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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Earnings Before Income Tax Provision

The components of earnings before income tax provision were as follows:

						Year Ended December 31,
(In millions)						2024						2023						2022
Domestic						$	150.0					$	134.8					$	434.0
Foreign						308.4						294.9						295.3
Total						$	458.4					$	429.7					$	729.3

Schedule of Components of Income Tax Provision

The components of our income tax provision were as follows:

						Year Ended December 31,
(In millions)						2024						2023						2022
Current tax expense:
Federal						$	90.0					$	23.6					$	154.1
State and local						13.4						13.2						25.6
Foreign						101.9						81.8						88.7
Total current expense						$	205.3					$	118.6					$	268.4
Deferred tax (benefit) expense:
Federal						$	(51.1)					$	(28.1)					$	(23.4)
State and local						1.5						(5.8)						2.3
Foreign						33.2						5.7						(9.3)
Total deferred tax (benefit) expense						(16.4)						(28.2)						(30.4)
Total income tax provision						$	188.9					$	90.4					$	238.0

Schedule of Components of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consist of the following:

						December 31,
(In millions)						2024						2023
Accruals not yet deductible for tax purposes						$	30.7					$	27.5
Net operating loss carryforwards						186.3						222.2
Foreign, federal and state credits						23.8						13.6
Employee benefit items						46.8						41.9
Capitalized expenses						134.7						114.8
Derivatives and other						45.5						52.2
Sub-total deferred tax assets						467.8						472.2
Valuation allowance						(183.3)						(205.6)
Total deferred tax assets						$	284.5					$	266.6
Depreciation and amortization						$	(93.4)					$	(111.4)
Unremitted foreign earnings						(1.6)						(1.6)
Intangible assets						(103.6)						(65.0)
Total deferred tax liabilities						(198.6)						(178.0)
Net deferred tax assets						$	85.9					$	88.6

Schedule of Reconciliation of the Provision for Income Taxes

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate, 21%, to income before provision for income taxes, is as follows:

						Year Ended December 31,
(In millions)						2024												2023												2022
Computed expected tax						$	96.2					21.0		%				$	90.2					21.0		%				$	153.2					21.0		%
State income taxes, net of federal tax benefit						12.1						2.6		%				4.8						1.1		%				18.3						2.5		%
Foreign earnings taxed at different rates						24.9						5.4		%				4.5						1.0		%				10.3						1.4		%
U.S. tax on foreign earnings						10.8						2.4		%				14.9						3.5		%				16.8						2.3		%
Tax credits						(24.2)						(5.3)		%				(27.6)						(6.4)		%				(30.6)						(4.2)		%
Withholding tax						4.4						1.0		%				6.0						1.4		%				7.0						1.0		%
Net change in valuation allowance						(3.3)						(0.7)		%				13.0						3.0		%				1.0						0.1		%
Net change in unrecognized tax benefits						12.2						2.7		%				(22.3)						(5.2)		%				65.3						9.0		%
Deferred tax adjustments						43.3						9.4		%				0.4						0.1		%				—						—		%
Other						12.5						2.7		%				6.5						1.5		%				(3.3)						(0.5)		%
Income tax provision and rate						$	188.9					41.2		%				$	90.4					21.0		%				$	238.0					32.6		%

Schedule of Unrecognized Tax Benefits Roll Forward

We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:

						Year Ended December 31,
(In millions)						2024						2023						2022
Beginning balance of unrecognized tax benefits						$	236.6					$	420.1					$	389.0
Additions for tax positions of current year						2.3						0.9						1.3
Additions for tax positions of prior years						1.8						7.5						41.6
Reductions for tax positions of prior years						(11.7)						(0.4)						(4.1)
Reductions for lapses of statutes of limitation and settlements						(1.6)						(191.5)						(7.7)
Ending balance of unrecognized tax benefits						$	227.4					$	236.6					$	420.1

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