Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021, 2020 and 2019 were as follows:

	2021		2020		2019
Deferred tax assets:
Environmental and other similar items	$	73.2	$	82.9	$	83.5
Employee related and benefit items	170.3		166.6		129.3
Operating lease liabilities	463.1		448.9		430.6
Other items	192.0		232.8		204.0
Total deferred tax assets	898.6		931.2		847.4
Deferred tax liabilities:
Intangible assets and Property, plant, and equipment	1,053.7		1,156.4		1,232.6
LIFO inventories	68.6		87.6		80.5
Operating lease right-of-use assets	448.4		434.0		417.8
Other items	33.3		31.7		28.1
Total deferred tax liabilities	1,604.0		1,709.7		1,759.0
Net deferred tax liabilities	$	705.4	$	778.5	$	911.6

Significant Components of the Provisions for Income Taxes

Significant components of the provisions for income taxes were as follows:

	2021		2020		2019
Current:
Federal	$	331.2	$	457.7	$	440.1
Foreign	86.5		92.0		71.1
State and local	46.8		84.4		60.4
Total current	464.5		634.1		571.6
Deferred:
Federal	(36.5)		(102.7)		(83.7)
Foreign	(40.4)		(19.0)		(32.3)
State and local	(3.4)		(23.6)		(15.1)
Total deferred	(80.3)		(145.3)		(131.1)
Total provisions for income taxes	$	384.2	$	488.8	$	440.5

Significant Components of Income Before Income Taxes as Used for Income Tax Purposes

Significant components of income before income taxes as used for income tax purposes, were as follows:

	2021		2020		2019
Domestic	$	2,106.8	$	2,317.9	$	1,899.6
Foreign	141.8		201.3		82.2
	$	2,248.6	$	2,519.2	$	1,981.8

Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate

A reconciliation of the statutory federal income tax rate to the effective tax rate follows: 

	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local income taxes	2.2		2.5		2.3
Investment vehicles	(0.8)		(0.8)		(1.3)
Employee share-based payments	(4.8)		(3.8)		(3.3)
Research and development credits	(0.6)		(0.5)		(1.1)
Amended returns and refunds	0.2		0.3		0.1
Tax credit reversal	—		—		3.7
Other - net	(0.1)		0.7		0.8
Reported effective tax rate	17.1	%	19.4	%	22.2	%

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2021		2020		2019
Balance at beginning of year	$	227.0	$	203.0	$	89.5
Additions based on tax positions related to the current year	14.0		13.8		14.9
Additions for tax positions of prior years	23.1		16.4		107.9
Reductions for tax positions of prior years	(22.1)		(3.3)		(3.6)
Settlements	(5.6)		(2.0)		—
Lapses of statutes of limitations	(7.9)		(0.9)		(5.7)
Balance at end of year	$	228.5	$	227.0	$	203.0