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Income Taxes (Tables)

12 Months Ended

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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