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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

		2024				2023				2022
Domestic		$	666.5			$	872.4			$	447.1
Foreign			89.8				95.0				76.2
Total		$	756.3			$	967.4			$	523.3

Schedule of U.S. Federal, State and Foreign Income Taxes

The following table summarizes the provision for U.S. federal, state and foreign income taxes:

		2024				2023				2022
Current:
U.S. federal		$	180.9			$	159.1			$	162.0
State			45.2				40.9				44.8
Foreign			26.9				25.6				20.3
			253.0				225.6				227.1
Deferred:
U.S. federal			(64.5	)			(11.3	)			(78.8	)
State			(15.7	)			(2.8	)			(38.3	)
Foreign			(1.8	)			0.3				(0.6	)
			(82.0	)			(13.8	)			(117.7	)
Total provision		$	171.0			$	211.8			$	109.4

Components of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) consist of the following at December 31, 2024 and 2023:

		2024				2023
Deferred tax assets:
Accounts receivable		$	7.4			$	10.1
Deferred compensation			51.7				50.7
Pension, postretirement and postemployment benefits			2.9				4.8
Inventory reserve			8.6				9.0
Sec 174 R&D Capitalization			59.4				41.9
Tax credit carryforwards/other tax attributes			5.1				2.6
International operating loss carryforwards			8.4				9.0
Other			8.8				9.9
Total gross deferred tax assets			152.3				138.0
Valuation allowances			(14.3	)			(9.8	)
Total deferred tax assets			138.0				128.2
Deferred tax liabilities:
Goodwill			(298.7	)			(285.7	)
Trade names and other intangibles			(415.0	)			(496.3	)
Property, plant and equipment			(85.2	)			(81.1	)
Interest rate swaps			(3.7	)			(4.1	)
Total deferred tax liabilities			(802.6	)			(867.2	)
Net deferred tax liability		$	(664.6	)		$	(739.0	)
Long term net deferred tax asset			4.6				4.1
Long term net deferred tax liability			(669.2	)			(743.1	)
Net deferred tax liability		$	(664.6	)		$	(739.0	)

Effective Tax Rate Reconciliation

The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:

		2024				2023				2022
Statutory rate			21	%			21	%			21	%
Tax that would result from use of the federal statutory rate		$	158.8			$	203.1			$	109.9
State and local income tax, net of federal effect			23.3				30.1				5.2
Varying tax rates of foreign affiliates			6.9				6.8				2.9
Valuation Allowances			2.1			0.0					(4.1	)
Stock Options Exercised			(23.0	)			(21.8	)			(5.2	)
Reserve for Uncertain Tax Position			0.3				(0.3	)			(0.9	)
Other			2.6				(6.1	)			1.6
Recorded tax expense		$	171.0			$	211.8			$	109.4
Effective tax rate			22.6	%			21.9	%			20.9	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		2024				2023				2022
Unrecognized tax benefits at January 1		$	5.1			$	5.8			$	4.7
Gross increases - tax positions in current period			0.9			0.0					2.4
Gross increases - tax positions in prior period			0.0			0.0				0.0
Gross decreases - tax positions in prior period			0.0			0.0					(0.1	)
Decreases due to settlements and payments			0.0			0.0				0.0
Lapse of statute of limitations			(0.6	)			(0.7	)			(1.2	)
Unrecognized tax benefits at December 31		$	5.4			$	5.1			$	5.8

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