Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of the provision for income taxes attributable to continuing operations

	Year Ended December 31,
	2019		2018		2017
	(in millions)
Current:
Federal	$	136.3	$	150.6	$	117.8
State		37.9		47.6		21.5
Foreign		16.5		19.7		16.1
		190.7		217.9		155.4
Deferred:
Federal		26.9		(6.0)		(202.8)
State		7.2		(2.3)		11.1
Foreign		(1.6)		(0.8)		(0.9)
		32.5		(9.1)		(192.6)
	$	223.2	$	208.8	$	(37.2)

Components of U.S. and international income before income taxes

	Year Ended December 31,
	2019		2018		2017
	(in millions)
U.S.	$	877.4	$	775.2	$	524.6
International		51.9		75.4		59.2
Income before income taxes	$	929.3	$	850.6	$	583.8

Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense

	Year Ended December 31,
	2019		2018		2017
Income tax at U.S. federal statutory tax rate	21.0	%	21.0	%	35.0	%
Tax Reform	—		0.4		(35.5)
State income tax, net of federal tax effect	3.6		3.6		3.8
Foreign earnings taxed at higher (lower) rates	0.4		0.4		(0.7)
Net effect of life insurance policies	(1.5)		(1.5)		(3.6)
Net effect of changes in unrecognized tax benefits	—		(0.2)		(0.2)
Stock-based compensation	0.7		0.6		(0.2)
Domestic production activity deduction	—		—		(1.6)
Loss on sale of assets	—		—		(0.8)
Other, net	(0.2)		0.2		(2.6)
Effective tax rate	24.0	%	24.5	%	(6.4)	%

Schedule of components of the Company's deferred tax assets and liabilities

	December 31,
	2019		2018
	(in millions)
Deferred tax assets:
Accrued expenses not currently deductible for tax	$	31.6	$	26.0
Inventory costs capitalized for tax purposes		13.1		27.1
Stock-based compensation		8.2		7.2
Allowance for doubtful accounts		4.9		5.4
Tax credits carryforwards		1.4		1.0
Net operating loss carryforwards		4.2		6.0
Total deferred tax assets		63.4		72.7
Deferred tax liabilities:
Property, plant and equipment, net		(189.1)		(175.4)
Goodwill and other intangible assets		(311.6)		(308.8)
LIFO inventories		(23.2)		(21.1)
Other		(8.8)		(7.5)
Total deferred tax liabilities		(532.7)		(512.8)
Net deferred tax liabilities	$	(469.3)	$	(440.1)

Schedule of reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits

	Year Ended December 31,
	2019		2018		2017
	(in millions)
Unrecognized tax benefits at January 1	$	2.4	$	4.1	$	5.2
Increases in tax positions for prior years		0.8		0.4		—
Decreases in tax positions for prior years		—		—		(0.1)
Settlements		(0.7)		—		(0.2)
Lapse of statute of limitations		(0.3)		(2.1)		(0.8)
Unrecognized tax benefits at December 31	$	2.2	$	2.4	$	4.1