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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations | Income taxes have been based on the following components of earnings before provision for income taxes and discontinued operations in the consolidated statements of earnings:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 1,127,389 |  |  | $ | 608,423 |  |  | $ | 634,494 |
Foreign | 629,627 |  |  | 514,577 |  |  | 555,709 |
Total | $ | 1,757,016 |  |  | $ | 1,123,000 |  |  | $ | 1,190,203 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) related to continuing operations for the years ended December 31, 2024, 2023 and 2022 is comprised of the following:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
U.S. federal | $ | 233,348 |  |  | $ | 114,195 |  |  | $ | 87,950 |
State and local | 47,199 |  |  | 13,930 |  |  | (1,570) |
Foreign | 168,151 |  |  | 143,216 |  |  | 140,696 |
Total current | 448,698 |  |  | 271,341 |  |  | 227,076 |
Deferred: |  |  |  |  |
U.S. federal | (35,304) |  |  | (28,471) |  |  | (4,760) |
State and local | (12,362) |  |  | 4,047 |  |  | 303 |
Foreign | (43,984) |  |  | (67,781) |  |  | (22,328) |
Total deferred | (91,650) |  |  | (92,205) |  |  | (26,785) |
Provision for income taxes | $ | 357,048 |  |  | $ | 179,136 |  |  | $ | 200,291 |
Schedule of Effective Income Tax Rate Reconciliation | Differences between the effective income tax rate and the U.S. federal income statutory tax rate are as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local taxes, net of federal income tax benefit | 1.0 |  |  | 1.5 |  |  | 1.5 |
Foreign operations tax effect | 0.6 |  |  | 0.5 |  |  | 0.2 |
Foreign-derived intangible income | (1.0) |  |  | (1.5) |  |  | (1.4) |
Share awards | (0.3) |  |  | (0.4) |  |  | (0.2) |
Withholding tax | 0.1 |  |  | 2.7 |  |  | 0.2 |
Change in valuation allowance | (0.4) |  |  | (6.2) |  |  | (0.8) |
Dispositions | 0.6 |  |  | — |  |  | — |
Tax credits | (0.4) |  |  | (0.6) |  |  | (0.5) |
Audit resolutions | (0.2) |  |  | (0.7) |  |  | (3.5) |
Other | (0.7) |  |  | (0.3) |  |  | 0.3 |
Effective tax rate | 20.3 | % |  | 16.0 | % |  | 16.8 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:
| December 31, 2024 |  | December 31, 2023
Deferred Tax Assets: |  |  |
Accrued compensation, postretirement and other employee benefits | $ | 45,145 |  |  | $ | 46,068 |
Accrued expenses | 17,218 |  |  | 20,154 |
Net operating loss and other carryforwards | 311,043 |  |  | 326,437 |
Inventories | 31,583 |  |  | 28,729 |
Allowance for credit losses | 8,428 |  |  | 7,679 |
Accrued insurance | 2,340 |  |  | 4,574 |
Long-term liabilities, warranty and environmental costs | 6,818 |  |  | 1,864 |
Lease obligations | 51,837 |  |  | 55,634 |
Capitalized research and development | 68,240 |  |  | 54,397 |
Total gross deferred tax assets | 542,652 |  |  | 545,536 |
Valuation allowance | (198,082) |  |  | (209,931) |
Total deferred tax assets, net of valuation allowances | $ | 344,570 |  |  | $ | 335,605 |
Deferred Tax Liabilities: |  |  |
Intangible assets | $ | (440,946) |  |  | $ | (405,504) |
Property, plant and equipment | (69,920) |  |  | (78,668) |
Lease right-of-use assets | (48,088) |  |  | (52,769) |
Other liabilities | (21,250) |  |  | (34,642) |
Total deferred tax liabilities | (580,204) |  |  | (571,583) |
Net deferred tax liability | $ | (235,634) |  |  | $ | (235,978) |
Classified as follows in the Consolidated Balance Sheets: |  |  |
Other assets and deferred charges | $ | 116,372 |  |  | $ | 110,405 |
Deferred income taxes | (352,006) |  |  | (346,383) |
| $ | (235,634) |  |  | $ | (235,978) |
Summary of Valuation Allowance | The following table is a reconciliation of the beginning and ending balances of the Company's valuation allowance on deferred tax assets:
| Total
Balance at January 1, 2022 | $ | 306,066 |
Additions | 4,960 |
Reductions | (39,823) |
Balance at December 31, 2022 | 271,203 |
Additions | 31,388 |
Reductions | (92,660) |
Balance at December 31, 2023 | 209,931 |
Additions | 27,192 |
Reductions | (39,041) |
Balance at December 31, 2024 | $ | 198,082 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table is a reconciliation of the beginning and ending balances of the Company's unrecognized tax benefits:
|  |  |  |  | Total
Unrecognized tax benefits at January 1, 2022 |  |  |  |  | $ | 64,652 |
Additions based on tax positions related to the current year |  |  |  |  | 3,315 |
Additions for tax positions of prior years |  |  |  |  | 3,421 |
Reductions for tax positions of prior years |  |  |  |  | (39,439) |
Cash settlements |  |  |  |  | (411) |
Lapse of statutes |  |  |  |  | (3,352) |
Unrecognized tax benefits at December 31, 2022 |  |  |  |  | 28,186 |
Additions based on tax positions related to the current year |  |  |  |  | 1,235 |
Additions for tax positions of prior years |  |  |  |  | 2,223 |
Reductions for tax positions of prior years |  |  |  |  | (3,361) |
Cash settlements |  |  |  |  | (1,791) |
Lapse of statutes |  |  |  |  | (3,983) |
Unrecognized tax benefits at December 31, 2023 |  |  |  |  | 22,509 |
Additions based on tax positions related to the current year |  |  |  |  | 33,688 |
Additions for tax positions of prior years |  |  |  |  | 507 |
Reductions for tax positions of prior years |  |  |  |  | (337) |
Cash settlements |  |  |  |  | (2,307) |
Lapse of statutes |  |  |  |  | (4,314) |
Unrecognized tax benefits at December 31, 2024 |  |  |  |  | $ | 49,746 |
If recognized, the net amount of potential tax benefits as of December 31, 2024 that would impact the Company's effective tax rate is $42,913. During the years ended December 31, 2024, 2023 and 2022, the Company recorded income of $617, $1,378 and $8,931, respectively, as a component of provision for income taxes related to the accrued interest and penalties on net reductions to unrecognized tax benefits. The Company had accrued interest and penalties of $4,181 at December 31, 2024 and $4,798 at December 31, 2023, which are not included in the unrecognized tax benefits table above.

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