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Operations by Segment (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment

The accounting policies of the reportable segments are the same as those described in the “Summary of Significant Accounting Policies” outlined in Note 1 - Organization and Significant Accounting Policies.

			December 31, 2024
(dollars in millions)			North America						Rest of World						Inter-segment Elimination						Total Segments						Less: Corporate Expenses						Total
Sales from external customers			$	2,928.1					$	890.0					$	—					$	3,818.1					$	—					$	3,818.1
Inter-segment sales			22.0						28.6						—						50.6						—						50.6
			2,950.1						918.6						—						3,868.7						—						3,868.7
Elimination of Inter-segment sales			(22.0)						(28.6)						—						(50.6)						—						(50.6)
Net Sales			2,928.1						890.0						—						3,818.1						—						3,818.1
Cost of products sold			1,780.1						581.9						—						2,362.0						—						2,362.0
Gross Profit			1,148.0						308.1						—						1,456.1						—						1,456.1
Inter-segment Profit			—						0.4						(0.4)						—						—						—
Selling, general and administrative expenses			433.2						235.0						—						668.2						71.1						739.3
Restructuring and impairment expense			6.3						11.3						—						17.6						—						17.6
Other expense (income), net(1)			1.0						(2.3)						—						(1.3)						(7.2)						(8.5)
Earnings			$	707.5					$	64.5					$	(0.4)					$	771.6					$	(63.9)					$	707.7
Interest expense																																	(6.7)
Earning before provision for income taxes																																	$	701.0

(1)Other expense (income), net consist primarily of interest income that is located within Corporate Expenses.

			December 31, 2023
(dollars in millions)			North America						Rest of World						Inter-segment Elimination						Total Segments						Less: Corporate Expenses						Total
Sales from external customers			$	2,904.3					$	948.5					$	—					$	3,852.8					$	—					$	3,852.8
Inter-segment sales			18.6						8.4						—						27.0						—						27.0
			2,922.9						956.9						—						3,879.8						—						3,879.8
Elimination of Inter-segment sales			(18.6)						(8.4)						—						(27.0)						—						(27.0)
Net Sales			2,904.3						948.5						—						3,852.8						—						3,852.8
Cost of products sold			1,761.1						607.0						—						2,368.1						(0.1)						2,368.0
Gross Profit			1,143.2						341.5						—						1,484.7						0.1						1,484.8
Inter-segment Profit			—						0.5						(0.5)						—						—						—
Selling, general and administrative expenses			411.6						243.0						—						654.6						72.8						727.4
Restructuring and impairment expense			—						15.7						—						15.7						3.1						18.8
Other expense (income), net(2)			4.9						(0.1)						—						4.8						(11.7)						(6.9)
Earnings			$	726.7					$	83.4					$	(0.5)					$	809.6					$	(64.1)					$	745.5
Interest expense																																	(12.0)
Earnings before provision for income taxes																																	$	733.5

(2)Other expense (income), net consist primarily of interest income that is located within Corporate Expenses.

			December 31, 2022
(dollars in millions)			North America						Rest of World						Inter-segment Elimination						Total Segments						Less: Corporate Expenses						Total
Sales from external customers			$	2,792.4					$	961.5					$	—					$	3,753.9					$	—					$	3,753.9
Inter-segment sales			26.7						4.3						—						31.0						—						31.0
			2,819.1						965.8						—						3,784.9						—						3,784.9
Elimination of Inter-segment sales			(26.7)						(4.3)						—						(31.0)						—						(31.0)
Net Sales			2,792.4						961.5						—						3,753.9						—						3,753.9
Cost of products sold			1,813.9						610.6						—						2,424.5						(0.2)						2,424.3
Gross Profit			978.5						350.9						—						1,329.4						0.2						1,329.6
Inter-segment Profit			0.3						—						(0.3)						—						—						—
Selling, general and administrative expenses			356.2						252.0						—						608.2						62.7						670.9
Other expense (income), net(3)			356.6						2.6						—						359.2						66.4						425.6
Earnings			$	266.0					$	96.3					$	(0.3)					$	362.0					$	(128.9)					$	233.1
Interest expense																																	(9.4)
Earnings before provision for income taxes																																	$	223.7

(3)Other expense (income), net consist primarily of a pre-tax pension settlement expense of $346.8 million in the North America segment and $70.5 million within Corporate expenses.

Assets, depreciation and capital expenditures by segment

			Total Assets (December 31)																		Depreciation and Amortization (Years Ended December 31)																		Capital Expenditures (Years Ended December 31)
(dollars in millions)			2024						2023						2022						2024						2023						2022						2024						2023						2022
North America			$	2,315.2					$	2,297.4					$	2,230.3					$	60.4					$	58.6					$	55.7					$	100.3					$	58.4					$	48.6
Rest of World			592.1						475.0						597.7						17.0						18.3						20.5						7.6						11.0						10.9
Total Segments			2,907.3						2,772.4						2,828.0						77.4						76.9						76.2						107.9						69.4						59.5
Corporate			332.7						441.5						504.3						1.4						1.4						0.7						0.1						3.2						10.8
Total			$	3,240.0					$	3,213.9					$	3,332.3					$	78.8					$	78.3					$	76.9					$	108.0					$	72.6					$	70.3

(1)The majority of corporate assets consist of cash, cash equivalents, marketable securities, and deferred income taxes.

Schedule of Net Sales and Long-lived Assets, by Geographical Location

The following data by geographic area includes net sales based on product shipment destination and long-lived assets based on physical location. Long-lived assets include net property, plant and equipment, operating lease assets and other long-term assets.

			Long-lived Assets (December 31)																					Net Sales (Years Ended December 31)
(dollars in millions)			2024						2023						2022									2024						2023						2022
United States			$	441.4					$	422.6					$	409.8					United States			$	2,573.7					$	2,547.1					$	2,430.0
China			193.8						210.6						225.2						China			760.0						827.4						826.6
Canada			54.0						58.1						54.7						Canada			331.2						335.3						341.6
Other Foreign			75.1						52.1						41.3						Other Foreign			153.2						143.0						155.7
Total			$	764.3					$	743.4					$	731.0					Total			$	3,818.1					$	3,852.8					$	3,753.9

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
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-Name Accounting Standards Codification
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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