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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

 

​

    

2019

    

2018

    

2017

 

Income before income taxes:

​

​

​

​

​

​

​

​

​

​

United States

​

$

318.6

​

$

194.1

​

$

153.0

​

Foreign

​

 

1,177.3

​

 

1,394.3

​

 

1,199.4

​

​

​

$

1,495.9

​

$

1,588.4

​

$

1,352.4

​

Current tax provision:

​

​

​

​

​

​

​

​

​

​

United States

​

$

22.9

​

$

37.8

​

$

200.0

​

Foreign

​

 

293.8

​

 

345.7

​

 

305.4

​

​

​

​

316.7

​

​

383.5

​

​

505.4

​

Deferred tax provision (benefit):

​

​

​

​

​

​

​

​

​

​

United States

​

​

35.8

​

​

27.8

​

​

51.0

​

Foreign

​

 

(20.6)

​

 

(39.8)

​

 

135.3

​

​

​

 

15.2

​

 

(12.0)

​

 

186.3

​

Total provision for income taxes

​

$

331.9

​

$

371.5

​

$

691.7

​

Schedule of provision for income taxes

The components of income before income taxes and the provision for income taxes are as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

 

​

    

2019

    

2018

    

2017

 

Income before income taxes:

​

​

​

​

​

​

​

​

​

​

United States

​

$

318.6

​

$

194.1

​

$

153.0

​

Foreign

​

 

1,177.3

​

 

1,394.3

​

 

1,199.4

​

​

​

$

1,495.9

​

$

1,588.4

​

$

1,352.4

​

Current tax provision:

​

​

​

​

​

​

​

​

​

​

United States

​

$

22.9

​

$

37.8

​

$

200.0

​

Foreign

​

 

293.8

​

 

345.7

​

 

305.4

​

​

​

​

316.7

​

​

383.5

​

​

505.4

​

Deferred tax provision (benefit):

​

​

​

​

​

​

​

​

​

​

United States

​

​

35.8

​

​

27.8

​

​

51.0

​

Foreign

​

 

(20.6)

​

 

(39.8)

​

 

135.3

​

​

​

 

15.2

​

 

(12.0)

​

 

186.3

​

Total provision for income taxes

​

$

331.9

​

$

371.5

​

$

691.7

​

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

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​

​

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​

​

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​

​

​

​

Year Ended December 31, 

 

​

​

2019

  

​

2018

  

​

2017

 

U.S. statutory federal tax rate

​

21.0

%

​

21.0

%

​

35.0

%

State and local taxes

​

0.7

​

​

0.6

​

​

0.2

​

Foreign earnings and dividends taxed at different rates

​

1.4

​

​

2.3

​

​

(9.1)

​

U.S. tax on foreign income

​

1.2

​

​

1.8

​

​

—

​

Tax Act - transition tax

​

—

​

​

0.7

​

​

19.2

​

Tax Act - remeasurement of deferred tax liabilities, net

 

—

​

​

—

​

​

(2.8)

​

Tax Act - change in indefinite reinvestment assertion

​

—

​

​

(1.6)

​

​

13.1

​

Excess tax benefits related to stock-based compensation

​

(2.5)

​

​

(1.2)

​

​

(4.9)

​

Other, net

​

0.4

​

​

(0.2)

​

​

0.4

​

Effective tax rate

​

22.2

%

​

23.4

%

​

51.1

%

Schedule of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

​

​

December 31, 

​

   

2019

   

2018

Deferred tax assets relating to:

​

​

​

​

​

​

Accrued liabilities and reserves

​

$

41.8

​

$

39.1

Operating lease liabilities

​

​

45.7

​

​

—

Operating loss and tax credit carryforwards

​

 

81.3

​

 

81.5

Pensions

​

 

26.2

​

 

29.0

Inventories

​

 

39.3

​

 

40.4

Employee benefits

​

 

36.0

​

 

34.0

Total deferred tax assets

​

​

270.3

​

​

224.0

Valuation allowance

​

​

(35.2)

​

​

(34.7)

Total deferred tax assets, net of valuation allowances

​

​

235.1

​

​

189.3

​

​

​

​

​

​

​

Deferred tax liabilities relating to:

​

​

​

​

​

​

Goodwill

​

​

175.2

​

​

152.2

Depreciation and amortization

​

 

74.1

​

 

68.5

Operating lease right-of-use assets

​

​

45.7

​

​

—

Unremitted foreign earnings

​

​

115.8

​

 

141.3

Contingent consideration

​

 

4.3

​

 

4.3

Total deferred tax liabilities

​

​

415.1

​

​

366.3

​

​

​

​

​

​

​

Net deferred tax liability

​

$

180.0

​

$

177.0

​

​

​

​

​

​

​

Classification of deferred tax assets and liabilities, as reflected on the Consolidated Balance Sheets:

​

​

​

​

​

​

Other long-term assets

​

$

80.4

​

$

78.6

Deferred income taxes

​

 

260.4

​

 

255.6

Net deferred tax liability, long-term

​

$

180.0

​

$

177.0

Schedule of reconciliation of gross amounts of unrecognized tax benefits excluding interest and penalties

​

​

​

​

​

​

​

​

​

​

​

​

​

    

2019

    

2018

    

2017

 

Unrecognized tax benefits as of January 1

​

$

130.5

​

$

127.3

​

$

106.2

​

Gross increases for tax positions in prior periods

​

 

20.9

​

 

18.9

​

 

32.7

​

Gross increases for tax positions in current period

​

 

9.0

​

 

2.0

​

 

2.4

​

Settlements

​

 

—

​

 

(14.1)

​

 

(11.0)

​

Lapse of statutes of limitations

​

 

(1.3)

​

 

(3.6)

​

 

(3.0)

​

Unrecognized tax benefits as of December 31

​

$

159.1

​

$

130.5

​

$

127.3

​