Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Income Before Income Taxes

The components of income before income taxes were (in millions):

	Year Ended December 31,
	2021		2020		2019
Domestic	$	845.9	$	711.1	$	913.1
International	1,142.9		698.2		1,025.2
	$	1,988.8	$	1,409.3	$	1,938.3

Income Tax Expense (Benefit)

Income tax expense (benefit) was (in millions):

	Year Ended December 31,
	2021		2020		2019
Current:
U.S. federal	$	144.0	$	172.2	$	180.2
U.S. state and local	16.5		39.5		33.9
International	303.9		189.1		306.9
	464.4		400.8		521.0
Deferred:
U.S. federal	40.0		(17.4)		19.1
U.S. state and local	(11.6)		(6.1)		(22.5)
International	(4.1)		4.4		(13.2)
	24.3		(19.1)		(16.6)
	$	488.7	$	381.7	$	504.4

Reconciliation from the Statutory U.S. Federal Income Tax Rate to Effective Tax Rate

The reconciliation from the statutory U.S. federal income tax rate to our effective tax rate is:

	Year Ended December 31,
	2021		2020		2019
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	0.2		2.2		0.5
Impact of foreign operations	3.6		3.4		4.5
Other	(0.2)		0.5		—
Effective tax rate	24.6	%	27.1	%	26.0	%

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities and balance sheet classification were (in millions):

	December 31,
	2021		2020
Deferred tax assets:
Compensation	$	223.8	$	236.5
Tax loss and credit carryforwards	81.4		67.0
Basis differences from acquisitions	29.9		20.8
Basis differences from short-term assets and liabilities	15.5		34.4
Other	(14.2)		(5.8)
Deferred tax assets	336.4		352.9
Valuation allowance	(18.0)		(15.9)
Net deferred tax assets	$	318.4	$	337.0
Deferred tax liabilities:
Goodwill and intangible assets	$	640.1	$	611.1
Unremitted foreign earnings	76.6		91.9
Basis differences from investments	6.5		(1.1)
Financial instruments	0.8		0.8
Deferred tax liabilities	$	724.0	$	702.7
Long-term deferred tax assets	$	71.7	$	77.8
Long-term deferred tax liabilities	$	477.3	$	443.5

Reconciliation of Unrecognized Tax Benefits

A reconciliation of our unrecognized tax benefits is (in millions):

	December 31,
	2021		2020
January 1	$	182.9	$	206.8
Additions:
Current year tax positions	4.4		3.9
Prior year tax positions	1.7		2.8
Reduction of prior year tax positions	(12.1)		(26.1)
Settlements	(13.6)		(2.5)
Foreign currency translation	(0.5)		(2.0)
December 31	$	162.8	$	182.9