Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2021		2020		2019
Domestic	$	958.6	$	921.6	$	726.7
Foreign		73.1		52.2		47.0
Total	$	1,031.7	$	973.8	$	773.7

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:

	2021			2020			2019
Current:
U.S. federal	$	130.6		$	114.2		$	117.2
State		34.1			32.1			24.9
Foreign		19.2			15.9			10.1
		183.9			162.2			152.2
Deferred:
U.S. federal		16.5			22.9			3.6
State		4.5			4.2			(0.5	)
Foreign		(0.7	)		(1.4	)		2.5
		20.3			25.7			5.6
Total provision	$	204.2		$	187.9		$	157.8

Components of Deferred Tax Assets and Liabilities

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

	2021			2020
Deferred tax assets:
Accounts receivable	$	8.6		$	6.8
Deferred compensation		52.0			48.6
Pension, postretirement and postemployment benefits		6.1			6.3
Other		23.3			19.9
Tax credit carryforwards/other tax attributes		2.9			17.9
International operating loss carryforwards		8.2			8.7
Interest rate swaps		10.3			14.2
Total gross deferred tax assets		111.4			122.4
Valuation allowances		(13.1	)		(22.6	)
Total deferred tax assets		98.3			99.8
Deferred tax liabilities:
Goodwill		(270.2	)		(226.9	)
Trade names and other intangibles		(508.5	)		(520.4	)
Property, plant and equipment		(55.5	)		(56.1	)
Total deferred tax liabilities		(834.2	)		(803.4	)
Net deferred tax liability	$	(735.9	)	$	(703.6	)
Long term net deferred tax asset		9.2			3.7
Long term net deferred tax liability		(745.1	)		(707.3	)
Net deferred tax liability	$	(735.9	)	$	(703.6	)

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:

	2021			2020			2019
Statutory rate		21	%		21	%		21	%
Tax that would result from use of the federal statutory rate	$	216.6		$	204.5		$	162.4
State and local income tax, net of federal effect		30.5			28.7			19.3
Varying tax rates of foreign affiliates		2.6			2.8			1.8
Valuation Allowances		(8.5	)		2.9			0.9
Stock Options Exercised		(29.0	)		(29.4	)		(16.1	)
Worthless Stock Deduction - Investment in Brazil		0.0			0.0			(12.0	)
Reserve for Uncertain Tax Position - Investment in Brazil		0.0			(10.6	)		12.0
Other		(8.0	)		(11.0	)		(10.5	)
Recorded tax expense	$	204.2		$	187.9		$	157.8
Effective tax rate		19.8	%		19.3	%		20.4	%

Reconciliation of Unrecognized Tax Benefits

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

	2021			2020			2019
Unrecognized tax benefits at January 1	$	7.3		$	18.9		$	4.7
Gross increases - tax positions in current period		0.3			0.0			13.2
Gross increases - tax positions in prior period		0.8			1.6			1.4
Gross decreases - tax positions in prior period		0.0			(11.8	)		0.0
Decreases due to settlements and payments		0.0			(1.4	)		0.0
Lapse of statute of limitations		(3.7	)		0.0			(0.4	)
Unrecognized tax benefits at December 31	$	4.7		$	7.3		$	18.9