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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  |  | 2021 |  |  |  | 2020 |  |  | 2019 |
Domestic operations |  |  | $ | 836.0 |  |  |  | $ | 576.8 |  |  | $ | 438.2 |
Foreign operations |  |  |  | 169.1 |  |  |  |  | 154.0 |  |  |  | 137.1 |
Income before income taxes and noncontrolling interests |  |  | $ | 1,005.1 |  |  |  | $ | 730.8 |  |  | $ | 575.3 |
Summary of Income Tax Expense | Income tax expense in the consolidated statement of income consisted of the following:
(In millions) |  |  | 2021 |  |  |  | 2020 |  |  | 2019 |
Current |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | $ | 153.0 |  |  |  | $ | 100.0 |  |  | $ | 94.9 |
Foreign |  |  |  | 49.1 |  |  |  |  | 55.9 |  |  |  | 35.1 |
State and other |  |  |  | 30.7 |  |  |  |  | 27.5 |  |  |  | 21.5 |
Deferred |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | 2.5 |  |  |  |  | (1.8 | ) |  |  | (6.9 | )
Foreign |  |  |  | (2.8 | ) |  |  |  | (11.5 | ) |  |  | (3.1 | )
State and Local |  |  |  | 0.2 |  |  |  |  | (1.3 | ) |  |  | 2.5 |
Total income tax expense |  |  | $ | 232.7 |  |  |  | $ | 168.8 |  |  | $ | 144.0 |
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) |  |  | 2021 |  |  |  | 2020 |  |  | 2019 |
Income tax expense computed at federal statutory income tax rate |  |  | $ | 211.1 |  |  |  | $ | 153.5 |  |  | $ | 120.8 |
State and local income taxes, net of federal tax benefit |  |  |  | 33.9 |  |  |  |  | 22.3 |  |  |  | 18.0 |
Foreign taxes at a different rate than U.S. federal statutory income tax rate |  |  |  | 9.0 |  |  |  |  | 3.0 |  |  |  | 1.4 |
Provision for foreign earnings repatriation, net |  |  |  | 0.3 |  |  |  |  | 3.2 |  |  |  | 0.4 |
Net adjustments for uncertain tax positions |  |  |  | (12.6 | ) |  |  |  | (0.2 | ) |  |  | 7.5 |
Share-based compensation (ASU 2016-09) |  |  |  | (10.4 | ) |  |  |  | (11.5 | ) |  |  | (3.7 | )
Deferred tax impact of state tax rate changes |  |  |  | (0.9 | ) |  |  |  | (0.7 | ) |  |  | 3.1 |
Valuation allowance (decrease) increase |  |  |  | 4.6 |  |  |  |  | (7.1 | ) |  |  | 3.4 |
Expiration of loss carryforwards |  |  |  | — |  |  |  |  | 6.1 |  |  |  | — |
Miscellaneous other, net |  |  |  | (2.3 | ) |  |  |  | 0.2 |  |  |  | (6.9 | )
Income tax expense as reported |  |  | $ | 232.7 |  |  |  | $ | 168.8 |  |  | $ | 144.0 |
Effective income tax rate |  |  |  | 23.2 | % |  |  |  | 23.1 | % |  |  | 25.0 | %
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) |  |  | 2021 |  |  |  | 2020 |  |  | 2019 |
Unrecognized tax benefits—beginning of year |  |  | $ | 96.1 |  |  |  | $ | 88.0 |  |  | $ | 83.5 |
Gross additions—current year tax positions |  |  |  | 2.6 |  |  |  |  | 7.2 |  |  |  | 9.2 |
Gross additions—prior year tax positions |  |  |  | 2.0 |  |  |  |  | 3.7 |  |  |  | 2.9 |
Gross additions (reductions)—purchase accounting adjustments |  |  |  | — |  |  |  |  | 12.1 |  |  |  | — |
Gross reductions—prior year tax positions |  |  |  | (16.6 | ) |  |  |  | (11.7 | ) |  |  | (6.9 | )
Gross reductions—settlements with taxing authorities |  |  |  | (1.0 | ) |  |  |  | (3.2 | ) |  |  | (0.7 | )
Unrecognized tax benefits—end of year |  |  | $ | 83.1 |  |  |  | $ | 96.1 |  |  | $ | 88.0 |
Components of Net Deferred Tax Assets Liabilities | The components of net deferred tax assets (liabilities) as of December 31, 2021 and 2020 were as follows:
(In millions) |  |  | 2021 |  |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Compensation and benefits |  |  | $ | 46.1 |  |  |  | $ | 43.3 |
Defined benefit plans |  |  |  | 18.7 |  |  |  |  | 38.9 |
Capitalized inventories |  |  |  | 28.4 |  |  |  |  | 18.4 |
Accounts receivable |  |  |  | 20.6 |  |  |  |  | 16.0 |
Operating lease liabilities |  |  |  | 50.9 |  |  |  |  | 43.3 |
Other accrued expenses |  |  |  | 85.5 |  |  |  |  | 79.7 |
Net operating loss and other tax carryforwards |  |  |  | 25.3 |  |  |  |  | 14.4 |
Valuation allowance |  |  |  | (20.5 | ) |  |  |  | (9.7 | )
Miscellaneous |  |  |  | 0.1 |  |  |  |  | 1.2 |
Total deferred tax assets |  |  |  | 255.1 |  |  |  |  | 245.5 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  |  | (98.3 | ) |  |  |  | (86.4 | )
Intangible assets |  |  |  | (239.0 | ) |  |  |  | (220.9 | )
Operating lease assets |  |  |  | (48.5 | ) |  |  |  | (43.3 | )
Other investments |  |  |  | (0.2 | ) |  |  |  | (6.8 | )
Miscellaneous |  |  |  | (16.3 | ) |  |  |  | (17.8 | )
Total deferred tax liabilities |  |  |  | (402.3 | ) |  |  |  | (375.2 | )
Net deferred tax liability |  |  | $ | (147.2 | ) |  |  | $ | (129.7 | )
In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 31, 2021 and 2020 as follows:
(In millions) |  |  | 2021 |  |  |  | 2020 |
Other assets |  |  |  | 28.8 |  |  |  |  | 30.8 |
Deferred income taxes |  |  |  | (176.0 | ) |  |  |  | (160.5 | )
Net deferred tax liability |  |  | $ | (147.2 | ) |  |  | $ | (129.7 | )

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