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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAXES  
Income before income taxes

(millions)

    

2020

    

2019

2018

United States (U.S.)

$100.5

$787.1

$690.1

International

 

1,060.9

944.4

897.0

Total

$1,161.4

$1,731.5

$1,587.1

Provision (benefit) for income taxes

(millions)

    

2020

    

2019

2018

U.S. federal and state

($43.9)

$134.4

$105.1

International

 

259.8

176.3

93.5

Total current

 

215.9

310.7

198.6

U.S. federal and state

 

12.0

37.9

52.7

International

 

(51.3)

(60.0)

69.9

Total deferred

 

(39.3)

(22.1)

122.6

Provision for income taxes

$176.6

$288.6

$321.2

Net deferred tax assets and deferred tax liabilities

December 31 (millions)

    

2020

    

2019

Deferred tax assets

Pension and post-retirement benefits

$234.3

$207.4

Other accrued liabilities

154.7

127.5

Lease liability

 

 

95.5

 

104.8

Credit carryforwards

76.6

18.7

Loss carryforwards

 

 

63.4

 

48.0

Share-based compensation

 

 

44.8

 

55.0

Other, net

 

 

77.0

 

57.5

Valuation allowance

 

 

(45.3)

 

(24.5)

Total deferred tax assets

 

 

701.0

 

594.4

Deferred tax liabilities

Intangible assets

 

 

(598.9)

 

(569.9)

Property, plant and equipment

 

 

(317.8)

 

(258.1)

Lease asset

(95.4)

(105.2)

Other, net

 

 

(9.6)

 

(62.3)

Total deferred tax liabilities

 

 

(1,021.7)

 

(995.5)

Net deferred tax liabilities balance

($320.7)

($401.1)

Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate

    

2020

2019

2018

Statutory U.S. rate

21.0

%  

21.0

%

21.0

%

State income taxes, net of federal benefit

0.4

 

1.8

 

1.2

Foreign operations

(1.3)

 

5.5

 

(15.5)

R&D credit

(1.1)

 

(1.0)

 

(1.0)

Change in valuation allowance

0.6

 

(8.2)

 

10.3

Excess stock benefits

(4.9)

(2.4)

(1.7)

One-time transition tax

-

(0.2)

4.2

Prior year adjustments

-

-

2.9

Other, net

0.5

 

0.2

 

(1.2)

Effective income tax rate

15.2

%

16.7

%

20.2

%

Reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits

(millions)

    

2020

    

2019

2018

Balance at beginning of year

$27.0

$49.0

$60.6

Additions based on tax positions related to the current year

    

3.3

 

2.1

 

3.0

Additions for tax positions of prior years

 

 

-

 

1.0

 

2.0

Reductions for tax positions of prior years

 

 

(1.1)

 

(18.4)

 

(8.7)

Reductions for tax positions due to statute of limitations

 

 

(9.1)

 

(5.7)

 

(5.8)

Settlements

 

 

-

 

(0.6)

 

(0.8)

Foreign currency translation

 

 

0.6

 

(0.4)

 

(1.3)

Balance at end of year

$20.7

$27.0

$49.0