Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2020		2019		2018
Domestic	$	921.6	$	726.7	$	671.8
Foreign		52.2		47.0		47.7
Total	$	973.8	$	773.7	$	719.5

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:

	2020			2019			2018
Current:
U.S. federal	$	114.2		$	117.2		$	103.4
State		32.1			24.9			23.4
Foreign		15.9			10.1			13.0
		162.2			152.2			139.8
Deferred:
U.S. federal		22.9			3.6			5.4
State		4.2			(0.5	)		4.6
Foreign		(1.4	)		2.5			1.1
		25.7			5.6			11.1
Total provision	$	187.9		$	157.8		$	150.9

Components of Deferred Tax Assets and Liabilities

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

	2020			2019
Deferred tax assets:
Accounts receivable	$	6.8		$	3.8
Deferred compensation		48.6			47.7
Pension, postretirement and postemployment benefits		6.3			5.6
Other		19.9			18.5
Tax credit carryforwards/other tax attributes		17.9			9.0
International operating loss carryforwards		8.7			11.4
Interest rate swaps		14.2			7.4
Total gross deferred tax assets		122.4			103.4
Valuation allowances		(22.6	)		(23.2	)
Total deferred tax assets		99.8			80.2
Deferred tax liabilities:
Goodwill		(226.9	)		(184.5	)
Trade names and other intangibles		(520.4	)		(414.1	)
Property, plant and equipment		(56.1	)		(59.7	)
Total deferred tax liabilities		(803.4	)		(658.3	)
Net deferred tax liability	$	(703.6	)	$	(578.1	)
Long term net deferred tax asset		3.7			1.5
Long term net deferred tax liability		(707.3	)		(579.6	)
Net deferred tax liability	$	(703.6	)	$	(578.1	)

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:

	2020			2019			2018
Statutory rate		21	%		21	%		21	%
Tax that would result from use of the federal statutory rate	$	204.5		$	162.4		$	151.1
State and local income tax, net of federal effect		28.7			19.3			22.1
Varying tax rates of foreign affiliates		2.8			1.8			3.3
Valuation Allowances		2.9			0.9			1.0
Stock Options Exercised		(29.4	)		(16.1	)		(22.1	)
Worthless Stock Deduction - Investment in Brazil		0.0			(12.0	)		0.0
Reserve for Uncertain Tax Position - Investment in Brazil		(10.6	)		12.0			0.0
Other		(11.0	)		(10.5	)		(4.5	)
Recorded tax expense	$	187.9		$	157.8		$	150.9
Effective tax rate		19.3	%		20.4	%		21.0	%

Reconciliation of Unrecognized Tax Benefits

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

	2020			2019			2018
Unrecognized tax benefits at January 1	$	18.9		$	4.7		$	0.0
Gross increases - tax positions in current period		0.0			13.2			0.0
Gross increases - tax positions in prior period		1.6			1.4			5.1
Gross decreases - tax positions in prior period		(11.8	)		0.0			0.0
Decreases due to settlements and payments		(1.4	)		0.0			0.0
Lapse of statute of limitations		0.0			(0.4	)		(0.4	)
Unrecognized tax benefits at December 31	$	7.3		$	18.9		$	4.7