Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Significant Components of the Provisions for Income Taxes

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

	2022		2021		2020
Current:
Federal	$	505.5	$	331.2	$	457.7
Foreign	90.3		86.5		92.0
State and local	102.0		46.8		84.4
Total current	697.8		464.5		634.1
Deferred:
Federal	(81.7)		(36.5)		(102.7)
Foreign	(47.3)		(40.4)		(19.0)
State and local	(15.8)		(3.4)		(23.6)
Total deferred	(144.8)		(80.3)		(145.3)
Total provisions for income taxes	$	553.0	$	384.2	$	488.8

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: 

	2022		2021		2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local income taxes	2.8		2.2		2.5
Investment vehicles	(0.4)		(0.8)		(0.8)
Employee share-based payments	(1.4)		(4.8)		(3.8)
Research and development credits	(0.6)		(0.6)		(0.5)
Amended returns and refunds	0.4		0.2		0.3
Other - net	(0.3)		(0.1)		0.7
Reported effective tax rate	21.5	%	17.1	%	19.4	%

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:

	2022		2021		2020
Domestic	$	2,427.6	$	2,106.8	$	2,317.9
Foreign	145.5		141.8		201.3
	$	2,573.1	$	2,248.6	$	2,519.2

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022, 2021 and 2020 were as follows:

	2022		2021		2020
Deferred tax assets:
Environmental and other similar items	$	66.4	$	73.2	$	82.9
Employee related and benefit items	157.1		170.3		166.6
Operating lease liabilities	478.1		463.1		448.9
Research and development capitalization	52.6
Other items	204.1		192.0		232.8
Total deferred tax assets	958.3		898.6		931.2
Deferred tax liabilities:
Intangible assets and Property, plant, and equipment	973.4		1,053.7		1,156.4
LIFO inventories	97.3		68.6		87.6
Operating lease right-of-use assets	460.5		448.4		434.0
Other items	31.7		33.3		31.7
Total deferred tax liabilities	1,562.9		1,604.0		1,709.7
Net deferred tax liabilities	$	604.6	$	705.4	$	778.5

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:

	2022		2021		2020
Balance at beginning of year	$	228.5	$	227.0	$	203.0
Additions based on tax positions related to the current year	18.7		14.0		13.8
Additions for tax positions of prior years	10.6		23.1		16.4
Reductions for tax positions of prior years	(6.0)		(22.1)		(3.3)
Settlements	(1.7)		(5.6)		(2.0)
Lapses of statutes of limitations	(7.7)		(7.9)		(0.9)
Balance at end of year	$	242.4	$	228.5	$	227.0