Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Summary of pretax income (loss)

The following summarizes pretax income from continuing operations (in millions):

	Year Ended December 31,
	2017		2016		2015
U.S.	$	451.8	$	248.2	$	451.9
International	80.1		31.0		6.9
Total	$	531.9	$	279.2	$	458.8

Schedule of components of provision for income taxes (benefits)

Provision for income taxes (benefits) from continuing operations consists of the following components (in millions):

	Year Ended December 31,
	2017			2016			2015
Current
Federal	$	93.7		$	57.7		$	147.4
State and local	4.0			11.4			10.2
International	13.7			15.0			7.1
Total current	111.4			84.1			164.7
Deferred
Federal	(34.2		)	19.9			(13.5		)
State and local	2.4			(1.9		)	0.5
International	4.7			(1.0		)	(2.5		)
Total deferred	(27.1		)	17.0			(15.5		)
Total provision for income taxes	$	84.3		$	101.1		$	149.2

Schedule of differences between the effective income tax rate and the U.S. federal income tax statutory rate

Following are the reconciliations of our effective income tax rates and the U.S. federal income tax statutory rate (in millions):

	Year Ended December 31,
	2017			2016			2015
Provision for income taxes using the statutory rate in effect	$	186.2		$	97.7		$	160.6
Tax effect of:
State and local income taxes, net	4.5			5.9			4.3
International income taxes, net	(9.5		)	2.5			(1.0		)
Earnings of U.S. unconsolidated affiliates	(1.0		)	(2.3		)	(1.5		)
Valuation allowance (reversal), net	(1.3		)	(0.9		)	1.2
Tax credits	(1.0		)	(5.0		)	(7.7		)
Uncertain tax positions (reversal), net	(2.8		)	1.7			(7.9		)
Dividend received deduction	(0.1		)	(0.8		)	(1.2		)
Domestic production activities deduction	(2.5		)	(1.7		)	(0.1		)
Repatriation	1.0			1.0			1.9
Tax Cuts and Jobs Act impact	(13.7		)	—			—
Tax impact of transactions	(71.4		)	—			—
Other	(4.1		)	3.0			0.6
Total provision for income taxes	$	84.3		$	101.1		$	149.2
Effective tax rate	15.8		%	36.2		%	32.5		%
Statutory federal tax rate	35.0		%	35.0		%	35.0		%

Schedule of federal and state deferred tax assets (liabilities)

The federal and state deferred tax assets (liabilities) recorded on the Consolidated Balance Sheet are as follows (in millions):

	December 31,
	2017			2016
Liabilities:
Deferred cancellation of debt income	$	(11.7	)	$	(36.4	)
Investments in available-for-sale securities	(0.6		)	(62.2		)
Unconsolidated affiliates and investments	(19.7		)	(27.9		)
Accumulated depreciation and amortization	(62.8		)	(65.3		)
Prepaid expenses	—			(5.5		)
Other	(3.5		)	—
Total deferred tax liabilities	(98.3		)	(197.3		)
Assets:
Deferred compensation and other employee benefits	24.4			23.2
Net operating loss	14.9			8.5
Accrued liabilities	16.2			26.9
Prepaid expenses	4.4			—
Other	—			1.4
Total deferred tax assets	59.9			60.0
Valuation allowance	(7.1		)	(6.0		)
Net deferred tax liability	$	(45.5	)	$	(143.3	)

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

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):

	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	57.6		$	60.3		$	69.8
Additions based on tax positions related to the current year	3.0			3.5			9.0
Additions for tax positions of prior years	8.0			2.7			2.2
Reductions for tax positions of prior years	(5.3		)	(7.7		)	(19.5		)
Settlements	(0.2		)	(1.2		)	(0.4		)
Statute expirations	(10.7		)	—			(0.8		)
Balance at end of year	$	52.4		$	57.6		$	60.3