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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) |  | 2023 |  | 2022 |  | 2021
United States (U.S.) | ​ |  | $408.9 |  | ​ |  | $295.6 |  | ​ |  | $277.7 |
International |  | ​ | 1,346.6 | ​ | ​ | ​ | 1,047.8 | ​ | ​ | ​ | 1,136.5 | ​
Total | ​ | ​ | $1,755.5 | ​ | ​ | ​ | $1,343.4 | ​ | ​ | ​ | $1,414.2 | ​
​
Provision (benefit) for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) |  | 2023 |  | 2022 |  | 2021
U.S. federal and state | ​ |  | $137.6 | ​ | ​ | ​ | $145.7 | ​ | ​ | ​ | $30.9 |
International |  | ​ | 280.0 | ​ | ​ | ​ | 231.4 | ​ | ​ | ​ | 240.2 | ​
Total current |  | ​ | 417.6 | ​ | ​ | ​ | 377.1 | ​ | ​ | ​ | 271.1 | ​
U.S. federal and state |  | ​ | (40.1) | ​ | ​ | ​ | (78.9) | ​ | ​ | ​ | 3.6 | ​
International |  | ​ | (15.0) | ​ | ​ | ​ | (63.7) | ​ | ​ | ​ | (4.5) | ​
Total deferred |  | ​ | (55.1) | ​ | ​ | ​ | (142.6) | ​ | ​ | ​ | (0.9) | ​
Provision for income taxes | ​ | ​ | $362.5 | ​ | ​ | ​ | $234.5 | ​ | ​ | ​ | $270.2 | ​
​
Net deferred tax assets and deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31 (millions) |  | 2023 |  | 2022
Deferred tax assets | ​ |  | ​ |  | ​ |  | ​ |
Pension and post-retirement benefits | ​ | ​ | $82.1 | ​ | ​ | ​ | $87.0 | ​
Other accrued liabilities | ​ | ​ | 162.0 | ​ | ​ | ​ | 129.6 | ​
Lease liability |  |  | 135.9 | ​ | ​ |  | 109.2 | ​
Credit carryforwards | ​ | ​ | 83.7 | ​ | ​ | ​ | 97.8 | ​
Capitalization of R&D costs | ​ | ​ | 180.9 | ​ | ​ | ​ | 84.5 | ​
Loss carryforwards |  |  | 57.3 | ​ | ​ |  | 67.2 | ​
Share-based compensation |  |  | 54.5 | ​ | ​ |  | 51.2 | ​
Deferred income | ​ | ​ | 27.9 | ​ | ​ | ​ | 59.6 | ​
Other, net |  |  | 113.3 | ​ | ​ |  | 98.8 | ​
Valuation allowance |  |  | (65.7) | ​ | ​ |  | (65.2) | ​
Total deferred tax assets |  |  | 831.9 | ​ | ​ |  | 719.7 | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | ​ | (160.1) | ​ | ​ | ​ | (124.8) | ​
Intangible assets |  |  | (451.3) | ​ | ​ |  | (486.3) | ​
Property, plant and equipment |  |  | (332.3) | ​ | ​ |  | (319.7) | ​
Lease asset | ​ | ​ | (136.1) | ​ | ​ | ​ | (109.1) | ​
Financing | ​ | ​ | (32.1) | ​ | ​ | ​ | (33.5) | ​
Other, net |  |  | (18.9) | ​ | ​ |  | (43.8) | ​
Total deferred tax liabilities |  |  | (1,130.8) | ​ | ​ | ​ | (1,117.2) | ​
Net deferred tax liabilities balance | ​ | ​ | ($298.9) | ​ | ​ | ​ | ($397.5) | ​
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022 | ​ | 2021
Statutory U.S. rate | ​ | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
State income taxes, net of federal benefit | ​ | 1.4 |  | ​ | 1.3 |  | ​ | 0.6 | ​
Foreign operations | ​ | (0.5) |  | ​ | (0.8) |  | ​ | (0.6) | ​
Excess stock benefits | ​ | (0.3) | ​ | ​ | (0.4) | ​ | ​ | (2.0) | ​
R&D credit | ​ | (1.3) |  | ​ | (1.4) |  | ​ | (1.3) | ​
Foreign derived intangible income | ​ | (1.2) | ​ | ​ | (1.8) | ​ | ​ | (1.6) | ​
Change in valuation allowance | ​ | 0.5 |  | ​ | 0.7 |  | ​ | 0.5 | ​
Legal entity rationalization | ​ | 0.1 | ​ | ​ | (1.5) | ​ | ​ | - | ​
One-time transfer of intangibles | ​ | - | ​ | ​ | - | ​ | ​ | 1.8 | ​
Other, net | ​ | 0.9 |  | ​ | 0.4 |  | ​ | 0.7 | ​
Effective income tax rate | ​ | 20.6 | % | ​ | 17.5 | % | ​ | 19.1 | %
Reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) |  | 2023 |  | 2022 | ​ | 2021
Balance at beginning of year | ​ | ​ | $24.9 | ​ | ​ | ​ | $25.1 | ​ | ​ | ​ | $20.7 | ​
Additions based on tax positions related to the current year |  | ​ | 5.8 | ​ | ​ |  | 2.7 | ​ | ​ |  | 3.8 | ​
Additions for tax positions of prior years |  |  | 1.7 | ​ | ​ |  | 3.6 | ​ | ​ |  | 3.0 | ​
Current year acquisitions | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | ​ | 4.4 | ​
Reductions for tax positions of prior years |  |  | - | ​ | ​ |  | (1.5) | ​ | ​ |  | - | ​
Reductions for tax positions due to statute of limitations |  |  | (2.7) | ​ | ​ |  | (0.7) | ​ | ​ |  | (3.0) | ​
Settlements |  |  | (5.5) | ​ | ​ |  | (3.4) | ​ | ​ |  | (3.7) | ​
Foreign currency translation |  |  | - | ​ | ​ |  | (0.9) | ​ | ​ |  | (0.1) | ​
Balance at end of year | ​ | ​ | $24.2 | ​ | ​ | ​ | $24.9 | ​ | ​ | ​ | $25.1 | ​
​

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