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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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) |  |  | 2022 |  |  |  | 2021 |  |  | 2020 |
Domestic operations |  |  | $ | 563.1 |  |  |  | $ | 591.0 |  |  | $ | 396.1 |
Foreign operations |  |  |  | 104.0 |  |  |  |  | 135.4 |  |  |  | 103.1 |
Income before income taxes and noncontrolling interests |  |  | $ | 667.1 |  |  |  | $ | 726.4 |  |  | $ | 499.2 |
Summary of Income Tax Expense | Income tax expense in the consolidated statement of income consisted of the following:
(In millions) |  |  | 2022 |  |  |  | 2021 |  |  | 2020 |
Current |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | $ | 62.4 |  |  |  | $ | 102.4 |  |  | $ | 50.5 |
Foreign |  |  |  | 34.3 |  |  |  |  | 40.2 |  |  |  | 49.0 |
State and other |  |  |  | 16.0 |  |  |  |  | 16.9 |  |  |  | 15.9 |
Deferred |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | 15.3 |  |  |  |  | 11.5 |  |  |  | 7.6 |
Foreign |  |  |  | 1.5 |  |  |  |  | (4.9 | ) |  |  | (12.6 | )
State and Local |  |  |  | (2.3 | ) |  |  |  | 0.6 |  |  |  | 0.4 |
Total income tax expense |  |  | $ | 127.2 |  |  |  | $ | 166.7 |  |  | $ | 110.8 |
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) |  |  | 2022 |  |  |  | 2021 |  |  | 2020 |
Income tax expense computed at federal statutory income tax rate |  |  | $ | 140.1 |  |  |  | $ | 152.5 |  |  | $ | 104.9 |
State and local income taxes, net of federal tax benefit |  |  |  | 18.5 |  |  |  |  | 23.8 |  |  |  | 15.3 |
Foreign taxes at a different rate than U.S. federal statutory income tax rate |  |  |  | 9.1 |  |  |  |  | 9.2 |  |  |  | 6.7 |
Provision for foreign earnings repatriation, net |  |  |  | 1.2 |  |  |  |  | — |  |  |  | 2.1 |
Net adjustments for uncertain tax positions |  |  |  | (26.2 | ) |  |  |  | (11.3 | ) |  |  | (4.2 | )
Share-based compensation |  |  |  | (5.4 | ) |  |  |  | (9.0 | ) |  |  | (9.8 | )
Deferred tax impact of state tax rate changes |  |  |  | (1.9 | ) |  |  |  | (0.7 | ) |  |  | (0.8 | )
Valuation allowance (decrease) increase |  |  |  | (5.8 | ) |  |  |  | 4.7 |  |  |  | (7.1 | )
Non-deductible executive compensation |  |  |  | 7.5 |  |  |  |  | 5.0 |  |  |  | 1.6 |
Expiration of loss carryforwards |  |  |  | — |  |  |  |  | — |  |  |  | 6.6 |
Miscellaneous other, net |  |  |  | (9.9 | ) |  |  |  | (7.5 | ) |  |  | (4.5 | )
Income tax expense as reported |  |  | $ | 127.2 |  |  |  | $ | 166.7 |  |  | $ | 110.8 |
Effective income tax rate |  |  |  | 19.1 | % |  |  |  | 22.9 | % |  |  | 22.2 | %
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) |  |  | 2022 |  |  |  | 2021 |  |  | 2020 |
Unrecognized tax benefits—beginning of year |  |  | $ | 83.1 |  |  |  | $ | 96.1 |  |  | $ | 88.0 |
Gross additions—current year tax positions |  |  |  | 2.1 |  |  |  |  | 2.6 |  |  |  | 7.2 |
Gross additions—prior year tax positions |  |  |  | — |  |  |  |  | 2.0 |  |  |  | 3.7 |
Gross additions (reductions)—purchase accounting adjustments |  |  |  | — |  |  |  |  | — |  |  |  | 12.1 |
Gross reductions—prior year tax positions |  |  |  | (50.5 | ) |  |  |  | (16.6 | ) |  |  | (11.7 | )
Gross reductions—settlements with taxing authorities |  |  |  | (1.3 | ) |  |  |  | (1.0 | ) |  |  | (3.2 | )
Unrecognized tax benefits—end of year |  |  | $ | 33.4 |  |  |  | $ | 83.1 |  |  | $ | 96.1 |
Components of Net Deferred Tax Assets Liabilities | The components of net deferred tax assets (liabilities) as of December 31, 2022 and 2021 were as follows:
(In millions) |  |  | 2022 |  |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Compensation and benefits |  |  | $ | 21.0 |  |  |  | $ | 30.8 |
Defined benefit plans |  |  |  | 15.4 |  |  |  |  | 16.5 |
Capitalized inventories |  |  |  | 17.8 |  |  |  |  | 21.0 |
Accounts receivable |  |  |  | 4.2 |  |  |  |  | 5.0 |
Operating lease liabilities |  |  |  | 31.0 |  |  |  |  | 34.5 |
Other accrued expenses |  |  |  | 51.2 |  |  |  |  | 50.8 |
Net operating loss and other tax carryforwards |  |  |  | 23.5 |  |  |  |  | 24.1 |
Valuation allowance |  |  |  | (13.8 | ) |  |  |  | (20.7 | )
Miscellaneous |  |  |  | 6.7 |  |  |  |  | 24.0 |
Total deferred tax assets |  |  |  | 157.0 |  |  |  |  | 186.0 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  |  | (60.3 | ) |  |  |  | (73.0 | )
Intangible assets |  |  |  | (152.5 | ) |  |  |  | (125.8 | )
Operating lease assets |  |  |  | (29.3 | ) |  |  |  | (32.6 | )
Other investments |  |  |  | (28.2 | ) |  |  |  | (0.9 | )
Miscellaneous |  |  |  | (6.5 | ) |  |  |  | (8.1 | )
Total deferred tax liabilities |  |  |  | (276.8 | ) |  |  |  | (240.4 | )
Net deferred tax liability |  |  | $ | (119.8 | ) |  |  | $ | (54.4 | )
In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 31, 2022 and 2021 as follows:
(In millions) |  |  | 2022 |  |  |  | 2021 |
Other assets |  |  |  | 17.1 |  |  |  |  | 27.3 |
Deferred income taxes |  |  |  | (136.9 | ) |  |  |  | (81.7 | )
Net deferred tax liability |  |  | $ | (119.8 | ) |  |  | $ | (54.4 | )

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