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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:

			Year Ended December 31,
(in millions)			2024						2023						2022
Income before income taxes:
United States			$	279.2					$	288.5					$	382.5
Rest of the world			225.1						185.6						194.7
			$	504.3					$	474.1					$	577.2

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,
			2024												2023												2022
(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			$	105.9					21.0		%				$	99.6					21.0		%				$	121.2					21.0		%
State income taxes, net of federal benefit			12.8						2.5		%				9.1						1.9		%				12.5						2.2		%
Foreign tax differential			8.0						1.6		%				5.8						1.2		%				2.9						0.5		%
Change in valuation allowances			(0.9)						(0.2)		%				6.4						1.4		%				1.3						0.2		%
Uncertain tax positions and interest			(3.0)						(0.6)		%				(0.8)						(0.2)		%				(19.2)						(3.3)		%
Global Intangible Low-Taxed Income ("GILTI")			2.0						0.4		%				2.7						0.6		%				3.2						0.5		%
Expiration of foreign tax credits			—						—		%				10.6						2.2		%				1.6						0.3		%
Stock compensation			(9.6)						(1.9)		%				(7.8)						(1.6)		%				(13.8)						(2.4)		%
Nondeductible compensation			15.1						3.0		%				12.7						2.7		%				14.6						2.5		%
Danish Tax Matter			—						—		%				(13.7)						(2.9)		%				—						—		%
Notional interest deduction			(2.2)						(0.4)		%				(14.0)						(3.0)		%				—						—		%
Permanent and other			(9.5)						(1.9)		%				(7.2)						(1.5)		%				(5.3)						(0.9)		%
Effective income tax provision			$	118.6					23.5		%				$	103.4					21.8		%				$	119.0					20.6		%

Summary of Tax Provision

The income tax provision consisted of the following:

			Year Ended December 31,
(in millions)			2024						2023						2022
Current provision
Federal			$	71.4					$	47.2					$	85.0
State			19.5						15.9						18.3
Foreign			46.9						32.0						26.2
Total current			$	137.8					$	95.1					$	129.5
Deferred provision
Federal			$	(16.3)					$	6.3					$	(7.7)
State			(3.2)						2.0						(2.3)
Foreign			0.3						—						(0.5)
Total deferred			(19.2)						8.3						(10.5)
Total income tax provision			$	118.6					$	103.4					$	119.0

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)			2024						2023
Deferred tax assets:
Stock-based compensation			$	22.9					$	28.8
Operating lease obligations			169.2						180.6
Accrued expenses and other			61.1						64.0
Net operating losses, foreign tax credits and other tax attribute carryforwards			44.5						42.1
Inventories			16.6						10.6
Transaction costs			26.9						16.5
Property, plant and equipment			6.8						9.9
Total deferred tax assets			348.0						352.5
Valuation allowances			(48.1)						(49.5)
Total net deferred tax assets			$	299.9					$	303.0
Deferred tax liabilities:
Intangible assets			$	(171.1)					$	(174.3)
Operating lease right-of-use assets			(153.0)						(164.5)
Property, plant and equipment			(49.2)						(56.6)
Accrued expenses and other			(19.6)						(19.9)
Total deferred tax liabilities			(392.9)						(415.3)
Net deferred tax liabilities			$	(93.0)					$	(112.3)

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, 2024 and 2023, respectively:

(in millions)			2024						2023
State net operating losses ("SNOLs")			$	103.4					$	134.0
U.S. state income tax credits ("SITCs")			2.8						3.2
Foreign net operating losses ("FNOLs")			45.8						49.8
Notional interest deduction ("NID")			46.3						40.0
State charitable contribution carryover ("SCCCs")			0.6						0.7

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, 2022			$	39.0
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
Additions for tax positions of prior years			0.2
Expiration of statutes of limitations			(2.6)
Balance as of December 31, 2024			$	2.1

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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