Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Pretax income for computation of income tax provision

Our income (loss) before income taxes on which the provision for income taxes was computed is as follows:

	For the years ended
	December 31, 2021		December 31, 2020		December 31, 2019
	(In millions)
Domestic	$	1,307.5	$	1,151.7	$	1,136.1
Foreign	(68.5)		(1,795.6)		(656.2)
Total	$	1,239.0	$	(643.9)	$	479.9

Current and deferred provisions of income tax expense (benefits)

The components of the provision for income taxes are as follows:

	For the years ended
	December 31, 2021		December 31, 2020		December 31, 2019
	(In millions)
Current
Federal	$	43.5	$	79.0	$	69.1
State	7.1		5.2		9.4
Foreign	(1.0)		111.4		46.7
Total current tax (benefit) expense	$	49.6	$	195.6	$	125.2
Deferred
Federal	$	163.5	$	101.9	$	128.3
State	70.4		19.5		22.2
Foreign	(53.0)		(15.2)		(42.0)
Total deferred tax (benefit) expense	$	180.9	$	106.2	$	108.5
Total income tax (benefit) expense	$	230.5	$	301.8	$	233.7

Computation of effective income tax rate

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:

	For the years ended
	December 31, 2021				December 31, 2020				December 31, 2019
	($ in millions)
Statutory federal income tax rate	21.0	%	$	260.2	21.0	%	$	(135.2)	21.0	%	$	100.8
State income taxes, net of federal benefits	4.7	%	57.8		(1.7)	%	11.0		3.4	%	16.4
Effect of foreign tax rates	(5.5)	%	(68.3)		3.5	%	(22.3)		(21.2)	%	(101.8)
Effect of foreign tax law and rate changes	1.6	%	19.6		(0.9)	%	6.0		—	%	—
Effect of unrecognized tax benefits	(6.2)	%	(76.3)		(26.1)	%	167.9		3.7	%	18.0
Change in valuation allowance	(0.1)	%	(1.1)		1.3	%	(8.4)		6.0	%	28.8
Goodwill impairment	(0.2)	%	(2.9)		(41.4)	%	266.8		36.5	%	175.3
Other, net	3.3	%	41.5		(2.6)	%	16.0		(0.7)	%	(3.8)
Effective tax rate / Tax (benefit) expense	18.6	%	$	230.5	(46.9)	%	$	301.8	48.7	%	$	233.7

Composition of deferred tax assets and liabilities

	As of
	December 31, 2021		December 31, 2020
	(In millions)
Non-current deferred tax assets
Compensation-related obligations	$	54.8	$	60.9
Pension and postretirement benefits	24.5		102.4
Derivative instruments	—		76.5
Tax credit carryforwards	38.3		56.2
Tax loss carryforwards	359.0		331.6
Accrued liabilities and other	97.7		75.5
Valuation allowance	(60.7)		(62.2)
Total non-current deferred tax assets	$	513.6	$	640.9
Non-current deferred tax liabilities:
Fixed assets	422.4		358.3
Partnerships and investments	29.7		19.6
Intangible assets	2,539.7		2,396.9
Derivative instruments	19.5		—
Total non-current deferred tax liabilities	$	3,011.3	$	2,774.8
Net non-current deferred tax liabilities	$	2,497.7	$	2,133.9

	As of
	December 31, 2021		December 31, 2020
	(In millions)
Domestic net non-current deferred tax liabilities	$	1,825.9	$	1,542.8
Foreign net non-current deferred tax assets	180.2		105.7
Foreign net non-current deferred tax liabilities	852.0		696.8
Net non-current deferred tax liabilities	$	2,497.7	$	2,133.9

Schedule of unrecognized tax benefits roll forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:

	For the years ended
	December 31, 2021		December 31, 2020		December 31, 2019
	(In millions)
Balance at beginning of year	$	235.7	$	72.4	$	51.6
Additions for tax positions related to the current year	28.6		22.8		18.1
Additions for tax positions of prior years	—		132.1		—
Reductions for tax positions related to the current year	(24.1)		—		—
Reductions for tax positions of prior years	(48.9)		(1.6)		—
Settlements	(161.8)		(0.4)		—
Release due to statute expirations	(3.4)		—		(0.8)
Foreign currency adjustment	1.9		10.4		3.5
Balance at end of year	$	28.0	$	235.7	$	72.4

Reconciliation of unrecognized tax benefits

	For the years ended
	December 31, 2021		December 31, 2020		December 31, 2019
	(In millions)
Reconciliation of unrecognized tax benefits balance
Estimated interest and penalties	$	0.1	$	11.4	$	2.9
Unrecognized tax positions	28.0		235.7		72.4
Total unrecognized tax benefits	$	28.1	$	247.1	$	75.3
Presented net against non-current deferred tax assets	$	26.7	$	142.1	$	68.4
Current (included in accounts payable and other current liabilities)	—		98.0		—
Non-current (included within other liabilities)	1.4		7.0		6.9
Total unrecognized tax benefits	$	28.1	$	247.1	$	75.3
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized(1)	$	18.6	$	87.7	$	72.4

(1)Amounts exclude the potential effects of valuation allowances, which may fully or partially offset the impact to the effective tax rate.