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Income Taxes (Tables)

12 Months Ended

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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