Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2018		2017		2016
Domestic	$	671.8	$	683.2	$	665.0
Foreign		47.7		9.5		40.9
Total	$	719.5	$	692.7	$	705.9

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:

	2018		2017			2016
Current:
U.S. federal	$	103.4	$	146.7		$	183.4
State		23.4		29.0			27.2
Foreign		13.0		11.2			11.4
		139.8		186.9			222.0
Deferred:
U.S. federal		5.4		(235.0	)		19.2
State		4.6		3.8			4.1
Foreign		1.1		(6.4	)		1.6
		11.1		(237.6	)		24.9
Total provision	$	150.9	$	(50.7	)	$	246.9

Components of Deferred Tax Assets and Liabilities

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

	2018			2017
Deferred tax assets:
Accounts receivable	$	3.4		$	3.7
Deferred compensation		44.8			45.5
Pension, postretirement and postemployment benefits		5.8			7.5
Other		22.1			23.4
Tax credit carryforwards/other tax attributes		10.7			3.9
International operating loss carryforwards		10.8			11.6
Total gross deferred tax assets		97.6			95.6
Valuation allowances		(24.5	)		(23.5	)
Total deferred tax assets		73.1			72.1
Deferred tax liabilities:
Goodwill		(165.6	)		(153.6	)
Trade names and other intangibles		(420.1	)		(411.8	)
Property, plant and equipment		(62.1	)		(65.8	)
Total deferred tax liabilities		(647.8	)		(631.2	)
Net deferred tax liability	$	(574.7	)	$	(559.1	)
Long term net deferred tax asset		1.7			2.1
Long term net deferred tax liability		(576.4	)		(561.2	)
Net deferred tax liability	$	(574.7	)	$	(559.1	)

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:

	2018			2017			2016
Statutory rate		21	%		35	%		35	%
Tax that would result from use of the federal statutory rate	$	151.1		$	242.4		$	247.1
State and local income tax, net of federal effect		22.1			21.4			20.3
Varying tax rates of foreign affiliates		3.3			(0.1	)		(4.1	)
Benefit from domestic manufacturing deduction		0.0			(15.2	)		(14.2	)
Valuation Allowances		1.0			(6.2	)		2.9
Stock Options Exercised		(22.1	)		(15.1	)		0.0
US Tax Reform		0.0			(272.9	)		0.0
Other		(4.5	)		(5.0	)		(5.1	)
Recorded tax expense	$	150.9		$	(50.7	)	$	246.9
Effective tax rate		21.0	%		-7.3	%		35.0	%

Reconciliation of Unrecognized Tax Benefits

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

	2018			2017		2016
Unrecognized tax benefits at January 1	$	0.0		$	0.0	$	0.0
Gross increases - tax positions in prior period		5.1			0.0		0.0
Gross decreases - tax positions in prior period		0.0			0.0		0.0
Settlements		0.0			0.0		0.0
Lapse of statute of limitations		(0.4	)		0.0		0.0
Unrecognized tax benefits at December 31	$	4.7		$	0.0	$	0.0