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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Income before income taxes

(millions)

    

2021

    

2020

    

2019

United States (U.S.)

    

$277.7

    

    

$100.5

    

    

$787.1

    

International

 

1,136.5

1,060.9

944.4

Total

$1,414.2

$1,161.4

$1,731.5

Provision (benefit) for income taxes

(millions)

    

2021

    

2020

    

2019

U.S. federal and state

    

$30.9

    

    

($43.9)

    

    

$134.4

    

International

 

240.2

259.8

176.3

Total current

 

271.1

215.9

310.7

U.S. federal and state

 

3.6

12.0

37.9

International

 

(4.5)

(51.3)

(60.0)

Total deferred

 

(0.9)

(39.3)

(22.1)

Provision for income taxes

$270.2

$176.6

$288.6

Net deferred tax assets and deferred tax liabilities

December 31 (millions)

    

2021

    

2020

Deferred tax assets

    

    

    

    

Pension and post-retirement benefits

$136.8

$234.3

Other accrued liabilities

135.6

154.7

Lease liability

 

 

101.3

 

95.5

Credit carryforwards

81.8

76.6

Loss carryforwards

 

 

59.6

 

63.4

Share-based compensation

 

 

44.7

 

44.8

Deferred income

44.8

12.8

Other, net

 

 

71.0

 

64.2

Valuation allowance

 

 

(50.3)

 

(45.3)

Total deferred tax assets

 

 

625.3

 

701.0

Deferred tax liabilities

Intangible assets

 

 

(631.0)

 

(598.9)

Property, plant and equipment

 

 

(333.5)

 

(317.8)

Lease asset

(100.3)

(95.4)

Financing

(34.2)

-

Other, net

 

 

(27.7)

 

(9.6)

Total deferred tax liabilities

 

 

(1,126.7)

 

(1,021.7)

Net deferred tax liabilities balance

($501.4)

($320.7)

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

    

2021

2020

2019

Statutory U.S. rate

21.0

%  

21.0

%

21.0

%

State income taxes, net of federal benefit

0.6

 

0.4

 

1.8

Foreign operations

(0.6)

 

(1.3)

 

5.5

Excess stock benefits

(2.0)

(4.9)

(2.4)

R&D credit

(1.3)

 

(1.1)

 

(1.0)

Foreign derived intangible income

(1.6)

(0.2)

(0.2)

Change in valuation allowance

0.5

 

0.6

 

(8.2)

One-time transfer of intangibles

1.8

-

-

Other, net

0.7

 

0.7

 

0.2

Effective income tax rate

19.1

%

15.2

%

16.7

%

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

(millions)

    

2021

    

2020

2019

Balance at beginning of year

$20.7

$27.0

$49.0

Additions based on tax positions related to the current year

    

3.8

 

3.3

 

2.1

Additions for tax positions of prior years

 

 

3.0

 

-

 

1.0

Current year acquisitions

4.4

-

-

Reductions for tax positions of prior years

 

 

-

 

(1.1)

 

(18.4)

Reductions for tax positions due to statute of limitations

 

 

(3.0)

 

(9.1)

 

(5.7)

Settlements

 

 

(3.7)

 

-

 

(0.6)

Foreign currency translation

 

 

(0.1)

 

0.6

 

(0.4)

Balance at end of year

$25.1

$20.7

$27.0