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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
The components of the provision for income taxes consisted of the following:
Years ended December 31 (dollars in millions)202520242023
Current:
Federal$99.8 $124.3 $124.9 
State25.4 25.2 28.3 
International34.8 22.5 27.5 
Deferred:
Federal11.9 (4.4)(4.8)
State2.1 (0.5)(1.8)
International(5.1)0.3 2.8 
$168.9 $167.4 $176.9 
Schedule of Difference Between Provision for (Benefit From) Income Taxes and U.S. Federal Statutory Rate
The provision for income taxes differs from the U.S. federal statutory rate due to the following items:
Years ended December 31202520242023
DollarsPercentagesDollarsPercentagesDollarsPercentages
U.S. federal statutory tax rate$150.2 21.0 %$147.2 21.0 %$154.0 21.0 %
State and local income tax, net of federal (national) benefit (1)
21.0 2.9 18.1 2.6 21.0 2.9 
Foreign tax effects
China
Tax benefit from research and development expenditures(8.5)(1.2)(7.9)(1.1)(10.1)(1.4)
Other4.2 0.6 3.2 0.5 5.3 0.7 
Other foreign jurisdictions6.8 1.0 1.5 0.2 6.2 0.9 
Other Adjustments(4.8)(0.7)5.3 0.7 0.5 0.0 
$168.9 23.6 %$167.4 23.9 %$176.9 24.1 %
(1)The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Florida, Illinois, Massachusetts, Maryland, New Jersey, New York and New York City for 2025, California, Illinois, Maryland, Michigan, New Jersey, New York, Pennsylvania and Tennessee for 2024 and California, Florida, Illinois, Massachusetts, New Jersey, New York, Pennsylvania and Tennessee for 2023.
Schedule of Components of Earnings Before Income Taxes
Components of earnings before income taxes were as follows:
Years ended December 31 (dollars in millions)202520242023
U.S.$586.0 $577.2 $596.4 
International129.1 123.8 137.1 
$715.1 $701.0 $733.5 
Schedule of Income Tax Paid
Supplemental cash flow information is as follows:
Years ended December 31 (dollars in millions)202520242023
Net change in current assets and liabilities, net of acquisitions:
Receivables$(36.4)$49.0 $(16.4)
Inventories56.9 (40.5)18.1 
Other current assets8.3 7.1 7.2 
Trade payables(97.9)(5.9)(21.4)
Accrued liabilities, including payroll and benefits16.5 (32.9)28.4 
Income taxes(3.1)0.6 4.1 
$(55.7)$(22.6)$20.0 
The cash taxes paid by the Company were as follows:
Years ended December 31 (dollars in millions)202520242023
Federal$119.2 $136.1 $134.8 
State21.7 28.2 25.7 
International
Canada11.4 11.4 11.6 
China9.3 8.3 15.0 
Other foreign jurisdictions3.6 3.7 2.4 
$165.2 $187.7 $189.5 
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)20252024
AssetsLiabilitiesAssetsLiabilities
Employee benefits$18.7 $— $16.7 $— 
Product liability and warranties55.9 — 51.6 — 
Inventories3.1 — 2.0 — 
Accounts receivable12.4 — 12.0 — 
Property, plant and equipment— 51.9 — 49.8 
Intangibles— 80.9 — 58.6 
Environmental liabilities1.3 — 1.4 — 
Undistributed foreign earnings— 4.8 — 3.5 
Tax loss and credit carryovers22.7 — 9.7 — 
All other11.2 — 11.0 — 
Valuation allowance(10.4)— (6.1)— 
$114.9 $137.6 $98.3 $111.9 
Net liability$22.7 $13.6 
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 CreditsValuation Allowances
December 31 (dollars in millions)2025202420252024
Beginning balance$9.7 $12.3 $6.1 $11.7 
Change in balance13.0 (2.6)4.3 (5.6)
Ending balance$22.7 $9.7 $10.4 $6.1 
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized benefits is as follows:
(dollars in millions)20252024
Balance at January 1$16.2 $17.2 
Change to tax positions from prior years(3.2)(1.0)
Balance at December 31$13.0 $16.2