XML 57 R64.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Income Taxes - Summary, Reconciliation and Other (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current:      
Federal $ 136.3 $ 150.6 $ 117.8
State 37.9 47.6 21.5
Foreign 16.5 19.7 16.1
Total 190.7 217.9 155.4
Deferred:      
Federal 26.9 (6.0) (202.8)
State 7.2 (2.3) 11.1
Foreign (1.6) (0.8) (0.9)
Total 32.5 (9.1) (192.6)
Income tax provision 223.2 208.8 (37.2)
Components of U.S. and international income before income taxes      
US 877.4 775.2 524.6
International 51.9 75.4 59.2
Income before income taxes $ 929.3 $ 850.6 $ 583.8
Reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense      
Income tax at U.S. federal statutory tax rate (as a percent) 21.00% 21.00% 35.00%
Tax Reform (as a percent)   0.40% (35.50%)
State income tax, net of federal tax effect (as a percent) 3.60% 3.60% 3.80%
Foreign earnings taxed at higher (lower) rates (as a percent) 0.40% 0.40% (0.70%)
Net effect of life insurance policies (as a percent) (1.50%) (1.50%) (3.60%)
Net effect of changes in unrecognized tax benefits (as a percent)   (0.20%) (0.20%)
Stock-based compensation (as a percent) 0.70% 0.60% (0.20%)
Domestic production activity deduction (as a percent)     (1.60%)
Loss on sale of assets (as a percent)     (0.80%)
Other, net (as a percent) (0.20%) 0.20% (2.60%)
Effective tax rate (as a percent) 24.00% 24.50% (6.40%)
Deferred tax assets:      
Accrued expenses not currently deductible for tax $ 31.6 $ 26.0  
Inventory costs capitalized for tax purposes 13.1 27.1  
Share-based compensation 8.2 7.2  
Allowance for doubtful accounts 4.9 5.4  
Tax credits carryforwards 1.4 1.0  
Net operating loss carryforwards 4.2 6.0  
Total deferred tax assets 63.4 72.7  
Deferred tax liabilities:      
Property, plant and equipment, net (189.1) (175.4)  
Goodwill and other intangible assets (311.6) (308.8)  
LIFO inventories (23.2) (21.1)  
Other (8.8) (7.5)  
Total deferred tax liabilities (532.7) (512.8)  
Net deferred tax liabilities (469.3) (440.1)  
Tax Cuts and Jobs Act of 2017      
Effect of tax rate changes on deferred tax assets and liabilities     $ 216.7
One time transition tax     9.4
Tax benefit, net     $ 207.3
Completed tax benefit, net   $ 3.2  
State      
Income Taxes      
Operating Loss Carryforwards $ 4.1