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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table sets forth the components of income before income taxes by jurisdiction:

			Year Ended December 31,
			2023						2022						2021
									(In millions)
United States			$	739.4					$	859.4					$	396.8
Foreign			252.6						277.3						185.1
Income before income taxes			$	992.0					$	1,136.7					$	581.9

Schedule of Components of Income Tax Expense

The following table sets forth the components of the provision for income taxes:

			Year Ended December 31,
			2023						2022						2021
									(In millions)
Current income taxes:
Federal			$	124.8					$	166.1					$	107.9
State			34.6						43.0						30.2
Foreign			74.4						66.7						55.7
Total current income taxes			233.8						275.8						193.8
Deferred income taxes:
Federal			(1.0)						(7.5)						(62.3)
State			2.7						0.7						(12.3)
Foreign			(9.6)						5.6						(3.7)
Total deferred income taxes			(7.9)						(1.2)						(78.3)
Provision for income taxes			$	225.9					$	274.5					$	115.5

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation between the federal statutory income tax rate and the effective tax rate:

			Year Ended December 31,
			2023						2022						2021
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit			3.0						3.1						2.0
Tax effect of intercompany financing			(0.9)						(1.2)						(3.2)
Unrecognized tax benefits			—						0.3						2.5
Nondeductible expenses			—						0.3						0.6
Change in valuation allowance			(0.9)						(0.9)						(2.8)
Effect of cross-border tax laws			1.4						1.4						(1.1)
Other			(0.8)						0.2						0.9
Effective tax rate			22.8		%				24.2		%				19.9		%

On August 16, 2022, the Inflation Reduction Act of 2022 was enacted into U.S. law, which includes implementation of a new corporate alternative minimum tax (“CAMT”), among other provisions. The CAMT imposes a minimum tax of 15% on the adjusted financial statement income (“AFSI”) of certain corporations with average annual AFSI over a three-year period in excess of $1 billion, so-called “applicable corporations”. CAMT is effective for tax years beginning after December 31, 2022. The Company was not subject to CAMT in 2023 and does not expect to be subject to it in 2024.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth deferred tax assets and liabilities:

			As of December 31,
			2023												2022
									(In millions)
			Assets						Liabilities						Assets						Liabilities
Accounts receivable			$	23.3					$	—					$	21.0					$	—
Inventories			45.9						—						23.9						—
Depreciation of property, buildings and equipment			—						41.0						—						46.9
Operating leases			201.8						192.0						169.3						165.2
Amortization of intangible assets			—						564.5						—						575.4
Employee benefits			21.5						—						36.5						—
Stock-based compensation			11.2						—						14.1						—
Prepaid royalty payments			—						—						14.0						—
Disallowed business interest expense			1.9						—						4.8						—
Net operating loss carryforwards			36.7						—						32.0						—
Foreign tax credit carryforwards			41.1						—						52.2						—
Other			38.3						10.3						37.3						10.5
Deferred income taxes before valuation allowance			421.7						807.8						405.1						797.9
Valuation allowance			(23.5)						—						(33.7)						—
Total deferred income taxes			$	398.2					$	807.8					$	371.4					$	797.9

Summary of Income Tax Examinations

The Company is under examination by tax authorities in various jurisdictions and remains subject to examination until the applicable statutes of limitation expire. The statutes of limitation for the material jurisdictions in which the Company files income tax returns remain open as follows:

United States — Federal						2020 and forward
United States — Material States						2017 and forward
Canada						2012 and forward
UK						2018 and forward
Australia						2018 and forward

Summary of Income Tax Contingencies

The following table sets forth the reconciliation of gross unrecognized tax benefits:

			As of December 31,
			2023						2022						2021
			(In millions)
Beginning balance January 1			$	109.3					$	107.3					$	68.1
Additions for current year tax positions			29.2						14.4						39.8
Additions for prior year tax positions			6.6						0.9						8.4
Additions for acquired tax positions			0.9						5.5						—
Reductions for prior year tax positions			(6.7)						(1.8)						(3.9)
Settlements			(2.5)						—						(0.1)
Lapse in statute of limitations			(15.8)						(14.5)						(3.8)
Foreign currency exchange rate changes			0.3						(2.6)						(1.2)
Ending balance December 31			$	121.3					$	109.3					$	107.3

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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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.

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