2,160.4
Net Deferred Tax Asset before Valuation Allowance			$	999.2					$	828.2
Valuation Allowance			$	(1,032.5)					$	(1,067.2)
Net Deferred Tax Liability after Valuation Allowance			$	(33.3)					$	(239.0)

Classification of Deferred Taxes

The components of earnings from continuing operations before income taxes and equity interest consisted of the following:

(Millions of Dollars)			2022						2021						2020
United States			$	(1,233.8)					$	(77.7)					$	144.5
Foreign			1,271.7						1,664.6						1,039.2
Earnings before income taxes and equity interest			$	37.9					$	1,586.9					$	1,183.7

Income Tax Expense (Benefit) Attributable to Continuing Operations

Income taxes on continuing operations consisted of the following:

(Millions of Dollars)			2022						2021						2020
Current:
Federal			$	(79.0)					$	0.3					$	55.4
Foreign			248.6						388.0						183.2
State			(16.7)						31.8						19.8
Total current			$	152.9					$	420.1					$	258.4
Deferred:
Federal			$	(61.2)					$	(124.7)					$	(25.1)
Foreign			(222.5)						(210.1)						(192.1)
State			(1.6)						(30.2)						(3.2)
Total deferred			(285.3)						(365.0)						(220.4)
Income taxes			$	(132.4)					$	55.1					$	38.0

Reconciliation of U.S. Federal Statutory Income Tax to Income Taxes on Continuing Operations

The reconciliation of the U.S. federal statutory income tax provision to Income taxes on continuing operations in the Consolidated Statements of Operations is as follows:

(Millions of Dollars)			2022						2021						2020
Tax at statutory rate			$	8.0					$	333.2					$	248.6
State income taxes, net of federal benefits			(19.3)						1.4						12.0
Foreign tax rate differential			(28.8)						(63.5)						(58.6)
Uncertain tax benefits			26.3						49.6						17.7
Change in valuation allowance			(25.1)						(11.9)						(12.7)
Change in deferred tax liabilities on undistributed foreign earnings			12.8						23.1						(118.8)
Stock-based compensation			7.3						(6.3)						(9.2)
Change in tax rates			(5.5)						(31.1)						(0.3)
Tax credits			(8.8)						(6.7)						(6.0)
Capital loss			—						—						(40.4)
U.S. federal tax expense (benefit) on foreign earnings			55.7						(118.1)						2.0
Intra-entity asset transfer of intellectual property			(153.3)						(114.2)						(27.7)
Other			(1.7)						(0.4)						31.4
Income taxes			$	(132.4)					$	55.1					$	38.0

Activity Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits from continuing operations:

(Millions of Dollars)			2022						2021						2020
Balance at beginning of year			$	487.7					$	428.3					$	392.0
Additions based on tax positions related to current year			27.2						33.6						27.8
Additions based on tax positions related to prior years			41.1						53.5						34.4
Reductions based on tax positions related to prior years			(37.8)						(17.2)						(19.0)
Settlements			(7.0)						(1.3)						(0.5)
Statute of limitations expirations			(8.5)						(9.2)						(6.4)
Balance at end of year			$	502.7					$	487.7					$	428.3

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