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Income Taxes (Tables)

12 Months Ended

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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