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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for (Benefit From) Income Taxes | The components of the provision for (benefit from) income taxes consisted of the following:
Years ended December 31 (dollars in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 124.3 |  |  | $ | 124.9 |  |  | $ | 101.8 |
State | 25.2 |  |  | 28.3 |  |  | 26.6 |
International | 22.5 |  |  | 27.5 |  |  | 30.5 |
Deferred: |  |  |  |  |
Federal | (4.4) |  |  | (4.8) |  |  | (136.9) |
State | (0.5) |  |  | (1.8) |  |  | (34.1) |
International | 0.3 |  |  | 2.8 |  |  | 0.1 |
| $ | 167.4 |  |  | $ | 176.9 |  |  | $ | (12.0) |
Schedule of Difference Between Provision for (Benefit From) Income Taxes and U.S. Federal Statutory Rate | The provision for (benefit from) income taxes differs from the U.S. federal statutory rate due to the following items:
Years ended December 31 | 2024 |  | 2023 |  | 2022
Provision at U.S. federal statutory rate(1) | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit(1) | 2.8 |  |  | 2.8 |  |  | 2.7 |
U.S pension plan settlement expense(1) | — |  |  | — |  |  | (29.5) |
International income tax rate differential—China | (1.1) |  |  | (1.2) |  |  | (4.6) |
International income tax rate differential—other | 0.7 |  |  | 1.3 |  |  | 3.5 |
Research tax credits | (0.4) |  |  | (0.4) |  |  | (1.0) |
Excess tax benefit on stock compensation | (0.5) |  |  | (0.4) |  |  | (0.5) |
Other | 1.4 |  |  | 1.0 |  |  | 3.0 |
| 23.9 | % |  | 24.1 | % |  | (5.4) | %
(1) Included in 2022 is tax effects of the pension plan settlement expense associated with the termination of the Plan. Refer to Note 13, “Pension and Other Postretirement Benefits” for more information. A tax benefit of $101.9 million on the pretax expense were reflected in computed tax provision at U.S. federal statutory rate and state taxes, net of federal tax benefit for 2022. In 2022, the tax benefit of $65.8 million or a 29.5 percent benefit related to the release of stranded tax effects in AOCL through the income statement was reflected in U.S. pension plan settlement expense.
Schedule of Components of Earnings Before Income Taxes | Components of earnings before income taxes were as follows:
Years ended December 31 (dollars in millions) | 2024 |  | 2023 |  | 2022
U.S. | $ | 577.2 |  |  | $ | 596.4 |  |  | $ | 63.9 |
International | 123.8 |  |  | 137.1 |  |  | 159.8 |
| $ | 701.0 |  |  | $ | 733.5 |  |  | $ | 223.7 |
Schedule of Tax Effects of Temporary Differences of Assets and Liabilities | The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows:
December 31 (dollars in millions) | 2024 |  | 2023
| Assets |  | Liabilities |  | Assets |  | Liabilities
Employee benefits | $ | 16.7 |  |  | $ | — |  |  | $ | 12.9 |  |  | $ | — |
Product liability and warranties | 51.6 |  |  | — |  |  | 52.1 |  |  | — |
Inventories | 2.0 |  |  | — |  |  | 3.0 |  |  | — |
Accounts receivable | 12.0 |  |  | — |  |  | 13.3 |  |  | — |
Property, plant and equipment | — |  |  | 49.8 |  |  | — |  |  | 52.4 |
Intangibles | — |  |  | 58.6 |  |  | — |  |  | 62.4 |
Environmental liabilities | 1.4 |  |  | — |  |  | 1.5 |  |  | — |
Undistributed foreign earnings | — |  |  | 3.5 |  |  | — |  |  | 5.1 |
Tax loss and credit carryovers | 9.7 |  |  | — |  |  | 12.3 |  |  | — |
All other | 11.0 |  |  | — |  |  | 17.6 |  |  | — |
Valuation allowance | (6.1) |  |  | — |  |  | (11.7) |  |  | — |
| $ | 98.3 |  |  | $ | 111.9 |  |  | $ | 101.0 |  |  | $ | 119.9 |
Net liability |  |  | $ | 13.6 |  |  |  |  | $ | 18.9 |
Schedule of Reconciliation of Tax Loss Carryovers, Credit Carryovers and Valuation Allowances | A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows:
| Net Operating Losses and Tax Credits |  | Valuation Allowances
December 31 (dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 12.3 |  |  | $ | 10.1 |  |  | $ | 11.7 |  |  | $ | 8.3 |
Change in balance | (2.6) |  |  | 2.2 |  |  | (5.6) |  |  | 3.4 |
Ending balance | $ | 9.7 |  |  | $ | 12.3 |  |  | $ | 6.1 |  |  | $ | 11.7 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized benefits is as follows:
(dollars in millions) | 2024 |  | 2023
Balance at January 1 | $ | 17.2 |  |  | $ | 15.0 |
Change to tax positions from prior years | (1.0) |  |  | 2.2 |
Balance at December 31 | $ | 16.2 |  |  | $ | 17.2 |

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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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