Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Tax Provision

The components of earnings before income tax provision were as follows:

	Year Ended December 31,
(In millions)	2023		2022		2021
Domestic	$	134.8	$	434.0	$	346.2
Foreign	294.9		295.3		370.0
Total	$	429.7	$	729.3	$	716.2

Components of Income Tax Provision

The components of our income tax provision were as follows:

	Year Ended December 31,
(In millions)	2023		2022		2021
Current tax expense:
Federal	$	23.6	$	154.1	$	63.1
State and local	13.2		25.6		17.2
Foreign	81.8		88.7		106.6
Total current expense	$	118.6	$	268.4	$	186.9
Deferred tax (benefit) expense:
Federal	$	(28.1)	$	(23.4)	$	9.6
State and local	(5.8)		2.3		6.9
Foreign	5.7		(9.3)		21.6
Total deferred tax (benefit) expense	(28.2)		(30.4)		38.1
Total income tax provision	$	90.4	$	238.0	$	225.0

Components of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consist of the following:

	December 31,
(In millions)	2023		2022
Accruals not yet deductible for tax purposes	$	27.5	$	17.6
Net operating loss carryforwards	222.2		208.4
Foreign, federal and state credits	13.6		9.5
Employee benefit items	41.9		40.3
Capitalized expenses	114.8		36.5
Intangible assets	—		12.6
Derivatives and other	52.2		44.7
Sub-total deferred tax assets	472.2		369.6
Valuation allowance	(205.6)		(179.5)
Total deferred tax assets	$	266.6	$	190.1
Depreciation and amortization	$	(111.4)	$	(89.1)
Unremitted foreign earnings	(1.6)		—
Intangible assets	(65.0)		—
Total deferred tax liabilities	(178.0)		(89.1)
Net deferred tax assets	$	88.6	$	101.0

Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate, 21%, to income before provision for income taxes, is as follows:

	Year Ended December 31,
(In millions)	2023				2022				2021
Computed expected tax	$	90.2	21.0	%	$	153.2	21.0	%	$	150.4	21.0	%
State income taxes, net of federal tax benefit	4.8		1.1	%	18.3		2.5	%	15.6		2.2	%
Foreign earnings taxed at different rates	4.5		1.0	%	10.3		1.4	%	16.2		2.2	%
U.S. tax on foreign earnings	14.9		3.5	%	16.8		2.3	%	14.3		2.0	%
Tax credits	(27.6)		(6.4)	%	(30.6)		(4.2)	%	(30.2)		(4.2)	%
Withholding tax	6.0		1.4	%	7.0		1.0	%	4.7		0.7	%
Net change in valuation allowance	13.0		3.0	%	1.0		0.1	%	3.6		0.5	%
Net change in unrecognized tax benefits	(22.3)		(5.2)	%	65.3		9.0	%	19.6		2.7	%
Legislative changes	—		—	%	—		—	%	5.1		0.7	%
Deferred tax adjustments	0.4		0.1	%	—		—	%	11.4		1.6	%
Other	6.5		1.5	%	(3.3)		(0.5)	%	14.3		2.0	%
Income tax provision and rate	$	90.4	21.0	%	$	238.0	32.6	%	$	225.0	31.4	%

Unrecognized Tax Benefits and the Effect on Effective Income Tax Rate

We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:

	Year Ended December 31,
(In millions)	2023		2022		2021
Beginning balance of unrecognized tax benefits	$	420.1	$	389.0	$	379.6
Additions for tax positions of current year	0.9		1.3		1.8
Additions for tax positions of prior years	7.5		41.6		9.7
Reductions for tax positions of prior years	(0.4)		(4.1)		(1.9)
Reductions for lapses of statutes of limitation and settlements	(191.5)		(7.7)		(0.2)
Ending balance of unrecognized tax benefits	$	236.6	$	420.1	$	389.0