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Income Taxes (Tables)

12 Months Ended

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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