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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Earnings Before Income Tax Provision | The components of earnings before income tax provision were as follows:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 134.8 |  |  | $ | 434.0 |  |  | $ | 346.2 |
Foreign |  | 294.9 |  |  | 295.3 |  |  | 370.0 |
Total |  | $ | 429.7 |  |  | $ | 729.3 |  |  | $ | 716.2 |
Components of Income Tax Provision | The components of our income tax provision were as follows:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 23.6 |  |  | $ | 154.1 |  |  | $ | 63.1 |
State and local |  | 13.2 |  |  | 25.6 |  |  | 17.2 |
Foreign |  | 81.8 |  |  | 88.7 |  |  | 106.6 |
Total current expense |  | $ | 118.6 |  |  | $ | 268.4 |  |  | $ | 186.9 |
Deferred tax (benefit) expense: |  |  |  |  |  |
Federal |  | $ | (28.1) |  |  | $ | (23.4) |  |  | $ | 9.6 |
State and local |  | (5.8) |  |  | 2.3 |  |  | 6.9 |
Foreign |  | 5.7 |  |  | (9.3) |  |  | 21.6 |
Total deferred tax (benefit) expense |  | (28.2) |  |  | (30.4) |  |  | 38.1 |
Total income tax provision |  | $ | 90.4 |  |  | $ | 238.0 |  |  | $ | 225.0 |
Components of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following:
|  | December 31,
(In millions) |  | 2023 |  | 2022
Accruals not yet deductible for tax purposes |  | $ | 27.5 |  |  | $ | 17.6 |
Net operating loss carryforwards |  | 222.2 |  |  | 208.4 |
Foreign, federal and state credits |  | 13.6 |  |  | 9.5 |
Employee benefit items |  | 41.9 |  |  | 40.3 |
Capitalized expenses |  | 114.8 |  |  | 36.5 |
Intangible assets |  | — |  |  | 12.6 |
Derivatives and other |  | 52.2 |  |  | 44.7 |
Sub-total deferred tax assets |  | 472.2 |  |  | 369.6 |
Valuation allowance |  | (205.6) |  |  | (179.5) |
Total deferred tax assets |  | $ | 266.6 |  |  | $ | 190.1 |
Depreciation and amortization |  | $ | (111.4) |  |  | $ | (89.1) |
Unremitted foreign earnings |  | (1.6) |  |  | — |
Intangible assets |  | (65.0) |  |  | — |
Total deferred tax liabilities |  | (178.0) |  |  | (89.1) |
Net deferred tax assets |  | $ | 88.6 |  |  | $ | 101.0 |
Reconciliation of the Provision for Income Taxes | A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate, 21%, to income before provision for income taxes, is as follows:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Computed expected tax |  | $ | 90.2 |  |  | 21.0 | % |  | $ | 153.2 |  |  | 21.0 | % |  | $ | 150.4 |  |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 4.8 |  |  | 1.1 | % |  | 18.3 |  |  | 2.5 | % |  | 15.6 |  |  | 2.2 | %
Foreign earnings taxed at different rates |  | 4.5 |  |  | 1.0 | % |  | 10.3 |  |  | 1.4 | % |  | 16.2 |  |  | 2.2 | %
U.S. tax on foreign earnings |  | 14.9 |  |  | 3.5 | % |  | 16.8 |  |  | 2.3 | % |  | 14.3 |  |  | 2.0 | %
Tax credits |  | (27.6) |  |  | (6.4) | % |  | (30.6) |  |  | (4.2) | % |  | (30.2) |  |  | (4.2) | %
Withholding tax |  | 6.0 |  |  | 1.4 | % |  | 7.0 |  |  | 1.0 | % |  | 4.7 |  |  | 0.7 | %
Net change in valuation allowance |  | 13.0 |  |  | 3.0 | % |  | 1.0 |  |  | 0.1 | % |  | 3.6 |  |  | 0.5 | %
Net change in unrecognized tax benefits |  | (22.3) |  |  | (5.2) | % |  | 65.3 |  |  | 9.0 | % |  | 19.6 |  |  | 2.7 | %
Legislative changes |  | — |  |  | — | % |  | — |  |  | — | % |  | 5.1 |  |  | 0.7 | %
Deferred tax adjustments |  | 0.4 |  |  | 0.1 | % |  | — |  |  | — | % |  | 11.4 |  |  | 1.6 | %
Other |  | 6.5 |  |  | 1.5 | % |  | (3.3) |  |  | (0.5) | % |  | 14.3 |  |  | 2.0 | %
Income tax provision and rate |  | $ | 90.4 |  |  | 21.0 | % |  | $ | 238.0 |  |  | 32.6 | % |  | $ | 225.0 |  |  | 31.4 | %
Unrecognized Tax Benefits and the Effect on Effective Income Tax Rate | We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Beginning balance of unrecognized tax benefits |  | $ | 420.1 |  |  | $ | 389.0 |  |  | $ | 379.6 |
Additions for tax positions of current year |  | 0.9 |  |  | 1.3 |  |  | 1.8 |
Additions for tax positions of prior years |  | 7.5 |  |  | 41.6 |  |  | 9.7 |
Reductions for tax positions of prior years |  | (0.4) |  |  | (4.1) |  |  | (1.9) |
Reductions for lapses of statutes of limitation and settlements |  | (191.5) |  |  | (7.7) |  |  | (0.2) |
Ending balance of unrecognized tax benefits |  | $ | 236.6 |  |  | $ | 420.1 |  |  | $ | 389.0 |

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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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