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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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