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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Loss Income Before Income Taxes and Noncontrolling Interests

The components of income from continuing operations before income taxes and noncontrolling interests were as follows:

(In millions)			2020					2019				2018
Domestic operations			$	576.8				$	438.2			$	456.7
Foreign operations				154.0					137.1				80.3
Income before income taxes and noncontrolling interests			$	730.8				$	575.3			$	537.0

Summary of Income Tax Expense

Income tax expense in the consolidated statement of income consisted of the following:

(In millions)			2020					2019				2018
Current
Federal			$	100.0				$	94.9			$	93.5
Foreign				55.9					35.1				26.4
State and other				27.5					21.5				24.1
Deferred
Federal				(1.8	)				(6.9	)		3.2
Foreign				(11.5	)				(3.1	)			(1.8	)
State and Local				(1.3	)				2.5				1.6
Total income tax expense			$	168.8				$	144.0			$	147.0

Reconciliation between Federal Statutory Tax Rate to Effective Tax Rate from Continuing Operations

A reconciliation between the federal statutory tax rate and the effective tax rate is as follows:

(In millions)			2020					2019				2018
Income tax expense computed at federal statutory income tax rate			$	153.5				$	120.8			$	112.8
Other income taxes, net of federal tax benefit				22.3					18.0				13.7
Foreign taxes at a different rate than U.S. federal statutory income tax rate				3.0					1.4				3.5
Provision for foreign earnings repatriation, net				3.2					0.4				0.6
Net adjustments for uncertain tax positions				(0.2	)				7.5				4.1
Share-based compensation (ASU 2016-09)				(11.5	)				(3.7	)			(2.1	)
2017 Tax Act impact				—					—				5.5
Deferred tax impact of state tax rate changes				(0.7	)				3.1				3.5
Valuation allowance (decrease) increase				(7.1	)				3.4				3.0
Expiration of loss carryforwards				6.1					—				—
Miscellaneous other, net				0.2					(6.9	)			2.4
Income tax expense as reported			$	168.8				$	144.0			$	147.0
Effective income tax rate				23.1	%				25.0	%			27.4	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTBs”) is as follows:

(In millions)			2020					2019				2018
Unrecognized tax benefits—beginning of year			$	88.0				$	83.5			$	87.5
Gross additions—current year tax positions				7.2					9.2				9.1
Gross additions—prior year tax positions				3.7					2.9				9.3
Gross additions (reductions)—purchase accounting adjustments				12.1					—				1.0
Gross reductions—prior year tax positions				(11.7	)				(6.9	)			(14.5	)
Gross reductions—settlements with taxing authorities				(3.2	)				(0.7	)			(8.9	)
Unrecognized tax benefits—end of year			$	96.1				$	88.0			$	83.5

Components of Net Deferred Tax Assets Liabilities

The components of net deferred tax assets (liabilities) as of December 31, 2020 and 2019 were as follows:

(In millions)			2020					2019
Deferred tax assets:
Compensation and benefits			$	43.3				$	37.6
Defined benefit plans				38.9					50.8
Capitalized inventories				18.4					18.2
Accounts receivable				16.0					5.1
Operating lease liabilities				43.3					42.0
Other accrued expenses				79.7					58.8
Net operating loss and other tax carryforwards				14.4					22.4
Valuation allowance				(9.7	)				(16.8	)
Miscellaneous				1.2					3.9
Total deferred tax assets				245.5					222.0
Deferred tax liabilities:
Fixed assets				(86.4	)				(70.4	)
Intangible assets				(220.9	)				(222.9	)
Operating lease assets				(43.3	)				(42.0	)
Other investments				(6.8	)				(7.4	)
Miscellaneous				(17.8	)				(19.2	)
Total deferred tax liabilities				(375.2	)				(361.9	)
Net deferred tax liability			$	(129.7	)			$	(139.9	)

In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 31, 2020 and 2019 as follows:

(In millions)			2020					2019
Other assets				30.8					17.3
Deferred income taxes				(160.5	)				(157.2	)
Net deferred tax liability			$	(129.7	)			$	(139.9	)

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