Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Earnings before income taxes for the years ended December 31 were taxed within the following jurisdictions:

In millions	2023		2022		2021
United States	$	1,690.7	$	1,312.3	$	995.5
Non-U.S.	876.6		859.8		795.2
Total	$	2,567.3	$	2,172.1	$	1,790.7

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the Provision for income taxes for the years ended December 31 were as follows:

In millions	2023		2022		2021
Current tax expense (benefit):
United States	$	377.6	$	180.4	$	247.0
Non-U.S.	174.3		127.7		111.7
Total:	551.9		308.1		358.7
Deferred tax expense (benefit):
United States	(18.8)		66.5		(42.5)
Non-U.S.	(34.7)		1.3		17.3
Total:	(53.5)		67.8		(25.2)
Total tax expense (benefit):
United States	358.8		246.9		204.5
Non-U.S.	139.6		129.0		129.0
Total	$	498.4	$	375.9	$	333.5

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Provision for income taxes differs from the amount of income taxes determined by applying the applicable U.S. statutory income tax rate to pretax income, as a result of the following differences:

	Percent of pretax income
	2023		2022		2021
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in rates resulting from:
Non-U.S. tax rate differential	(1.9)		(2.8)		(2.8)
Tax on U.S. subsidiaries on non-U.S. earnings (a)	(0.4)		0.3		(0.3)
State and local income taxes (b)	3.2		1.1		2.0
Valuation allowances (c)	(1.2)		(0.7)		(1.1)
Stock based compensation	(1.2)		(0.8)		(1.8)
Other adjustments	(0.1)		(0.8)		1.6
Effective tax rate	19.4	%	17.3	%	18.6	%

(a)Net of foreign tax credits

(b)Net of changes in state valuation allowances

(c)Primarily federal and non-U.S., excludes state valuation allowances

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

A summary of the deferred tax accounts at December 31 were as follows:

In millions	2023		2022
Deferred tax assets:
Inventory and accounts receivable	$	11.8	$	11.2
Depreciable and amortizable assets	1.4		2.6
Operating lease liabilities	122.4		112.0
Postemployment and other benefit liabilities	239.2		254.6
Product liability	7.3		5.5
Other reserves and accruals	198.6		181.5
Net operating losses and credit carryforwards	287.4		346.0
Other	41.4		40.7
Gross deferred tax assets	909.5		954.1
Less: deferred tax valuation allowances	(164.0)		(199.8)
Deferred tax assets net of valuation allowances	$	745.5	$	754.3
Deferred tax liabilities:
Inventory and accounts receivable	$	(15.3)	$	(50.7)
Depreciable and amortizable assets	(1,073.2)		(1,069.0)
Operating lease right-of-use assets	(120.2)		(110.4)
Postemployment and other benefit liabilities	(13.0)		(15.7)
Other reserves and accruals	(2.2)		(5.5)
Undistributed earnings of foreign subsidiaries	(35.5)		(28.0)
Other	0.7		(1.6)
Gross deferred tax liabilities	(1,258.7)		(1,280.9)
Net deferred tax assets (liabilities)	$	(513.2)	$	(526.6)

Summary of Tax Credit Carryforwards [Table Text Block]

At December 31, 2023, the Company had the following operating loss, capital loss and tax credit carryforwards available to offset taxable income in prior and future years:

In millions	Amount		Expiration Period
U.S. Federal net operating loss carryforwards	$	113.9	2024-Unlimited
U.S. Federal credit carryforwards	95.0		2026-2043
U.S. State net operating loss carryforwards	2,497.0		2024-Unlimited
U.S. State credit carryforwards	27.1		2024-Unlimited
Non-U.S. net operating loss carryforwards	477.3		2024-Unlimited
Non-U.S. credit carryforwards	17.3		Unlimited

Summary of Valuation Allowance

Activity associated with the Company’s valuation allowance is as follows:

In millions	2023		2022		2021
Beginning balance	$	199.8	$	258.6	$	320.5
Increase to valuation allowance	24.3		5.9		86.5
Decrease to valuation allowance	(57.8)		(65.1)		(113.5)
Write off against valuation allowance	(2.2)		—		(33.0)
Acquisition and purchase accounting	1.3		—		—
Accumulated other comprehensive income (loss)	(1.4)		0.4		(1.9)
Ending balance	$	164.0	$	199.8	$	258.6

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

In millions	2023		2022		2021
Beginning balance	$	82.4	$	65.2	$	65.4
Additions based on tax positions related to the current year	3.6		3.9		1.0
Additions based on tax positions related to prior years	0.6		22.5		5.1
Reductions based on tax positions related to prior years	(0.5)		(5.9)		(2.4)
Reductions related to settlements with tax authorities	(1.4)		(0.9)		(0.1)
Reductions related to lapses of statute of limitations	(1.0)		(0.6)		(1.0)
Translation (gain) loss	1.2		(1.8)		(2.8)
Ending balance	$	84.9	$	82.4	$	65.2