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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax | Pretax income for 2024, 2023 and 2022 was taxed in the following jurisdictions:
| 2024 |  | 2023 |  | 2022
U.S. | $ | 377.9 |  |  | $ | 534.1 |  |  | $ | 516.5 |
Foreign | 261.4 |  |  | 226.2 |  |  | 232.9 |
Total | $ | 639.3 |  |  | $ | 760.3 |  |  | $ | 749.4 |
Schedule of Provision Benefit for Income Taxes | The provision (benefit) for income taxes for 2024, 2023 and 2022 was as follows:
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
U.S. | $ | 69.0 |  |  | $ | 103.8 |  |  | $ | 102.8 |
State and local | 11.6 |  |  | 13.7 |  |  | 14.5 |
Foreign | 73.5 |  |  | 61.9 |  |  | 63.9 |
Total current | 154.1 |  |  | 179.4 |  |  | 181.2 |
Deferred |  |  |  |  |
U.S. | (2.6) |  |  | (11.1) |  |  | (12.2) |
State and local | (2.1) |  |  | 1.7 |  |  | (1.0) |
Foreign | (14.7) |  |  | (5.3) |  |  | (5.3) |
Total deferred | (19.4) |  |  | (14.7) |  |  | (18.5) |
Total provision for income taxes | $ | 134.7 |  |  | $ | 164.7 |  |  | $ | 162.7 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) at December 31, 2024 and 2023 were:
| December 31, 2024 |  | December 31, 2023
Allowances and accruals | $ | 21.7 |  |  | $ | 18.8 |
Employee and retiree benefit plans | 19.4 |  |  | 20.9 |
Inventories | 13.9 |  |  | 10.8 |
Foreign tax credit and other carryforwards | 20.8 |  |  | 14.8 |
Lease liabilities | 26.4 |  |  | 25.8 |
Right of use assets | (25.1) |  |  | (24.7) |
Depreciation and amortization | (311.6) |  |  | (322.1) |
Taxes on undistributed foreign earnings | (14.9) |  |  | (21.0) |
Other | 1.0 |  |  | 0.7 |
Total gross deferred tax liabilities | (248.4) |  |  | (276.0) |
Valuation allowance | (17.3) |  |  | (14.4) |
Total deferred tax liabilities, net of valuation allowances | $ | (265.7) |  |  | $ | (290.4) |
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, 2024 and 2023 were:
| December 31, 2024 |  | December 31, 2023
Noncurrent deferred tax asset - Other noncurrent assets | $ | 1.5 |  |  | $ | 1.5 |
Noncurrent deferred tax liabilities - Deferred income taxes | (267.2) |  |  | (291.9) |
Net deferred tax liabilities | $ | (265.7) |  |  | $ | (290.4) |
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 2024, 2023 and 2022 are shown in the following table:
| 2024 |  | 2023 |  | 2022
Pretax income | $ | 639.3 |  |  |  |  | $ | 760.3 |  |  |  |  | $ | 749.4 |  |  |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |
Computed amount at statutory rate of 21% | $ | 134.2 |  |  | 21.0 | % |  | $ | 159.7 |  |  | 21.0 | % |  | $ | 157.4 |  |  | 21.0 | %
State and local income tax, net of federal tax benefit | 7.3 |  |  | 1.1 | % |  | 12.6 |  |  | 1.7 | % |  | 11.4 |  |  | 1.5 | %
Taxes on non-U.S. earnings, net of foreign tax credits | 6.3 |  |  | 1.0 | % |  | 10.8 |  |  | 1.4 | % |  | 12.4 |  |  | 1.7 | %
Global Intangible Low-Taxed Income | — |  |  | — | % |  | — |  |  | — | % |  | 2.0 |  |  | 0.3 | %
Foreign-Derived Intangible Income Deduction | (9.7) |  |  | (1.5 | %) |  | (11.3) |  |  | (1.5 | %) |  | (11.9) |  |  | (1.6 | %)
Share-based payments | (0.7) |  |  | (0.1 | %) |  | (2.0) |  |  | (0.3 | %) |  | (2.6) |  |  | (0.4 | %)
Other | (2.7) |  |  | (0.4 | %) |  | (5.1) |  |  | (0.6 | %) |  | (6.0) |  |  | (0.8 | %)
Total provision for income taxes | $ | 134.7 |  |  | 21.1 | % |  | $ | 164.7 |  |  | 21.7 | % |  | $ | 162.7 |  |  | 21.7 | %

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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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