XML 48 R33.htm IDEA: XBRL DOCUMENT v3.22.4

6. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

U.S. and international components of income before taxes [Table Text Block]

The U.S. and international components of income before taxes are as follows (in millions):

						Year Ended December 31,
						2022						2021						2020
U.S.						$	(2,403.4)					$	2,941.8					$	2,350.1
International						(2,300.9)						2,507.3						2,567.9
Income (loss) before taxes						$	(4,704.3)					$	5,449.1					$	4,918.0

Provision for income taxes [Table Text Block]

The (benefit from) provision for income taxes consists of the following (in millions):

						Year Ended December 31,
						2022						2021						2020
Current tax expense:
U.S. Federal						$	112.8					$	72.4					$	69.9
State						20.1						9.2						12.0
International						24.1						32.6						22.3
Current tax expense						157.0						114.2						104.2
Deferred tax (benefit) expense:
U.S. Federal						(1,121.3)						983.5						895.6
State						(83.6)						69.3						54.3
International						(36.7)						32.1						31.5
Deferred tax expense						(1,241.6)						1,084.9						981.4
Non-current tax expense (benefit)						7.9						(4.3)						18.2
(Benefit from) provision for income taxes						$	(1,076.7)					$	1,194.8					$	1,103.8

Reconcilation of effective tax rate on inocme before taxes and statutory rate [Table Text Block]

The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows:

						Year Ended December 31,
						2022						2021						2020
U. S. statutory tax rate						21.0		%				21.0		%				21.0		%
Impact of foreign operations						(10.0)						(8.6)						(9.8)
U.S. taxation of foreign income						10.5						8.9						10.1
State taxes						1.1						1.3						1.1
Other						0.3						(0.7)						—
Provision (benefit) for income taxes						22.9		%				21.9		%				22.4		%

Significant components of deferred tax assets and liabilities [Table Text Block]

Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions):

						December 31,
						2022						2021
Deferred tax assets:
Bad debt, inventory and warranty accruals						$	30.8					$	32.0
Other post-employment benefits, vacation and other reserves						15.7						23.8
Tax credit and net operating loss carryforwards						128.2						104.5
Lease obligations						40.8						46.6
Other						53.2						65.0
Total gross deferred tax assets						268.7						271.9
Valuation allowance						(72.8)						(46.4)
Total deferred tax assets						195.9						225.5
Deferred tax liabilities:
Property and equipment						39.5						40.7
Lease assets						38.7						44.5
Investments and intangible assets						1,842.8						3,155.7
Total deferred tax liabilities						1,921.0						3,240.9
Net deferred tax liabilities						$	(1,725.1)					$	(3,015.4)

Tabular reconcilation of total amounts of unrecognized tax benefits [Table Text Block]

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions):

						2022						2021						2020
Unrecognized tax benefits – January 1						$	61.9					$	55.8					$	39.2
Additions to tax positions related to prior years						18.1						3.2						14.0
Reductions to tax positions related to prior years						(0.2)						(2.1)						(1.5)
Additions to tax positions related to the current year						9.8						18.1						3.4
Settlements						(2.2)						(2.4)						—
Lapse of statute of limitations						(0.8)						(10.8)						(0.6)
Foreign currency adjustments						(1.1)						0.1						1.3
Unrecognized tax benefits – December 31						$	85.5					$	61.9					$	55.8

Summary of Valuation Allowance

The valuation allowance for deferred tax assets is as follows (in millions):

									December 31,
									2022																		2021																		2020
Beginning balance									$			46.4															$			44.6															$			67.2
Additions charged to expenses												26.4																		1.8																		—
Deductions from reserves												—																		—																		(22.6)
Ending balance									$			72.8															$			46.4															$			44.6

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

+ Details

Name:	us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration