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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision for income taxes

Our provision for income taxes consisted of the following:

						Year Ended December 31,
(in millions)						2024			2023			2022
U.S. federal:
			Current			$	34.1		88.1			81.7
			Deferred			(22.7)			(160.1)			(5.8)
						$	11.4		(72.0)			75.9
State and Local:
			Current			$	12.8		33.4			29.2
			Deferred			(5.7)			(54.6)			2.1
						$	7.1		(21.2)			31.3
International:
			Current			$	120.7		161.2			136.3
			Deferred			(6.7)			(42.3)			(42.7)
						$	114.0		118.9			93.6
Total						$	132.5		25.7			200.8

Reconciliation of reported tax expense to federal statutory tax

Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before provision for income taxes as a result of the following:

						Year Ended December 31,
($ in millions)						2024									2023									2022
Income tax expense at statutory rates						$	142.6		21.0		%				$	52.9		21.0		%				$	208.7		21.0		%
			Increase (reduction) in income taxes from:
			State and local income taxes, net of federal income tax benefit			5.4			0.8						(17.1)			(6.8)						26.8			2.7
			Nondeductible expenses			13.8			2.0						7.1			2.9						13.9			1.4
			International earnings taxed at various rates			(32.3)			(4.8)						(58.4)			(23.2)						(34.7)			(3.5)
			Valuation allowance			12.7			1.9						41.3			16.4						(4.8)			(0.5)
			Other, net			(9.7)			(1.4)						(0.1)			(0.1)						(9.1)			(0.9)
Total						$	132.5		19.5		%				$	25.7		10.2		%				$	200.8		20.2		%

Income (loss) before taxes from domestic and international sources

Our income (loss) before taxes from domestic (U.S.) and international sources is presented in the following table.

			Year Ended December 31,
(in millions)			2024			2023			2022
Domestic			$	93.4		(175.5)			447.9
International			585.9			427.4			546.3
Total			$	679.3		251.9			994.2

Tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.

			December 31,
(in millions)			2024			2023
Deferred tax assets attributable to:
Accrued expenses			$	472.3		511.3
U.S. federal and state loss and credit carryovers			66.2			55.1
Allowances for uncollectible accounts			37.5			37.6
International loss carryovers			330.6			313.0
Investments			20.4			1.6
Pension liabilities			27.9			27.7
Deferred tax assets			954.9			946.3
Less: valuation allowances			(164.9)			(172.7)
Net deferred tax assets			$	790.0		773.6
Deferred tax liabilities attributable to:
Property and equipment			$	8.4		24.8
Intangible assets			277.5			277.7
Income deferred for tax purposes			26.6			11.4
Other			4.9			7.1
Deferred tax liabilities			$	317.4		321.0
Net deferred taxes			$	472.6		452.6

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table.

(in millions)			2024			2023
Balance as of January 1,			$	71.2		75.1
Additions based on tax positions related to the current year			2.8			2.9
Increase (decrease) related to tax positions of prior years			1.6			(6.8)
Settlements with taxing authorities			(1.9)			—
Balance as of December 31,			$	73.7		71.2

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