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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of income tax provision (benefits) from continuing operations | The components of Interest expense, net in our Consolidated Statements of Operations were as follows (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest expense, net of capitalized interest | $ | 44.1 |  |  | $ | 56.0 |  |  | $ | 39.8 |
Less: Interest income | 5.4 |  |  | 4.3 |  |  | 1.1 |
Interest expense, net | $ | 38.7 |  |  | $ | 51.7 |  |  | $ | 38.7 |
Our provision for income taxes consisted of the following (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 158.0 |  |  | $ | 131.8 |  |  | $ | 104.0 |
State | 33.5 |  |  | 26.6 |  |  | 21.6 |
Foreign | 20.0 |  |  | 14.5 |  |  | 7.8 |
Total current | 211.5 |  |  | 172.9 |  |  | 133.4 |
Deferred: |  |  |  |  |
Federal | (19.6) |  |  | (22.2) |  |  | (13.9) |
State | (4.0) |  |  | (4.9) |  |  | (3.1) |
Foreign | (1.0) |  |  | 1.6 |  |  | 2.3 |
Total deferred | (24.6) |  |  | (25.5) |  |  | (14.7) |
Total provision for income taxes | $ | 186.9 |  |  | $ | 147.4 |  |  | $ | 118.7 |
Income from continuing operations before income taxes | Income before income taxes was comprised of the following (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 620.2 |  |  | $ | 471.4 |  |  | $ | 340.2 |
Foreign | 373.6 |  |  | 266.1 |  |  | 275.6 |
Total | $ | 993.8 |  |  | $ | 737.5 |  |  | $ | 615.8 |
Summary of difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement provision for taxes | The difference between the income tax provision computed at the statutory federal income tax rate and the financial statement Provision for income taxes is summarized as follows (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Provision at the U.S. statutory rate of 21% | $ | 208.7 |  |  | $ | 154.9 |  |  | $ | 129.3 |
Increase (reduction) in tax expense resulting from: |  |  |  |  |
State income tax, net of federal income tax benefit | 23.0 |  |  | 16.4 |  |  | 14.6 |
Tax credits, net of unrecognized tax benefits | (5.3) |  |  | (3.4) |  |  | (8.0) |
Change in unrecognized tax benefits | 0.5 |  |  | 0.4 |  |  | 0.2 |
Change in valuation allowance | — |  |  | 0.1 |  |  | — |
Foreign taxes at rates other than U.S. statutory rate | (61.1) |  |  | (40.3) |  |  | (47.4) |
Deemed inclusions | 7.6 |  |  | 6.1 |  |  | 10.0 |
Global intangible low-taxed income | 20.8 |  |  | 17.5 |  |  | 23.9 |
Change in rates from the Tax Act & other law changes | — |  |  | 0.2 |  |  | 0.1 |
Excess tax benefits from stock-based compensation | (8.0) |  |  | (5.2) |  |  | (0.6) |
Miscellaneous other | 0.7 |  |  | 0.7 |  |  | (3.4) |
Total provision for income taxes | $ | 186.9 |  |  | $ | 147.4 |  |  | $ | 118.7 |
Summary of deferred tax assets (liabilities) | Deferred tax assets (liabilities) were comprised of the following (in millions):
| As of December 31,
| 2024 |  | 2023
Gross deferred tax assets: |  |  |
Warranties | $ | 39.4 |  |  | $ | 35.9 |
Loss carryforwards (foreign, U.S. and state) | 2.7 |  |  | 10.9 |
Post-retirement and pension benefits | 4.5 |  |  | 4.7 |
Inventory reserves | 16.2 |  |  | 12.3 |
Receivables allowance | 7.4 |  |  | 6.6 |
Compensation liabilities | 6.6 |  |  | 6.2 |
Legal reserves | 14.2 |  |  | 14.2 |
Tax credits, net of federal effect | 12.3 |  |  | 12.1 |
Research and development capitalization | 55.8 |  |  | 39.7 |
Other | 11.9 |  |  | 9.0 |
Total deferred tax assets | 171.0 |  |  | 151.6 |
Valuation allowance | (10.6) |  |  | (17.8) |
Total deferred tax assets, net of valuation allowance | 160.4 |  |  | 133.8 |
Gross deferred tax liabilities: |  |  |
Depreciation | (64.4) |  |  | (61.8) |
Intangibles | (17.4) |  |  | (15.9) |
Insurance liabilities | (2.0) |  |  | (2.4) |
Other | (1.5) |  |  | (1.9) |
Total deferred tax liabilities | (85.3) |  |  | (82.0) |
Net deferred tax assets | $ | 75.1 |  |  | $ | 51.8 |

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