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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes | Earnings from continuing operations before income taxes for the years ended December 31 were as follows ($ in millions):
| 2023 |  | 2022 |  | 2021
United States | $ | 698.2 |  |  | $ | 587.7 |  |  | $ | 367.4 |
International | 292.6 |  |  | 285.8 |  |  | 310.1 |
Total | $ | 990.8 |  |  | $ | 873.5 |  |  | $ | 677.5 |
Schedule of Provision For Income Taxes | The continuing operations provision for income taxes for the years ended December 31 were as follows ($ in millions):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal U.S. | $ | 108.8 |  |  | $ | 75.4 |  |  | $ | 21.5 |
Non-U.S. | 97.3 |  |  | 85.3 |  |  | 75.0 |
State and local | 23.0 |  |  | 19.7 |  |  | 7.8 |
Deferred: |  |  |  |  |
Federal U.S. | (72.0) |  |  | (32.8) |  |  | (21.9) |
Non-U.S. | (23.3) |  |  | 8.6 |  |  | (16.9) |
State and local | (8.8) |  |  | (37.9) |  |  | (2.2) |
Income tax provision | $ | 125.0 |  |  | $ | 118.3 |  |  | $ | 63.3 |
Schedule of Effective Income Tax Rate Reconciliation | The continuing operations effective income tax rate for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows:
| Percentage of Pretax Earnings
| 2023 |  | 2022 |  | 2021
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |
State income taxes (net of federal income tax benefit) | 0.9 | % |  | (1.8) | % |  | 0.9 | %
Foreign income taxed at different rates than U.S. statutory rate | (0.1) | % |  | 0.1 | % |  | (4.4) | %
U.S. federal permanent differences related to the TCJA | (7.7) | % |  | (7.0) | % |  | (5.6) | %
Effect of change in tax rates enacted in the current period | (2.6) | % |  | 0.3 | % |  | (0.1) | %
Changes in valuation allowances | 1.7 | % |  | 1.8 | % |  | — | %
Other | (0.6) | % |  | (0.9) | % |  | (0.5) | %
Effective income tax rate before adjustments related to the unrealized gain on the Retained Vontier Shares | 12.6 | % |  | 13.5 | % |  | 11.3 | %
Adjustment for the unrealized gain on the Retained Vontier Shares | — | % |  | — | % |  | (2.0) | %
Effective income tax rate after adjustments related to the unrealized gain on the Retained Vontier Shares | 12.6 | % |  | 13.5 | % |  | 9.3 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities from continuing operations as of December 31 were as follows ($ in millions):
| 2023 |  | 2022
Deferred Tax Assets: |  |  |
Operating lease liabilities | $ | 38.7 |  |  | $ | 39.1 |
Inventories | 14.8 |  |  | 10.4 |
Pension benefits | 27.2 |  |  | 24.4 |
Stock-based compensation expense | 36.2 |  |  | 34.2 |
Capitalized expenses | 233.3 |  |  | 190.7 |
Tax credit and loss carryforwards | 377.7 |  |  | 168.5 |
Accruals, prepayments, and other | 79.1 |  |  | 39.4 |
Valuation allowances | (282.4) |  |  | (74.6) |
Total deferred tax assets | $ | 524.6 |  |  | $ | 432.1 |
Deferred Tax Liabilities: |  |  |
Property, plant and equipment | $ | (36.8) |  |  | $ | (42.9) |
Operating lease right-of-use assets | (36.0) |  |  | (36.8) |
Insurance, including self-insurance | (211.9) |  |  | (205.0) |
Goodwill, other intangibles, and other | (748.7) |  |  | (779.7) |
Total deferred tax liabilities | (1,033.4) |  |  | (1,064.4) |
Net deferred tax liability | $ | (508.8) |  |  | $ | (632.3) |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties, is as follows ($ in millions):
| 2023 |  | 2022 |  | 2021
Unrecognized tax benefits, beginning of year | $ | 178.2 |  |  | $ | 193.0 |  |  | $ | 200.1 |
Additions based on tax positions related to the current year | 21.6 |  |  | 6.2 |  |  | 7.9 |
Additions for tax positions of prior years | 13.5 |  |  | 11.2 |  |  | 3.4 |
Reductions for tax positions of prior years | (3.0) |  |  | (6.3) |  |  | (1.4) |
Lapse of statute of limitations | (33.0) |  |  | (24.4) |  |  | (15.6) |
Settlements | (2.2) |  |  | — |  |  | (0.2) |
Effect of foreign currency translation | — |  |  | (1.5) |  |  | (1.2) |
Acquisition related adjustments | 1.0 |  |  | — |  |  | — |
Unrecognized tax benefits, end of year | $ | 176.1 |  |  | $ | 178.2 |  |  | $ | 193.0 |

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