INCOME TAXES

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The provision for income tax expense of $66.4 and $214.4 for the three months and nine months ended September 30, 2019, respectively, primarily resulted from the application of the Company's estimated effective blended U.S. federal and state income tax rate as well as a reduction in tax rates in a foreign jurisdiction. The provision for income tax expense of $180.6 and $328.1 for the three and nine months ended September 30, 2018, respectively, primarily resulted from the application of the Company's estimated effective blended U.S. federal and state income tax rate, the Company's foreign tax rates and the tax impact of acquisitions, divestitures and tax reform.  

The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that it believes is greater than 50% likely to be realized.

The gross unrecognized income tax benefits were $24.2 and $18.0 at September 30, 2019, and December 31, 2018, respectively. It is anticipated that the amount of the unrecognized income tax benefits will change within the next 12 months; however, these changes are not expected to have a significant impact on the results of operations, cash flows or the financial position of the Company.

As of September 30, 2019, and December 31, 2018, $24.2 and $18.0, respectively, are the approximate amounts of gross unrecognized income tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods.

The Company recognizes interest and penalties related to unrecognized income tax benefits in income tax expense. Accrued interest and penalties related to uncertain tax positions totaled $5.2 and $8.7 as of September 30, 2019, and December 31, 2018, respectively.

The Company has substantially concluded all U.S. federal income tax matters for years through 2015. Substantially all material state and local, and foreign income tax matters have been concluded through 2014.

The Company has various state and foreign income tax examinations ongoing throughout the year. The Company believes adequate provisions have been recorded related to all open tax years.