Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Provision for income taxes

Our provision for income taxes consisted of the following:

		Year Ended December 31,
(in millions)		2020		2019	2018
U.S. federal:
	Current	$	16.4	38.2	39.8
	Noncurrent	—		0.7	35.7
	Deferred	3.8		(12.9)	(20.1)
		$	20.2	26.0	55.4
State and Local:
	Current	$	12.5	15.1	12.5
	Noncurrent	—		—	7.5
	Deferred	0.2		(7.0)	(5.0)
		$	12.7	8.1	15.0
International:
	Current	$	103.7	156.9	145.3
	Deferred	(29.7)		(31.3)	(1.4)
		$	74.0	125.6	143.9
Total		$	106.9	159.7	214.3

Reconciliation of reported tax expense to federal statutory tax

Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before provision for income taxes as a result of the following:

		Year Ended December 31,
($ in millions)		2020				2019				2018
Income tax expense at statutory rates		$	111.2	21.0	%	$	146.5	21.0	%	$	148.3	21.0	%
	Increase (reduction) in income taxes from:
	State and local income taxes, net of federal income tax benefit	9.4		1.8		8.9		1.3		2.8		0.4
	Amortization of goodwill and other intangibles	(3.3)		(0.6)		(3.7)		(0.5)		(3.4)		(0.5)
	Nondeductible expenses	11.2		2.1		18.9		2.7		14.6		2.1
	International earnings taxed at various rates	(20.5)		(3.9)		(8.7)		(1.3)		(21.1)		(3.0)
	Valuation allowances	4.3		0.8		7.2		1.0		12.4		1.8
	Transition tax and deferred tax due to the Act	—		—		(4.3)		(0.6)		47.0		6.7
	Other, net	(5.4)		(1.0)		(5.1)		(0.7)		13.7		1.9
Total		$	106.9	20.2	%	$	159.7	22.9	%	$	214.3	30.4	%

Income (loss) before taxes from domestic and international sources

Our income before taxes from domestic (U.S.) and international sources is presented in the following table.

	Year Ended December 31,
(in millions)	2020		2019	2018
Domestic	$	165.2	145.9	101.3
International	364.4		551.7	604.7
Total	$	529.6	697.6	706.0

Tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.

	December 31,
(in millions)	2020		2019
Deferred tax assets attributable to:
Accrued expenses	$	344.3	268.3
U.S. federal and state loss and credit carryovers	17.9		26.5
Allowances for uncollectible accounts	21.1		20.2
International loss carryovers	163.4		141.5
Pension liabilities	25.0		20.3
Other	13.1		15.6
Deferred tax assets	584.8		492.4
Less: valuation allowances	(71.4)		(70.4)
Net deferred tax assets	$	513.4	422.0
Deferred tax liabilities attributable to:
Property and equipment	$	14.8	11.5
Intangible assets	296.8		244.8
Income deferred for tax purposes	10.1		12.9
Investment in real estate ventures	14.1		3.9
Other	1.1		9.5
Deferred tax liabilities	$	336.9	282.6
Net deferred taxes	$	176.5	139.4

Reconciliation of beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.

(in millions)	2020		2019
Balance as of January 1	$	78.2	62.7
Additions based on tax positions related to the current year	2.8		1.4
(Decrease) increase related to tax positions of prior years	(5.0)		24.3
Settlements with taxing authorities	(0.7)		(10.2)
Balance as of December 31	$	75.3	78.2