Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2019		2018		2017
Domestic	$	726.7	$	671.8	$	683.2
Foreign		47.0		47.7		9.5
Total	$	773.7	$	719.5	$	692.7

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:

	2019			2018		2017
Current:
U.S. federal	$	117.2		$	103.4	$	146.7
State		24.9			23.4		29.0
Foreign		10.1			13.0		11.2
		152.2			139.8		186.9
Deferred:
U.S. federal		3.6			5.4		(235.0	)
State		(0.5	)		4.6		3.8
Foreign		2.5			1.1		(6.4	)
		5.6			11.1		(237.6	)
Total provision	$	157.8		$	150.9	$	(50.7	)

Components of Deferred Tax Assets and Liabilities

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

	2019			2018
Deferred tax assets:
Accounts receivable	$	3.8		$	3.4
Deferred compensation		47.7			44.8
Pension, postretirement and postemployment benefits		5.6			5.8
Other		28.4			22.1
Tax credit carryforwards/other tax attributes		9.0			10.7
International operating loss carryforwards		11.4			10.8
Total gross deferred tax assets		105.9			97.6
Valuation allowances		(23.2	)		(24.5	)
Total deferred tax assets		82.7			73.1
Deferred tax liabilities:
Goodwill		(187.0	)		(165.6	)
Trade names and other intangibles		(414.1	)		(420.1	)
Property, plant and equipment		(59.7	)		(62.1	)
Total deferred tax liabilities		(660.8	)		(647.8	)
Net deferred tax liability	$	(578.1	)	$	(574.7	)
Long term net deferred tax asset		1.5			1.7
Long term net deferred tax liability		(579.6	)		(576.4	)
Net deferred tax liability	$	(578.1	)	$	(574.7	)

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:

	2019			2018			2017
Statutory rate		21	%		21	%		35	%
Tax that would result from use of the federal statutory rate	$	162.4		$	151.1		$	242.4
State and local income tax, net of federal effect		19.3			22.1			21.4
Varying tax rates of foreign affiliates		1.8			3.3			(0.1	)
Benefit from domestic manufacturing deduction		0.0			0.0			(15.2	)
Valuation Allowances		0.9			1.0			(6.2	)
Stock Options Exercised		(16.1	)		(22.1	)		(15.1	)
Worthless Stock Deduction - Investment in Brazil		(12.0	)		0.0			0.0
Reserve for Uncertain Tax Position - Investment in Brazil		12.0			0.0			0.0
US Tax Reform		0.0			0.0			(272.9	)
Other		(10.5	)		(4.5	)		(5.0	)
Recorded tax expense	$	157.8		$	150.9		$	(50.7	)
Effective tax rate		20.4	%		21.0	%		-7.3	%

Reconciliation of Unrecognized Tax Benefits

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

	2019			2018			2017
Unrecognized tax benefits at January 1	$	4.7		$	0.0		$	0.0
Gross increases - tax positions in current period		13.2			0.0			0.0
Gross increases - tax positions in prior period		1.4			5.1			0.0
Lapse of statute of limitations		(0.4	)		(0.4	)		0.0
Unrecognized tax benefits at December 31	$	18.9		$	4.7		$	0.0