Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Domestic operations	$	836.0	$	576.8	$	438.2
Foreign operations		169.1		154.0		137.1
Income before income taxes and noncontrolling interests	$	1,005.1	$	730.8	$	575.3

Summary of Income Tax Expense

Income tax expense in the consolidated statement of income consisted of the following:

(In millions)	2021			2020			2019
Current
Federal	$	153.0		$	100.0		$	94.9
Foreign		49.1			55.9			35.1
State and other		30.7			27.5			21.5
Deferred
Federal		2.5			(1.8	)		(6.9	)
Foreign		(2.8	)		(11.5	)		(3.1	)
State and Local		0.2			(1.3	)		2.5
Total income tax expense	$	232.7		$	168.8		$	144.0

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)	2021			2020			2019
Income tax expense computed at federal statutory income tax rate	$	211.1		$	153.5		$	120.8
State and local income taxes, net of federal tax benefit		33.9			22.3			18.0
Foreign taxes at a different rate than U.S. federal statutory income tax rate		9.0			3.0			1.4
Provision for foreign earnings repatriation, net		0.3			3.2			0.4
Net adjustments for uncertain tax positions		(12.6	)		(0.2	)		7.5
Share-based compensation (ASU 2016-09)		(10.4	)		(11.5	)		(3.7	)
Deferred tax impact of state tax rate changes		(0.9	)		(0.7	)		3.1
Valuation allowance (decrease) increase		4.6			(7.1	)		3.4
Expiration of loss carryforwards		—			6.1			—
Miscellaneous other, net		(2.3	)		0.2			(6.9	)
Income tax expense as reported	$	232.7		$	168.8		$	144.0
Effective income tax rate		23.2	%		23.1	%		25.0	%

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)	2021			2020			2019
Unrecognized tax benefits—beginning of year	$	96.1		$	88.0		$	83.5
Gross additions—current year tax positions		2.6			7.2			9.2
Gross additions—prior year tax positions		2.0			3.7			2.9
Gross additions (reductions)—purchase accounting adjustments		—			12.1			—
Gross reductions—prior year tax positions		(16.6	)		(11.7	)		(6.9	)
Gross reductions—settlements with taxing authorities		(1.0	)		(3.2	)		(0.7	)
Unrecognized tax benefits—end of year	$	83.1		$	96.1		$	88.0

Components of Net Deferred Tax Assets Liabilities

The components of net deferred tax assets (liabilities) as of December 31, 2021 and 2020 were as follows:

(In millions)	2021			2020
Deferred tax assets:
Compensation and benefits	$	46.1		$	43.3
Defined benefit plans		18.7			38.9
Capitalized inventories		28.4			18.4
Accounts receivable		20.6			16.0
Operating lease liabilities		50.9			43.3
Other accrued expenses		85.5			79.7
Net operating loss and other tax carryforwards		25.3			14.4
Valuation allowance		(20.5	)		(9.7	)
Miscellaneous		0.1			1.2
Total deferred tax assets		255.1			245.5
Deferred tax liabilities:
Fixed assets		(98.3	)		(86.4	)
Intangible assets		(239.0	)		(220.9	)
Operating lease assets		(48.5	)		(43.3	)
Other investments		(0.2	)		(6.8	)
Miscellaneous		(16.3	)		(17.8	)
Total deferred tax liabilities		(402.3	)		(375.2	)
Net deferred tax liability	$	(147.2	)	$	(129.7	)

In accordance with ASC requirements for Income Taxes, deferred taxes were classified in the consolidated balance sheets as of December 31, 2021 and 2020 as follows:

(In millions)	2021			2020
Other assets		28.8			30.8
Deferred income taxes		(176.0	)		(160.5	)
Net deferred tax liability	$	(147.2	)	$	(129.7	)