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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Earnings Before Income Taxes and Provision for Income Taxes | Significant components of earnings before income taxes and the provision for income taxes are as follows (in millions):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Earnings before income taxes: |  |  |  |  |  |  |  |  |
United States |  | $ | 972.1 |  |  | $ | 605.0 |  |  | $ | 781.6 |
Foreign, principally Australia, Canada, New Zealand and the U.K. |  |  | 902.7 |  |  |  | 580.1 |  |  |  | 545.4 |
Total earnings before income taxes |  | $ | 1,874.8 |  |  | $ | 1,185.1 |  |  | $ | 1,327.0 |
Provision for income taxes: |  |  |  |  |  |  |  |  |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 38.0 |  |  | $ | (21.4 | ) |  | $ | 109.1 |
Deferred |  |  | 112.1 |  |  |  | 112.9 |  |  |  | (3.5 | )
|  |  | 150.1 |  |  |  | 91.5 |  |  |  | 105.6 |
State and local: |  |  |  |  |  |  |  |  |
Current |  |  | 53.3 |  |  |  | (15.4 | ) |  |  | 114.3 |
Deferred |  |  | (1.3 | ) |  |  | 43.0 |  |  |  | (83.5 | )
|  |  | 52.0 |  |  |  | 27.6 |  |  |  | 30.8 |
Foreign: |  |  |  |  |  |  |  |  |
Current |  |  | 194.3 |  |  |  | 212.8 |  |  |  | 196.6 |
Deferred |  |  | 8.0 |  |  |  | (112.8 | ) |  |  | (122.0 | )
|  |  | 202.3 |  |  |  | 100.0 |  |  |  | 74.6 |
Total provision for income taxes |  | $ | 404.4 |  |  | $ | 219.1 |  |  | $ | 211.0 |
Reconciliation of Provision for Income Taxes with Federal Statutory Income Tax Rate | A reconciliation of the provision for income taxes with the U.S. federal statutory income tax rate is as follows (in millions, except percentages):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | % of Pretax Earnings |  |  | Amount |  |  | % of Pretax Earnings |  |  | Amount |  |  | % of Pretax Earnings |
Federal statutory rate |  | $ | 393.7 |  |  |  | 21.0 |  |  | $ | 248.9 |  |  |  | 21.0 |  |  | $ | 278.7 |  |  |  | 21.0 |
State income taxes - net of federal benefit |  |  | 61.0 |  |  |  | 3.3 |  |  |  | 49.7 |  |  |  | 4.2 |  |  |  | 32.9 |  |  |  | 2.5 |
Differences related to non U.S. operations |  |  | (13.8 | ) |  |  | (0.7 | ) |  |  | (20.6 | ) |  |  | (1.7 | ) |  |  | (31.9 | ) |  |  | (2.4 | )
Alternative energy and other tax credits |  |  | (8.9 | ) |  |  | (0.5 | ) |  |  | (7.9 | ) |  |  | (0.7 | ) |  |  | (6.9 | ) |  |  | (0.5 | )
Other permanent differences |  |  | 42.6 |  |  |  | 2.3 |  |  |  | 27.6 |  |  |  | 2.3 |  |  |  | 22.5 |  |  |  | 1.7 |
Stock-based compensation |  |  | (88.9 | ) |  |  | (4.7 | ) |  |  | (76.1 | ) |  |  | (6.4 | ) |  |  | (59.3 | ) |  |  | (4.5 | )
Changes in unrecognized tax benefits |  |  | 7.4 |  |  |  | 0.4 |  |  |  | 11.9 |  |  |  | 1.0 |  |  |  | 4.0 |  |  |  | 0.3 |
Change in valuation allowance |  |  | 10.0 |  |  |  | 0.5 |  |  |  | 3.9 |  |  |  | 0.3 |  |  |  | 15.5 |  |  |  | 1.2 |
Change in tax rates |  |  | 1.3 |  |  |  | — |  |  |  | (18.3 | ) |  |  | (1.5 | ) |  |  | (44.5 | ) |  |  | (3.4 | )
Provision for income taxes |  | $ | 404.4 |  |  |  | 21.6 |  |  | $ | 219.1 |  |  |  | 18.5 |  |  | $ | 211.0 |  |  |  | 15.9 |
Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in millions):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Gross unrecognized tax benefits at January 1 |  | $ | 25.3 |  |  | $ | 13.4 |
Increases in tax positions for current year |  |  | 1.2 |  |  |  | 14.6 |
Settlements |  |  | (2.6 | ) |  |  | (2.9 | )
Lapse in statute of limitations |  |  | (5.5 | ) |  |  | (3.4 | )
Increases in tax positions for prior years |  |  | 17.0 |  |  |  | 3.6 |
Decreases in tax positions for prior years |  |  | (10.2 | ) |  |  | — |
Gross unrecognized tax benefits at December 31 |  | $ | 25.2 |  |  | $ | 25.3 |
Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows (in millions):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Alternative minimum tax and other credit carryforwards |  | $ | 768.9 |  |  | $ | 867.3 |
Accrued and unfunded compensation and employee benefits |  |  | 431.5 |  |  |  | 364.4 |
Amortizable intangible assets |  |  | 94.7 |  |  |  | 122.9 |
Compensation expense related to stock options |  |  | 21.9 |  |  |  | 18.3 |
Accrued liabilities |  |  | 125.9 |  |  |  | 129.9 |
Investments |  |  | 1.9 |  |  |  | 1.2 |
Net operating loss carryforwards |  |  | 162.7 |  |  |  | 172.7 |
Capital loss carryforwards |  |  | 8.4 |  |  |  | 8.5 |
Other tax attributes |  |  | 1.9 |  |  |  | 34.7 |
Depreciable fixed assets |  |  | 22.0 |  |  |  | 13.2 |
Lease liabilities |  |  | 106.4 |  |  |  | 103.4 |
Capitalized indirect property costs |  |  | 0.2 |  |  |  | 0.2 |
Revenue recognition |  |  | 4.6 |  |  |  | 42.1 |
Other |  |  | 5.2 |  |  |  | 10.1 |
Total deferred tax assets |  |  | 1,756.2 |  |  |  | 1,888.9 |
Valuation allowance for deferred tax assets |  |  | (176.5 | ) |  |  | (195.8 | )
Deferred tax assets |  |  | 1,579.7 |  |  |  | 1,693.1 |
Deferred tax liabilities: |  |  |  |  |  |
Nondeductible amortizable intangible assets |  |  | 564.8 |  |  |  | 531.7 |
Accrued pension liability |  |  | 8.6 |  |  |  | 1.7 |
Investment-related partnerships |  |  | 4.2 |  |  |  | 6.5 |
Right-of-use assets |  |  | 97.1 |  |  |  | 95.0 |
Hedging instruments |  |  | 35.7 |  |  |  | 38.2 |
Other prepaid items |  |  | 16.4 |  |  |  | 17.4 |
Total deferred tax liabilities |  |  | 726.8 |  |  |  | 690.5 |
Net deferred tax assets |  | $ | 852.9 |  |  | $ | 1,002.6 |

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