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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax | Pretax income for 2023, 2022 and 2021 was taxed in the following jurisdictions:
| 2023 |  | 2022 |  | 2021
U.S. | $ | 534.1 |  |  | $ | 516.5 |  |  | $ | 350.2 |
Foreign | 226.2 |  |  | 232.9 |  |  | 229.6 |
Total | $ | 760.3 |  |  | $ | 749.4 |  |  | $ | 579.8 |
Schedule of Components of Income Tax | The provision (benefit) for income taxes for 2023, 2022 and 2021 was as follows:
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
U.S. | $ | 103.8 |  |  | $ | 102.8 |  |  | $ | 64.7 |
State and local | 13.7 |  |  | 14.5 |  |  | 11.0 |
Foreign | 61.9 |  |  | 63.9 |  |  | 60.9 |
Total current | 179.4 |  |  | 181.2 |  |  | 136.6 |
Deferred |  |  |  |  |
U.S. | (11.1) |  |  | (12.2) |  |  | (4.1) |
State and local | 1.7 |  |  | (1.0) |  |  | (1.4) |
Foreign | (5.3) |  |  | (5.3) |  |  | (0.6) |
Total deferred | (14.7) |  |  | (18.5) |  |  | (6.1) |
Total provision for income taxes | $ | 164.7 |  |  | $ | 162.7 |  |  | $ | 130.5 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) at December 31, 2023 and 2022 were:
| 2023 |  | 2022
Allowances and accruals | $ | 18.8 |  |  | $ | 21.1 |
Employee and retiree benefit plans | 20.9 |  |  | 17.8 |
Inventories | 10.8 |  |  | 12.0 |
Foreign tax credit and other carryforwards | 14.8 |  |  | 15.0 |
Lease liabilities | 25.8 |  |  | 26.9 |
Right of use assets | (24.7) |  |  | (25.9) |
Depreciation and amortization | (322.1) |  |  | (301.3) |
Taxes on undistributed foreign earnings | (21.0) |  |  | (18.4) |
Other | 0.7 |  |  | 5.6 |
Total gross deferred tax (liabilities) | (276.0) |  |  | (247.2) |
Valuation allowance | (14.4) |  |  | (15.0) |
Total deferred tax (liabilities), net of valuation allowances | $ | (290.4) |  |  | $ | (262.2) |
Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets | The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 were:
| 2023 |  | 2022
Noncurrent deferred tax asset - Other noncurrent assets | $ | 1.5 |  |  | $ | 2.0 |
Noncurrent deferred tax liabilities - Deferred income taxes | (291.9) |  |  | (264.2) |
Net deferred tax liabilities | $ | (290.4) |  |  | $ | (262.2) |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount calculated by applying the statutory federal income tax rate to pretax income. The calculated amount and the differences for 2023, 2022 and 2021 are shown in the following table:
| 2023 |  | 2022 |  | 2021
Pretax income | $ | 760.3 |  |  |  |  | $ | 749.4 |  |  |  |  | $ | 579.8 |  |  |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |
Computed amount at statutory rate of 21% | $ | 159.7 |  |  | 21.0 | % |  | $ | 157.4 |  |  | 21.0 | % |  | $ | 121.8 |  |  | 21.0 | %
State and local income tax (net of federal tax benefit) | 12.6 |  |  | 1.7 | % |  | 11.4 |  |  | 1.5 | % |  | 8.0 |  |  | 1.4 | %
Taxes on non-U.S. earnings-net of foreign tax credits | 10.8 |  |  | 1.4 | % |  | 12.4 |  |  | 1.7 | % |  | 9.2 |  |  | 1.6 | %
Global Intangible Low-Taxed Income | — |  |  | — | % |  | 2.0 |  |  | 0.3 | % |  | 0.4 |  |  | 0.1 | %
Foreign-Derived Intangible Income Deduction | (11.3) |  |  | (1.5 | %) |  | (11.9) |  |  | (1.6 | %) |  | (7.5) |  |  | (1.3 | %)
Share-based payments | (2.0) |  |  | (0.3 | %) |  | (2.6) |  |  | (0.4 | %) |  | (3.5) |  |  | (0.6 | %)
Other | (5.1) |  |  | (0.6 | %) |  | (6.0) |  |  | (0.8 | %) |  | 2.1 |  |  | 0.3 | %
Total provision for income taxes | $ | 164.7 |  |  | 21.7 | % |  | $ | 162.7 |  |  | 21.7 | % |  | $ | 130.5 |  |  | 22.5 | %
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2023, 2022 and 2021 is as follows:
| 2023 |  | 2022 |  | 2021
Beginning balance January 1 | $ | — |  |  | $ | 0.1 |  |  | $ | 1.1 |
Gross increases for tax positions of prior years | — |  |  | — |  |  | 0.1 |
Gross decreases for tax positions of prior years | — |  |  | — |  |  | (0.3) |
Settlements | — |  |  | — |  |  | (0.2) |
Lapse of statute of limitations | — |  |  | (0.1) |  |  | (0.6) |
Ending balance December 31 | $ | — |  |  | $ | — |  |  | $ | 0.1 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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