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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 Income Tax Expense (Benefit) | The provision for income taxes consists of the following components (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 128 |  |  | $ | 137 |  |  | $ | 212 |
State | 39 |  |  | 39 |  |  | 60 |
Foreign | 140 |  |  | 117 |  |  | 107 |
Total current provision for income taxes | $ | 307 |  |  | $ | 293 |  |  | $ | 379 |
Deferred: |  |  |  |  |
Federal | $ | (22) |  |  | $ | 10 |  |  | $ | — |
State | (3) |  |  | 3 |  |  | (2) |
Foreign | (9) |  |  | — |  |  | 8 |
Total deferred (benefit) provision for income taxes | $ | (34) |  |  | $ | 13 |  |  | $ | 6 |
Provision for income taxes | $ | 273 |  |  | $ | 306 |  |  | $ | 385 |
Schedule of Income before Income Tax, Domestic and Foreign | Income taxes have been based on the following components of income from continuing operations before provision for income taxes (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 577 |  |  | $ | 795 |  |  | $ | 1,078 |
Foreign | 381 |  |  | 440 |  |  | 440 |
Income from continuing operations before provision for income taxes | $ | 958 |  |  | $ | 1,235 |  |  | $ | 1,518 |
Schedule of Effective Income Tax Rate Reconciliation | The U.S. federal statutory rate is reconciled to the effective tax rate as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of state credits and federal tax impact | 2.7 | % |  | 2.8 | % |  | 3.0 | %
Impact of rates on international operations | 2.2 | % |  | 1.2 | % |  | 1.1 | %
Change in valuation allowances | 1.1 | % |  | 0.9 | % |  | 0.4 | %
Non-deductible expenses | 0.6 | % |  | 1.2 | % |  | 1.0 | %
Gains on foreign exchange contracts - acquisition related | — | % |  | (0.8) | % |  | — | %
Other, net | 0.9 | % |  | (1.5) | % |  | (1.2) | %
Effective tax rate | 28.5 | % |  | 24.8 | % |  | 25.3 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities are as follows (in millions):
| December 31,
| 2024 |  | 2023
Deferred Tax Assets: |  |  |
Accrued expenses and reserves | $ | 57 |  |  | $ | 58 |
Qualified and nonqualified retirement plans | 20 |  |  | 17 |
Inventory | 10 |  |  | 21 |
Accounts receivable | 22 |  |  | 22 |
Interest deduction carryforwards | 30 |  |  | 32 |
Stock-based compensation | 9 |  |  | 8 |
Operating lease liabilities | 346 |  |  | 334 |
Net operating loss carryforwards | 38 |  |  | 53 |
Other | 44 |  |  | 26 |
Total deferred tax assets, gross | 576 |  |  | 571 |
Less: valuation allowance | (51) |  |  | (64) |
Total deferred tax assets | $ | 525 |  |  | $ | 507 |
Deferred Tax Liabilities: |  |  |
Goodwill and other intangible assets | $ | 373 |  |  | $ | 414 |
Property, plant and equipment | 96 |  |  | 102 |
Trade names | 79 |  |  | 88 |
Operating lease assets, net | 336 |  |  | 319 |
Other | 10 |  |  | 9 |
Total deferred tax liabilities | $ | 894 |  |  | $ | 932 |
Net deferred tax liability | $ | (369) |  |  | $ | (425) |
Schedule of Deferred Tax Assets and Liabilities Classification | Deferred tax assets and liabilities are reflected on the Consolidated Balance Sheets as follows (in millions):
| December 31,
| 2024 |  | 2023
Noncurrent deferred tax assets | $ | 17 |  |  | $ | 23 |
Noncurrent deferred tax liabilities | 386 |  |  | 448 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
| 2024 |  | 2023 |  | 2022
Balance at January 1, | $ | 8 |  |  | $ | 5 |  |  | $ | 5 |
Additions for acquired tax positions | — |  |  | 6 |  |  | — |
Additions based on tax positions related to the current year | 10 |  |  | — |  |  | — |
Additions based on tax positions related to prior years | 15 |  |  | 3 |  |  | 2 |
Reductions for tax positions of prior year | — |  |  | (1) |  |  | — |
Lapse of statutes of limitations | (3) |  |  | (5) |  |  | — |
Settlements with taxing authorities | (2) |  |  | — |  |  | (2) |
Balance at December 31, | $ | 28 |  |  | $ | 8 |  |  | $ | 5 |

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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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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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