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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Schedule of components of the provision for income taxes attributable to continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2024 |  | 2023 |  | 2022
​ | (in millions)
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | $ | 156.2 | ​ | $ | 277.0 | ​ | $ | 418.9
State | ​ | 39.9 | ​ | ​ | 73.8 | ​ | ​ | 112.9
Foreign | ​ | 29.4 | ​ | ​ | 33.6 | ​ | ​ | 61.1
​ | ​ | 225.5 | ​ | ​ | 384.4 | ​ | ​ | 592.9
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | 31.7 | ​ | ​ | 18.0 | ​ | ​ | (3.7)
State | ​ | 5.9 | ​ | ​ | 0.3 | ​ | ​ | (2.0)
Foreign | ​ | (1.2) | ​ | ​ | (2.1) | ​ | ​ | (1.0)
​ | ​ | 36.4 | ​ | ​ | 16.2 | ​ | ​ | (6.7)
​ | $ | 261.9 | ​ | $ | 400.6 | ​ | $ | 586.2
Components of U.S. and international income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2024 |  | 2023 |  | 2022
​ | (in millions)
U.S. | $ | 1,021.3 | ​ | $ | 1,579.4 | ​ | $ | 2,199.2
International | ​ | 118.6 | ​ | ​ | 161.3 | ​ | ​ | 231.2
Income before income taxes | $ | 1,139.9 | ​ | $ | 1,740.7 | ​ | $ | 2,430.4
Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2024 | ​ |  | 2023 | ​ |  | 2022 | ​
Income tax at U.S. federal statutory tax rate | ​ | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
State income tax, net of federal tax effect | ​ | 3.1 | ​ | ​ | 3.4 | ​ | ​ | 3.5 | ​
Foreign earnings taxed at higher (lower) rates | ​ | 0.3 | ​ | ​ | (0.1) | ​ | ​ | 0.5 | ​
Net effect of life insurance policies | ​ | (1.6) | ​ | ​ | (1.1) | ​ | ​ | (0.6) | ​
Other, net | ​ | 0.2 | ​ | ​ | (0.2) | ​ | ​ | (0.3) | ​
Effective tax rate | ​ | 23.0 | % | ​ | 23.0 | % | ​ | 24.1 | %
Schedule of components of the Company's deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31,
​ | ​ | ​ |  | 2024 |  | 2023
​ | ​ | ​ | ​ | (in millions)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | ​ | ​ | $ | 6.5 | ​ | $ | 6.8
Inventory costs capitalized for tax purposes | ​ | ​ | ​ | ​ | 13.1 | ​ | ​ | 13.1
Accrued expenses not currently deductible for tax | ​ | ​ | ​ | ​ | 33.0 | ​ | ​ | 32.0
Stock-based compensation | ​ | ​ | ​ | ​ | 10.4 | ​ | ​ | 12.7
Net operating loss carryforwards | ​ | ​ | ​ | ​ | 1.5 | ​ | ​ | 2.5
Tax credits carryforwards | ​ | ​ | ​ | ​ | 0.4 | ​ | ​ | 0.4
Total deferred tax assets | ​ | ​ | ​ | ​ | 64.9 | ​ | ​ | 67.5
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment, net | ​ | ​ | ​ | ​ | (224.3) | ​ | ​ | (208.4)
Goodwill and other intangible assets | ​ | ​ | ​ | ​ | (351.9) | ​ | ​ | (342.8)
LIFO inventories | ​ | ​ | ​ | ​ | (20.7) | ​ | ​ | (6.3)
Other | ​ | ​ | ​ | ​ | (5.5) | ​ | ​ | (4.0)
Total deferred tax liabilities | ​ | ​ | ​ | ​ | (602.4) | ​ | ​ | (561.5)
Net deferred tax liabilities | ​ | ​ | ​ | $ | (537.5) | ​ | $ | (494.0)
Schedule of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2024 |  | 2023 |  | 2022
​ | (in millions)
Unrecognized tax benefits at January 1 | $ | 1.2 | ​ | $ | 1.4 | ​ | $ | 1.9
Increases (decreases) in tax positions for prior years | ​ | 0.2 | ​ | ​ | (0.2) | ​ | ​ | 0.8
Increases in tax positions for current year | ​ | — | ​ | ​ | 0.6 | ​ | ​ | —
Settlements | ​ | — | ​ | ​ | (0.2) | ​ | ​ | (0.8)
Lapse of statute of limitations | ​ | (0.5) | ​ | ​ | (0.4) | ​ | ​ | (0.5)
Unrecognized tax benefits at December 31 | $ | 0.9 | ​ | $ | 1.2 | ​ | $ | 1.4

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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