Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2022		2021		2020
Domestic	$	447.1	$	958.6	$	921.6
Foreign		76.2		73.1		52.2
Total	$	523.3	$	1,031.7	$	973.8

Schedule of U.S. Federal, State and Foreign Income Taxes

The following table summarizes the provision for U.S. federal, state and foreign income taxes:

	2022			2021			2020
Current:
U.S. federal	$	162.0		$	130.6		$	114.2
State		44.8			34.1			32.1
Foreign		20.3			19.2			15.9
		227.1			183.9			162.2
Deferred:
U.S. federal		(78.8	)		16.5			22.9
State		(38.3	)		4.5			4.2
Foreign		(0.6	)		(0.7	)		(1.4	)
		(117.7	)		20.3			25.7
Total provision	$	109.4		$	204.2		$	187.9

Components of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) consist of the following at December 31:

	2022			2021
Deferred tax assets:
Accounts receivable	$	8.9		$	8.6
Deferred compensation		46.9			52.0
Pension, postretirement and postemployment benefits		5.0			6.1
Other (including reserves)		16.1			23.3
Sec 174 R&D Capitalization		22.0		0.0
Tax credit carryforwards/other tax attributes		2.8			2.9
International operating loss carryforwards		8.8			8.2
Interest rate swaps	0.0				10.3
Total gross deferred tax assets		110.5			111.4
Valuation allowances		(9.4	)		(13.1	)
Total deferred tax assets		101.1			98.3
Deferred tax liabilities:
Goodwill		(272.1	)		(270.2	)
Trade names and other intangibles		(504.5	)		(508.5	)
Property, plant and equipment		(74.2	)		(55.5	)
Interest rate swaps		(4.5	)	0.0
Total deferred tax liabilities		(855.3	)		(834.2	)
Net deferred tax liability	$	(754.2	)	$	(735.9	)
Long term net deferred tax asset		2.8			9.2
Long term net deferred tax liability		(757.0	)		(745.1	)
Net deferred tax liability	$	(754.2	)	$	(735.9	)

Effective Tax Rate Reconciliation

The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:

	2022			2021			2020
Statutory rate		21	%		21	%		21	%
Tax that would result from use of the federal statutory rate	$	109.9		$	216.6		$	204.5
State and local income tax, net of federal effect		5.2			30.5			28.7
Varying tax rates of foreign affiliates		2.9			2.6			2.8
Valuation Allowances		(4.1	)		(8.5	)		2.9
Stock Options Exercised		(5.2	)		(29.0	)		(29.4	)
Reserve for Uncertain Tax Position		(0.9	)		0.0			(10.6	)
Other		1.6			(8.0	)		(11.0	)
Recorded tax expense	$	109.4		$	204.2		$	187.9
Effective tax rate		20.9	%		19.8	%		19.3	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2022			2021			2020
Unrecognized tax benefits at January 1	$	4.7		$	7.3		$	18.9
Gross increases - tax positions in current period		2.4			0.3			0.0
Gross increases - tax positions in prior period	0.0				0.8			1.6
Gross decreases - tax positions in prior period		(0.1	)		0.0			(11.8	)
Decreases due to settlements and payments	0.0				0.0			(1.4	)
Lapse of statute of limitations		(1.2	)		(3.7	)		0.0
Unrecognized tax benefits at December 31	$	5.8		$	4.7		$	7.3