Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes and Provision for Income Taxes

Significant components of earnings before income taxes and the provision for income taxes are as follows (in millions):

	Year Ended December 31,
	2023			2022			2021
Earnings before income taxes:
United States	$	605.0		$	781.6		$	593.0
Foreign, principally Australia, Canada, New Zealand    and the U.K.		580.1			545.4			382.1
Total earnings before income taxes	$	1,185.1		$	1,327.0		$	975.1
Provision for income taxes:
Federal:
Current	$	(21.4	)	$	109.1		$	44.6
Deferred		112.9			(3.5	)		(151.6	)
		91.5			105.6			(107.0	)
State and local:
Current		(15.4	)		114.3			50.6
Deferred		43.0			(83.5	)		(11.6	)
		27.6			30.8			39.0
Foreign:
Current		212.8			196.6			108.8
Deferred		(112.8	)		(122.0	)		(20.7	)
		100.0			74.6			88.1
Total provision for income taxes	$	219.1		$	211.0		$	20.1

Reconciliation of Provision for Income Taxes with Federal Statutory Income Tax Rate

A reconciliation of the provision for income taxes with the U.S. federal statutory income tax rate is as follows (in millions, except percentages):

	Year Ended December 31,
	2023						2022						2021
	Amount			% of Pretax Earnings			Amount			% of Pretax Earnings			Amount			% of Pretax Earnings
Federal statutory rate	$	248.9			21.0		$	278.7			21.0		$	204.8			21.0
State income taxes - net of    federal benefit		49.7			4.2			32.9			2.5			30.7			3.2
Differences related to non U.S. operations		(20.6	)		(1.7	)		(31.9	)		(2.4	)		(8.7	)		(0.9	)
Alternative energy and other    tax credits		(7.9	)		(0.7	)		(6.9	)		(0.5	)		(199.0	)		(20.4	)
Other permanent differences		27.6			2.3			22.5			1.7			(3.5	)		(0.4	)
Stock-based compensation		(76.1	)		(6.4	)		(59.3	)		(4.5	)		(40.0	)		(4.1	)
Changes in unrecognized tax benefits		11.9			1.0			4.0			0.3			0.8			0.1
Change in valuation allowance		3.9			0.3			15.5			1.2			26.4			2.7
Change in tax rates		(18.3	)		(1.5	)		(44.5	)		(3.4	)		8.6			0.9
Provision for income taxes	$	219.1		$	18.5		$	211.0		$	15.9		$	20.1		$	2.1

Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in millions):

	December 31,
	2023			2022
Gross unrecognized tax benefits at January 1	$	13.4		$	11.7
Increases in tax positions for current year		14.6			3.8
Settlements		(2.9	)		(1.7	)
Lapse in statute of limitations		(3.4	)		(1.4	)
Increases in tax positions for prior years		3.6			3.1
Decreases in tax positions for prior years		—			(2.1	)
Gross unrecognized tax benefits at December 31	$	25.3		$	13.4

Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in millions):

	December 31,
	2023			2022
Deferred tax assets:
Alternative minimum tax and other credit carryforwards	$	867.3		$	772.7
Accrued and unfunded compensation and employee benefits		364.4			321.8
Amortizable intangible assets		122.9			69.3
Compensation expense related to stock options		18.3			11.1
Accrued liabilities		129.9			126.6
Accrued pension liability		—			3.1
Investments		1.2			2.6
Net operating loss carryforwards		172.7			129.4
Capital loss carryforwards		8.5			8.1
Other tax attributes		34.7			—
Depreciable fixed assets		13.2			—
Lease liabilities		103.4			96.5
Capitalized indirect property costs		0.2			394.1
Revenue recognition		42.1			—
Other		10.1			4.3
Total deferred tax assets		1,888.9			1,939.6
Valuation allowance for deferred tax assets		(195.8	)		(135.2	)
Deferred tax assets		1,693.1			1,804.4
Deferred tax liabilities:
Nondeductible amortizable intangible assets		531.7			433.9
Accrued pension liability		1.7			—
Investment-related partnerships		6.5			6.6
Depreciable fixed assets		—			46.5
Right-of-use assets		95.0			88.6
Hedging instruments		38.2			10.7
Other prepaid items		17.4			11.8
Total deferred tax liabilities		690.5			598.1
Net deferred tax assets	$	1,002.6		$	1,206.3