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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Income Before Tax From U.S. and Non-U.S. Operations | Geographic sources of income before income taxes consists of the following:
(in millions) |  | 2024 |  | 2023 |  | 2022
Continuing operations: |  |  |  |  |  |
U.S. domestic |  | $ | 1,106.5 |  |  | $ | 924.1 |  |  | $ | 1,099.5 |
Foreign |  | 4.4 |  |  | 6.3 |  |  | 24.2 |
Income from continuing operations before income taxes |  | 1,110.9 |  |  | 930.4 |  |  | 1,123.7 |
Discontinued operations: |  |  |  |  |  |
U.S. domestic |  | (15.2) |  |  | (121.9) |  |  | (9.3) |
Foreign |  | 495.5 |  |  | 143.6 |  |  | 75.9 |
Income from discontinued operations before income taxes |  | 480.3 |  |  | 21.7 |  |  | 66.6 |
Total income before income taxes |  | $ | 1,591.2 |  |  | $ | 952.1 |  |  | $ | 1,190.3 |
Summary of Provision for Income Taxes From Continuing Operations | The provision for income taxes from continuing operations consists of the following:
(in millions) |  | 2024 |  | 2023 |  | 2022
Current provision: |  |  |  |  |  |
Federal and state |  | $ | 282.1 |  |  | $ | 235.2 |  |  | $ | 280.1 |
Foreign |  | 22.8 |  |  | 4.5 |  |  | 8.4 |
Total current provision |  | 304.9 |  |  | 239.7 |  |  | 288.5 |
Deferred benefit: |  |  |  |  |  |
Federal and state |  | (35.6) |  |  | (20.2) |  |  | (19.1) |
Foreign |  | (23.5) |  |  | (8.0) |  |  | (3.7) |
Total deferred benefit |  | (59.1) |  |  | (28.2) |  |  | (22.8) |
Total provision for income taxes |  | $ | 245.8 |  |  | $ | 211.5 |  |  | $ | 265.7 |
Summary of Reconciliation of Taxes from Continuing Operations Computed at the Statutory Rate to the Tax Provision | A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:
(in millions, except percentages) |  | 2024 |  | 2023 |  | 2022
Taxes at U.S. statutory rate |  | $ | 233.3 |  |  | $ | 195.4 |  |  | $ | 236.0 |
State and local taxes, net of federal income tax benefit |  | 33.8 |  |  | 31.4 |  |  | 39.5 |
Equity compensation windfall |  | (9.3) |  |  | (3.3) |  |  | (4.6) |
Tax credits |  | (9.1) |  |  | (3.3) |  |  | (3.3) |
Other, net |  | (2.9) |  |  | (8.7) |  |  | (1.9) |
Provision for income taxes |  | $ | 245.8 |  |  | $ | 211.5 |  |  | $ | 265.7 |
Effective income tax rate on continuing operations |  | 22.1 | % |  | 22.7 | % |  | 23.6 | %
Summary of Deferred Tax Assets (Liabilities) |
(in millions) |  | December 31, 2024 |  | December 31, 2023
U.S. federal tax attributes |  | $ | 37.6 |  |  | $ | 5.2 |
Deferred revenue |  | 35.9 |  |  | 32.8 |
Employee benefits |  | 30.9 |  |  | 33.6 |
Capitalized research and development costs |  | 29.4 |  |  | 20.6 |
Lease liabilities |  | 22.8 |  |  | 13.3 |
U.S. state tax attributes |  | 19.2 |  |  | 13.7 |
Non-U.S. tax attributes |  | 15.7 |  |  | 10.6 |
Warranty reserves |  | 5.1 |  |  | 5.7 |
Other, net |  | 16.6 |  |  | 14.9 |
Gross deferred assets |  | 213.2 |  |  | 150.4 |
Valuation allowances |  | (51.7) |  |  | (15.1) |
Deferred tax assets after valuation allowances |  | 161.5 |  |  | 135.3 |
Intangibles |  | (308.1) |  |  | (314.1) |
Property, plant and equipment |  | (47.7) |  |  | (46.8) |
Right of use assets |  | (21.6) |  |  | (12.2) |
Undistributed foreign earnings |  | (6.3) |  |  | (5.8) |
Gross deferred liabilities |  | (383.7) |  |  | (378.9) |
Net deferred tax liabilities |  | $ | (222.2) |  |  | $ | (243.6) |
Summary of Deferred Tax Assets and (Liabilities) Included in the Balance Sheet | Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:
(in millions) |  | December 31, 2024 |  | December 31, 2023
Other long-term assets |  | $ | 6.0 |  |  | $ | 0.7 |
Other long-term liabilities |  | (228.2) |  |  | (244.3) |
Net deferred tax liabilities |  | $ | (222.2) |  |  | $ | (243.6) |
Summary of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Before Estimated Interest and Penalties) | A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Balance as of January 1 |  | $ | 7.3 |  |  | $ | 6.4 |  |  | $ | 7.3 |
Additions based on tax positions related to current year |  | 3.1 |  |  | 3.3 |  |  | 0.9 |
Reductions due to statute of limitations |  | (0.8) |  |  | (2.7) |  |  | (1.8) |
Adjustments for tax positions of prior years |  | — |  |  | — |  |  | 0.2 |
Reductions due to settlements |  | — |  |  | (0.2) |  |  | (0.2) |
Adjustments due to foreign exchange rates |  | — |  |  | 0.5 |  |  | — |
Balance as of December 31 |  | $ | 9.6 |  |  | $ | 7.3 |  |  | $ | 6.4 |

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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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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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