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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
									(In millions)
United States			$	713.7					$	739.4					$	859.4
Foreign			237.3						252.6						277.3
Income before income taxes			$	951.0					$	992.0					$	1,136.7

Schedule of Components of Income Tax Expense

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

			Year Ended December 31,
			2024						2023						2022
									(In millions)
Current income taxes:
Federal			$	150.2					$	124.8					$	166.1
State			41.5						34.6						43.0
Foreign			79.8						74.4						66.7
Total current income taxes			271.5						233.8						275.8
Deferred income taxes:
Federal			(22.8)						(1.0)						(7.5)
State			(5.0)						2.7						0.7
Foreign			(12.1)						(9.6)						5.6
Total deferred income taxes			(39.9)						(7.9)						(1.2)
Provision for income taxes			$	231.6					$	225.9					$	274.5

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,
			2024						2023						2022
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit			2.9						3.0						3.1
Tax effect of intercompany financing			(1.0)						(0.9)						(1.2)
Change in valuation allowance			1.0						(0.9)						(0.9)
Tax effect of foreign income			1.0						1.1						1.6
Other			(0.5)						(0.5)						0.6
Effective tax rate			24.4		%				22.8		%				24.2		%

The corporate alternative minimum tax (“CAMT”) was enacted as part of the Inflation Reduction Act of 2022. 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 for the years ended December 31, 2024 and 2023, respectively, and does not expect to be subject to it for the year ended December 31, 2025.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth deferred tax assets and liabilities:

			As of December 31,
			2024												2023
									(In millions)
			Assets						Liabilities						Assets						Liabilities
Accounts receivable			$	22.4					$	—					$	23.3					$	—
Inventories			50.7						—						45.9						—
Depreciation of property, buildings and equipment			—						20.9						—						41.0
Operating leases			210.1						200.3						201.8						192.0
Amortization of intangible assets			—						545.9						—						564.5
Employee benefits			27.8						—						21.5						—
Stock-based compensation			8.8						—						11.2						—
Disallowed business interest expense			4.8						—						2.2						—
Net operating loss carryforwards			35.6						—						36.7						—
Foreign tax credit carryforwards			41.0						—						41.1						—
Other			33.2						8.4						38.0						10.3
Deferred income taxes before valuation allowance			434.4						775.5						421.7						807.8
Valuation allowance			(32.6)						—						(23.5)						—
Total deferred income taxes			$	401.8					$	775.5					$	398.2					$	807.8

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						2021 and forward
United States — Material States						2017 and forward
Canada						2012 and forward
UK						2019 and forward
Australia						2018 and forward

Schedule of Unrecognized Tax Benefits Roll Forward

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

			As of December 31,
			2024						2023						2022
			(In millions)
Beginning balance January 1			$	121.3					$	109.3					$	107.3
Additions for current year tax positions			20.5						29.2						14.4
Additions for prior year tax positions			9.1						6.6						0.9
Additions for acquired tax positions			—						0.9						5.5
Reductions for prior year tax positions			(2.2)						(6.7)						(1.8)
Settlements			—						(2.5)						—
Lapse in statute of limitations			(13.0)						(15.8)						(14.5)
Foreign currency exchange rate changes			(4.5)						0.3						(2.6)
Ending balance December 31			$	131.2					$	121.3					$	109.3

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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 components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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 of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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