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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following for the years ended December 31, (in millions):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 121.4 |  |  | $ | 272.1 |  |  | $ | 126.6 |
State |  |  | 31.0 |  |  |  | 21.4 |  |  |  | 39.0 |
Foreign |  |  | 203.5 |  |  |  | 168.5 |  |  |  | 87.0 |
Total current |  |  | 355.9 |  |  |  | 462.0 |  |  |  | 252.6 |
Deferred |  |  | (1,597.9 | ) |  |  | (1,781.8 | ) |  |  | 33.4 |
Total income tax provision (benefit) |  |  | (1,242.0 | ) |  |  | (1,319.8 | ) |  |  | 286.0 |
Total provision — discontinued operations |  |  | 236.1 |  |  |  | 258.6 |  |  |  | 228.9 |
Total provision (benefit)— continuing operations |  | $ | (1,478.1 | ) |  | $ | (1,578.4 | ) |  | $ | 57.1 |
Reconciliation of U.S. Statutory Rate to Effective Income Tax Rate on Continuing Basis | A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Statutory rate |  |  | 21.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Add (deduct) effect of: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax effect |  |  | 2.4 |  |  |  | 2.0 |  |  |  | 100.5 |
Foreign tax credit |  |  | 2.1 |  |  |  | 4.3 |  |  |  | 47.0 |
Foreign rate differential |  |  | 0.5 |  |  |  | (28.2 | ) |  |  | (319.1 | )
Resolution of tax contingencies, net of increases |  |  | 0.2 |  |  |  | (5.0 | ) |  |  | (112.4 | )
Valuation allowance reserve (decrease) increase |  |  | 0.8 |  |  |  | (7.4 | ) |  |  | (149.5 | )
Manufacturing deduction |  |  | — |  |  |  | (1.3 | ) |  |  | (60.7 | )
Foreign statutory tax rate change |  |  | — |  |  |  | (2.7 | ) |  |  | (52.9 | )
Impairment |  |  | (9.3 | ) |  |  | 2.8 |  |  |  | — |
Sale of businesses |  |  | — |  |  |  | (11.8 | ) |  |  | — |
Tools outside basis difference |  |  | — |  |  |  | — |  |  |  | 878.3 |
Reversal of outside basis difference |  |  | — |  |  |  | (11.4 | ) |  |  | — |
U.S. Tax Reform, impact of change in tax rate and other |  |  | — |  |  |  | (269.2 | ) |  |  | — |
U.S. Tax Reform, federal income tax on mandatory deemed repatriation |  |  | 0.2 |  |  |  | 29.7 |  |  |  | — |
Other |  |  | — |  |  |  | (1.9 | ) |  |  | (60.2 | )
Effective rate |  |  | 17.9 | % |  |  | (265.1 | )% |  |  | 306.0 | %
Schedule of Components of Net Deferred Tax Assets | The components of net deferred tax assets are as follows as of December 31, (in millions):
|  | 2018 |  |  | 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accruals not currently deductible for tax purposes |  | $ | 147.5 |  |  | $ | 173.0 |
Inventory |  |  | 31.6 |  |  |  | 34.6 |
Postretirement liabilities |  |  | 28.0 |  |  |  | 24.0 |
Pension liabilities |  |  | 53.6 |  |  |  | 49.4 |
Net operating losses |  |  | 355.1 |  |  |  | 374.0 |
Foreign tax credits |  |  | 133.3 |  |  |  | 7.5 |
Other |  |  | 123.9 |  |  |  | 137.3 |
Total gross deferred tax assets |  |  | 873.0 |  |  |  | 799.8 |
Less valuation allowance |  |  | (195.0 | ) |  |  | (293.0 | )
Net deferred tax assets after valuation allowance |  |  | 678.0 |  |  |  | 506.8 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Accelerated depreciation |  |  | (87.2 | ) |  |  | (59.0 | )
Amortizable intangibles |  |  | (1,405.4 | ) |  |  | (2,801.6 | )
Outside basis differences |  |  | (13.1 | ) |  |  | (18.3 | )
Other |  |  | (49.0 | ) |  |  | (35.6 | )
Total gross deferred tax liabilities |  |  | (1,554.7 | ) |  |  | (2,914.5 | )
Net deferred tax liabilities |  | $ | (876.7 | ) |  | $ | (2,407.7 | )
Summary of Changes in Gross Unrecognized Tax Benefits | The following table summarizes the changes in gross unrecognized tax benefits for the years ended December 31, (in millions):
|  | 2018 |  |  | 2017 |
Unrecognized tax benefits, January 1, |  | $ | 385.3 |  |  | $ | 379.0 |
Increases (decreases): |  |  |  |  |  |  |  |
Increases in tax positions for prior years |  |  | 35.9 |  |  |  | 26.0 |
Decreases in tax positions for prior years |  |  | (20.6 | ) |  |  | (12.3 | )
Increase in tax positions for the current period |  |  | 115.0 |  |  |  | 34.5 |
Settlements with taxing authorities |  |  | (6.2 | ) |  |  | — |
Lapse of statute of limitations |  |  | (46.4 | ) |  |  | (41.9 | )
Unrecognized tax benefits, December 31, |  | $ | 463.0 |  |  | $ | 385.3 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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