Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following for the years ended December 31, (in millions):

	2018			2017			2016
Current:
Federal	$	121.4		$	272.1		$	126.6
State		31.0			21.4			39.0
Foreign		203.5			168.5			87.0
Total current		355.9			462.0			252.6
Deferred		(1,597.9	)		(1,781.8	)		33.4
Total income tax provision (benefit)		(1,242.0	)		(1,319.8	)		286.0
Total provision — discontinued operations		236.1			258.6			228.9
Total provision (benefit)— continuing operations	$	(1,478.1	)	$	(1,578.4	)	$	57.1

Reconciliation of U.S. Statutory Rate to Effective Income Tax Rate on Continuing Basis

A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31:

	2018			2017			2016
Statutory rate		21.0	%		35.0	%		35.0	%
Add (deduct) effect of:
State income taxes, net of federal income tax effect		2.4			2.0			100.5
Foreign tax credit		2.1			4.3			47.0
Foreign rate differential		0.5			(28.2	)		(319.1	)
Resolution of tax contingencies, net of increases		0.2			(5.0	)		(112.4	)
Valuation allowance reserve (decrease) increase		0.8			(7.4	)		(149.5	)
Manufacturing deduction		—			(1.3	)		(60.7	)
Foreign statutory tax rate change		—			(2.7	)		(52.9	)
Impairment		(9.3	)		2.8			—
Sale of businesses		—			(11.8	)		—
Tools outside basis difference		—			—			878.3
Reversal of outside basis difference		—			(11.4	)		—
U.S. Tax Reform, impact of change in tax rate and other		—			(269.2	)		—
U.S. Tax Reform, federal income tax on mandatory deemed repatriation		0.2			29.7			—
Other		—			(1.9	)		(60.2	)
Effective rate		17.9	%		(265.1	)%		306.0	%

Schedule of Components of Net Deferred Tax Assets

The components of net deferred tax assets are as follows as of December 31, (in millions):

	2018			2017
Deferred tax assets:
Accruals not currently deductible for tax purposes	$	147.5		$	173.0
Inventory		31.6			34.6
Postretirement liabilities		28.0			24.0
Pension liabilities		53.6			49.4
Net operating losses		355.1			374.0
Foreign tax credits		133.3			7.5
Other		123.9			137.3
Total gross deferred tax assets		873.0			799.8
Less valuation allowance		(195.0	)		(293.0	)
Net deferred tax assets after valuation allowance		678.0			506.8
Deferred tax liabilities:
Accelerated depreciation		(87.2	)		(59.0	)
Amortizable intangibles		(1,405.4	)		(2,801.6	)
Outside basis differences		(13.1	)		(18.3	)
Other		(49.0	)		(35.6	)
Total gross deferred tax liabilities		(1,554.7	)		(2,914.5	)
Net deferred tax liabilities	$	(876.7	)	$	(2,407.7	)

Summary of Changes in Gross Unrecognized Tax Benefits

The following table summarizes the changes in gross unrecognized tax benefits for the years ended December 31, (in millions):

	2018			2017
Unrecognized tax benefits, January 1,	$	385.3		$	379.0
Increases (decreases):
Increases in tax positions for prior years		35.9			26.0
Decreases in tax positions for prior years		(20.6	)		(12.3	)
Increase in tax positions for the current period		115.0			34.5
Settlements with taxing authorities		(6.2	)		—
Lapse of statute of limitations		(46.4	)		(41.9	)
Unrecognized tax benefits, December 31,	$	463.0		$	385.3