Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Significant Components of the Provisions for Income Taxes

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

	2023		2022		2021
Current:
Federal	$	553.4	$	505.5	$	331.2
Foreign	147.6		90.3		86.5
State and local	109.0		102.0		46.8
Total current	810.0		697.8		464.5
Deferred:
Federal	(39.9)		(81.7)		(36.5)
Foreign	(51.5)		(47.3)		(40.4)
State and local	2.5		(15.8)		(3.4)
Total deferred	(88.9)		(144.8)		(80.3)
Total provisions for income taxes	$	721.1	$	553.0	$	384.2

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: 

	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local income taxes	3.0		2.8		2.2
Investment vehicles	(0.5)		(0.4)		(0.8)
Employee share-based payments	(1.1)		(1.4)		(4.8)
Research and development credits	(0.4)		(0.6)		(0.6)
Amended returns and refunds	0.2		0.4		0.2
Taxes on non-U.S. earnings	0.8		0.2		(0.4)
Other - net	0.2		(0.5)		0.3
Reported effective tax rate	23.2	%	21.5	%	17.1	%

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:

	2023		2022		2021
Domestic	$	2,817.0	$	2,427.6	$	2,106.8
Foreign	292.9		145.5		141.8
	$	3,109.9	$	2,573.1	$	2,248.6

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023, 2022 and 2021 were as follows:

	2023		2022		2021
Deferred tax assets:
Environmental and other similar items	$	72.0	$	66.4	$	73.2
Employee related and benefit items	162.1		157.1		170.3
Operating lease liabilities	483.2		478.1		463.1
Research and development capitalization	81.5		52.6
Other items	205.6		204.1		192.0
Total deferred tax assets	1,004.4		958.3		898.6
Deferred tax liabilities:
Intangible assets and Property, plant, and equipment	1,001.1		973.4		1,053.7
LIFO inventories	115.2		97.3		68.6
Operating lease right-of-use assets	465.6		460.5		448.4
Other items	28.6		31.7		33.3
Total deferred tax liabilities	1,610.5		1,562.9		1,604.0
Net deferred tax liabilities	$	606.1	$	604.6	$	705.4

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:

	2023		2022		2021
Balance at beginning of year	$	242.4	$	228.5	$	227.0
Additions based on tax positions related to the current year	14.2		18.7		14.0
Additions for tax positions of prior years	12.6		10.6		23.1
Reductions for tax positions of prior years	(16.9)		(6.0)		(22.1)
Settlements	(123.2)		(1.7)		(5.6)
Lapses of statutes of limitations	(7.3)		(7.7)		(7.9)
Balance at end of year	$	121.8	$	242.4	$	228.5