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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Pre-tax Income Attributable to Operating Segments | The following sets forth the amount of income before income taxes attributable to each of the Company's geographies for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Income before income taxes: |  |  |  |  |
United States | $ | 288.5 |  |  | $ | 382.5 |  |  | $ | 602.5 |
Rest of the world | 185.6 |  |  | 194.7 |  |  | 221.5 |
| $ | 474.1 |  |  | $ | 577.2 |  |  | $ | 824.0 |
Reconciliation of Statutory Tax Rate to Effective Tax Rate | The Company's effective income tax provision differs from the amount calculated using the statutory U.S. federal income tax rate, principally due to the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
(dollars in millions) | Amount |  | Percentage of Income Before Income Taxes |  | Amount |  | Percentage of Income Before Income Taxes |  | Amount |  | Percentage of Income Before Income Taxes
Statutory U.S. federal income tax | $ | 99.6 |  |  | 21.0 | % |  | $ | 121.2 |  |  | 21.0 | % |  | $ | 172.9 |  |  | 21.0 | %
State income taxes, net of federal benefit | 9.1 |  |  | 1.9 | % |  | 12.5 |  |  | 2.2 | % |  | 21.0 |  |  | 2.6 | %
Foreign tax differential | 5.8 |  |  | 1.2 | % |  | 2.9 |  |  | 0.5 | % |  | 4.6 |  |  | 0.6 | %
Change in valuation allowances | 6.4 |  |  | 1.4 | % |  | 1.3 |  |  | 0.2 | % |  | 4.9 |  |  | 0.6 | %
Uncertain tax positions and interest | (0.8) |  |  | (0.2) | % |  | (19.2) |  |  | (3.3) | % |  | 6.5 |  |  | 0.8 | %
Global Intangible Low-Taxed Income ("GILTI") | 2.7 |  |  | 0.6 | % |  | 3.2 |  |  | 0.5 | % |  | 1.5 |  |  | 0.2 | %
Expiration of foreign tax credits | 10.6 |  |  | 2.2 | % |  | 1.6 |  |  | 0.3 | % |  | — |  |  | — | %
Stock compensation | (7.8) |  |  | (1.6) | % |  | (13.8) |  |  | (2.4) | % |  | (8.1) |  |  | (1.0) | %
Nondeductible compensation | 12.7 |  |  | 2.7 | % |  | 14.6 |  |  | 2.5 | % |  | 5.1 |  |  | 0.6 | %
Danish Tax Matter | (13.7) |  |  | (2.9) | % |  | — |  |  | — | % |  | — |  |  | — | %
Notional interest deduction | (14.0) |  |  | (3.0) | % |  | — |  |  | — | % |  | — |  |  | — | %
Permanent and other | (7.2) |  |  | (1.5) | % |  | (5.3) |  |  | (0.9) | % |  | (10.1) |  |  | (1.3) | %
Effective income tax provision | $ | 103.4 |  |  | 21.8 | % |  | $ | 119.0 |  |  | 20.6 | % |  | $ | 198.3 |  |  | 24.1 | %
Summary of Tax Provision | The income tax provision consisted of the following:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Current provision |  |  |  |  |
Federal | $ | 47.2 |  |  | $ | 85.0 |  |  | $ | 109.9 |
State | 15.9 |  |  | 18.3 |  |  | 24.5 |
Foreign | 32.0 |  |  | 26.2 |  |  | 52.8 |
Total current | $ | 95.1 |  |  | $ | 129.5 |  |  | $ | 187.2 |
Deferred provision |  |  |  |  |
Federal | $ | 6.3 |  |  | $ | (7.7) |  |  | $ | 11.6 |
State | 2.0 |  |  | (2.3) |  |  | 0.4 |
Foreign | — |  |  | (0.5) |  |  | (0.9) |
Total deferred | 8.3 |  |  | (10.5) |  |  | 11.1 |
Total income tax provision | $ | 103.4 |  |  | $ | 119.0 |  |  | $ | 198.3 |
Deferred Tax Assets and Liabilities Recognized in the Consolidated Balance Sheets | The net deferred tax assets and liabilities recognized in the accompanying Consolidated Balance Sheets, determined using the income tax rate applicable to each period in which those items will reverse, consist of the following:
| December 31,
(in millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Stock-based compensation | $ | 28.8 |  |  | $ | 31.8 |
Operating lease obligations | 180.6 |  |  | 147.5 |
Accrued expenses and other | 64.0 |  |  | 64.1 |
Net operating losses, foreign tax credits and other tax attribute carryforwards | 42.1 |  |  | 58.0 |
Inventories | 10.6 |  |  | 10.3 |
Transaction costs | 16.5 |  |  | 4.3 |
Property, plant and equipment | 9.9 |  |  | 9.7 |
Total deferred tax assets | 352.5 |  |  | 325.7 |
Valuation allowances | (49.5) |  |  | (42.3) |
Total net deferred tax assets | $ | 303.0 |  |  | $ | 283.4 |
Deferred tax liabilities: |  |  |
Intangible assets | $ | (174.3) |  |  | $ | (174.0) |
Operating lease right-of-use assets | (164.5) |  |  | (132.0) |
Property, plant and equipment | (56.6) |  |  | (60.0) |
Accrued expenses and other | (19.9) |  |  | (20.1) |
Total deferred tax liabilities | (415.3) |  |  | (386.1) |
Net deferred tax liabilities | $ | (112.3) |  |  | $ | (102.7) |
Summary of Operating Loss and Tax Credit Carryforwards | Included in the calculation of the Company's deferred tax assets are the following gross income tax attributes available at December 31, 2023 and 2022, respectively:
(in millions) | 2023 |  | 2022
State net operating losses ("SNOLs") | $ | 134.0 |  |  | $ | 103.8 |
U.S. federal foreign tax credits ("FTCs") | — |  |  | 10.6 |
U.S. state income tax credits ("SITCs") | 3.2 |  |  | 3.7 |
Foreign net operating losses ("FNOLs") | 49.8 |  |  | 63.6 |
Notional interest deduction ("NID") | 40.0 |  |  | — |
State charitable contribution carryover ("SCCCs") | 0.7 |  |  | 0.9 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) |
Balance as of December 31, 2021 | $ | 45.3 |
Additions based on tax positions related to 2022 | 0.3 |
Additions for tax positions of prior years | 0.2 |
Expiration of statutes of limitations | (1.9) |
Reduction for tax positions of prior years | (4.9) |
Settlements of uncertain tax positions with tax authorities | — |
Balance as of December 31, 2022 | $ | 39.0 |
Additions based on tax positions related to 2023 | — |
Additions for tax positions of prior years | — |
Expiration of statutes of limitations | (0.2) |
Reduction for tax positions of prior years | (0.3) |
Settlements of uncertain tax positions with tax authorities | (34.0) |
Balance as of December 31, 2023 | $ | 4.5 |

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