Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of components of the provision for income taxes attributable to continuing operations

	Year Ended December 31,
	2018		2017		2016
	(in millions)
Current:
Federal	$	150.6	$	117.8	$	91.1
State		47.6		21.5		18.9
Foreign		19.7		16.1		10.6
		217.9		155.4		120.6
Deferred:
Federal		(6.0)		(202.8)		3.0
State		(2.3)		11.1		1.0
Foreign		(0.8)		(0.9)		(4.5)
		(9.1)		(192.6)		(0.5)
	$	208.8	$	(37.2)	$	120.1

Components of U.S. and international income before income taxes

	Year Ended December 31,
	2018		2017		2016
	(in millions)
U.S.	$	775.2	$	524.6	$	411.0
International		75.4		59.2		18.2
Income before income taxes	$	850.6	$	583.8	$	429.2

Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense

	Year Ended December 31,
	2018		2017		2016
Income tax at U.S. federal statutory tax rate	21.0	%	35.0	%	35.0	%
Tax Reform	0.4		(35.5)		—
State income tax, net of federal tax effect	3.6		3.8		3.1
Foreign earnings taxed at higher (lower) rates	0.4		(0.7)		(0.8)
Net effect of life insurance policies	(1.5)		(3.6)		(4.2)
Net effect of changes in unrecognized tax benefits	(0.2)		(0.2)		(4.3)
Stock-based compensation	0.6		(0.2)		—
Domestic production activity deduction	—		(1.6)		(1.7)
Loss on sale of assets	—		(0.8)		—
Other, net	0.2		(2.6)		0.9
Effective tax rate	24.5	%	(6.4)	%	28.0	%

Schedule of components of the Company's deferred tax assets and liabilities

	December 31,
	2018		2017
	(in millions)
Deferred tax assets:
Accrued expenses not currently deductible for tax	$	26.0	$	34.8
Inventory costs capitalized for tax purposes		27.1		23.1
Stock-based compensation		7.2		10.5
Allowance for doubtful accounts		5.4		3.4
Tax credits carryforwards		1.0		1.3
Net operating loss carryforwards		6.0		5.6
Total deferred tax assets		72.7		78.7
Deferred tax liabilities:
Property, plant and equipment, net		(175.4)		(159.7)
Goodwill and other intangible assets		(308.8)		(307.3)
LIFO inventories		(21.1)		(39.5)
Deferred income		—		(0.8)
Other		(7.5)		(12.2)
Total deferred tax liabilities		(512.8)		(519.5)
Net deferred tax liabilities	$	(440.1)	$	(440.8)

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

	Year Ended December 31,
	2018		2017		2016
	(in millions)
Unrecognized tax benefits at January 1	$	4.1	$	5.2	$	22.9
Increases in tax positions for prior years		0.4		—		0.4
Decreases in tax positions for prior years		—		(0.1)		(0.6)
Increases in tax positions for current year		—		—		0.1
Settlements		—		(0.2)		(17.6)
Lapse of statute of limitations		(2.1)		(0.8)		—
Unrecognized tax benefits at December 31	$	2.4	$	4.1	$	5.2