Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of income from continuing operations before income taxes by geographic region

	Year Ended December 31,
	2019		2018		2017
U.S.	$	427.8	$	390.3	$	375.4
Non-U.S.		163.7		213.8		172.8
Income from continuing operations before income taxes	$	591.5	$	604.1	$	548.2

Schedule of income taxes relating to income from continuing operations

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	23.6	$	(15.6)	$	(3.5)
State and local		4.3		(2.9)		4.2
Foreign		36.8		46.9		43.2
Total current	$	64.7	$	28.4	$	43.9
Deferred:
Federal		67.6		85.9		(150.5)
State and local		24.0		20.0		47.2
Foreign		0.4		—		(5.4)
Total deferred	$	92.0	$	105.9	$	(108.7)
Income taxes	$	156.7	$	134.3	$	(64.8)

Schedule of reconciliation of income taxes from continuing operations at federal statutory rate

	Year Ended December 31,
	2019		2018		2017
Income taxes at federal statutory rate	$	124.2	$	126.9	$	191.9
State and local income taxes, net of federal taxes		23.6		13.8		13.7
Non-U.S. income taxed at other rates		2.8		1.9		(25.2)
Revaluation of U.S. deferreds		—		—		(301.6)
Deemed mandatory repatriation		—		—		54.8
SAB 118 benefit		—		(11.6)		—
Other		6.1		3.3		1.6
Income taxes	$	156.7	$	134.3	$	(64.8)

Schedule of components of deferred tax assets and liabilities

	December 31,
	2019		2018
Deferred Tax Assets
Accrued liabilities	$	49.7	$	48.7
Net operating loss and credit carryforwards		72.8		81.4
Leasing liabilities		577.8		—
Other		27.6		27.9
Total deferred tax assets		727.9		158.0
Valuation allowance		(45.7)		(40.5)
Net deferred tax assets	$	682.2	$	117.5
Deferred Tax Liabilities
Depreciation and amortization		(206.9)		(188.0)
Partnership investments		(569.0)		(499.3)
Leasing assets		(577.8)		—
Other		(6.4)		(8.0)
Total deferred tax liabilities		(1,360.1)		(695.3)
Net deferred tax liabilities	$	(677.9)	$	(577.8)

Schedule of movement in uncertain tax positions

	Year Ended December 31,
	2019		2018		2017
Uncertain tax positions — January 1	$	0.1	$	3.5	$	3.4
Gross increase — tax position in prior periods		—		—		0.2
Gross decrease — tax position in prior periods		—		(3.4)		(0.1)
Gross increase — current period tax position		—		—		—
Settlements		—		—		—
Lapse in statute of limitations		—		—		—
Foreign exchange		—		—		—
Uncertain tax positions — December 31	$	0.1	$	0.1	$	3.5