Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Pretax income for computation of income tax provision

Our income (loss) before income taxes on which the provision for income taxes was computed was as follows:

	For the years ended
	December 31, 2023		December 31, 2022		December 31, 2021
	(In millions)
Domestic	$	1,486.0	$	228.4	$	1,307.5
Foreign	(233.5)		(290.9)		(68.5)
Total	$	1,252.5	$	(62.5)	$	1,239.0

Current and deferred provisions of income tax expense (benefits)

The components of the provision for income taxes were as follows:

	For the years ended
	December 31, 2023		December 31, 2022		December 31, 2021
	(In millions)
Current
Federal	$	200.7	$	146.1	$	43.5
State	22.1		22.3		7.1
Foreign	37.3		(17.2)		(1.0)
Total current tax (benefit) expense	$	260.1	$	151.2	$	49.6
Deferred
Federal	$	75.0	$	56.4	$	163.5
State	27.8		(26.2)		70.4
Foreign	(66.8)		(57.4)		(53.0)
Total deferred tax (benefit) expense	$	36.0	$	(27.2)	$	180.9
Total income tax (benefit) expense	$	296.1	$	124.0	$	230.5

Computation of effective income tax rate

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate was as follows:

	For the years ended
	December 31, 2023				December 31, 2022				December 31, 2021
	($ in millions)
Statutory federal income tax rate	21.0	%	$	263.0	21.0	%	$	(13.1)	21.0	%	$	260.2
State income taxes, net of federal benefits	2.4	%	30.6		6.1	%	(3.8)		4.7	%	57.8
Effect of foreign tax rates	(2.4)	%	(30.5)		92.6	%	(57.9)		(5.5)	%	(68.3)
Effect of foreign tax law and rate changes	0.9	%	11.5		(0.8)	%	0.5		1.6	%	19.6
Effect of unrecognized tax benefits	0.8	%	9.5		(20.5)	%	12.8		(6.2)	%	(76.3)
Change in valuation allowance	0.2	%	2.5		1.1	%	(0.7)		(0.1)	%	(1.1)
Goodwill impairment	—		—		(287.0)	%	179.3		(0.2)	%	(2.9)
Other, net	0.7	%	9.5		(10.9)	%	6.9		3.3	%	41.5
Effective tax rate / Tax (benefit) expense	23.6	%	$	296.1	(198.4)	%	$	124.0	18.6	%	$	230.5

Composition of deferred tax assets and liabilities

	As of
	December 31, 2023		December 31, 2022
	(In millions)
Deferred tax assets
Compensation-related obligations	$	43.2	$	44.7
Pension and postretirement benefits	23.7		33.7
Tax credit carryforwards	36.0		39.0
Tax loss carryforwards	312.8		291.1
Accrued liabilities and other	202.5		149.0
Valuation allowance	(61.9)		(57.2)
Deferred tax assets	$	556.3	$	500.3
Deferred tax liabilities
Fixed assets	354.9		358.9
Partnerships and investments	38.7		33.2
Intangible assets	2,679.9		2,563.2
Derivative instruments	12.2		31.5
Deferred tax liabilities	$	3,085.7	$	2,986.8
Net deferred tax liabilities	$	2,529.4	$	2,486.5

The following table presents our net deferred tax liabilities as of December 31, 2023 and December 31, 2022.

	As of
	December 31, 2023		December 31, 2022
	(In millions)
Domestic deferred tax liabilities	$	2,029.7	$	1,927.7
Foreign deferred tax assets	123.7		125.8
Foreign deferred tax liabilities	623.4		684.6
Net deferred tax liabilities	$	2,529.4	$	2,486.5

Schedule of unrecognized tax benefits roll forward

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, was as follows:

	For the years ended
	December 31, 2023		December 31, 2022		December 31, 2021
	(In millions)
Balance at beginning of year	$	39.3	$	28.0	$	235.7
Additions for tax positions related to the current year	12.9		15.9		28.6
Additions for tax positions of prior years	0.8		1.9		—
Reductions for tax positions related to the current year	(2.0)		—		(24.1)
Reductions for tax positions of prior years	(1.7)		—		(48.9)
Settlements	—		(3.7)		(161.8)
Release due to statute expirations	(0.7)		(1.3)		(3.4)
Foreign currency adjustment	0.3		(1.5)		1.9
Balance at end of year	$	48.9	$	39.3	$	28.0