Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of earnings before income taxes

Earnings (losses) before income taxes for the years ended December 31 were as follows:

($ in millions)	2023		2022		2021
United States	$	482.8	$	552.4	$	506.8
Non-U.S.	0.7		(25.0)		27.2
Total	$	483.5	$	527.4	$	534.0

Schedule of provision for income taxes

The provision (benefit) for income taxes for the years ended December 31 were as follows:

($ in millions)	2023		2022		2021
Current:
Federal U.S.	$	109.3	$	127.1	$	122.2
Non-U.S.	15.1		14.4		15.5
State and local	21.9		28.1		29.0
Deferred:
Federal U.S.	(25.3)		(26.3)		(32.8)
Non-U.S.	(13.9)		(15.5)		(10.2)
State and local	(0.5)		(1.7)		(2.7)
Income tax provision	$	106.6	$	126.1	$	121.0

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities as of December 31 were as follows:

($ in millions)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	21.9	$	23.7
Operating lease liabilities	10.0		11.7
Inventories	14.8		15.8
Pension benefits	1.4		1.7
Other accruals and prepayments	35.7		42.6
Deferred revenue	16.5		16.0
Warranty services	8.9		9.5
Stock-based compensation expense	7.7		6.8
Tax credit and loss carryforwards	63.0		50.8
Other	6.9		5.0
Valuation allowances	(27.2)		(26.8)
Total deferred tax assets	159.6		156.8
Deferred tax liabilities:
Property, plant and equipment	(5.4)		(4.5)
Operating lease right-of-use assets	(9.5)		(10.4)
Insurance, including self-insurance	(2.5)		(6.5)
Goodwill and other intangibles	(59.8)		(105.4)
Other	(6.1)		(3.3)
Total deferred tax liabilities	(83.3)		(130.1)
Net deferred tax asset	$	76.3	$	26.7

Schedule of effective income tax rate reconciliation

The effective tax rate for the years ended December 31 varies from the U.S. statutory federal tax rate as follows:

	Percentage of Pretax Earnings
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in tax rate resulting from:
State income taxes (net of federal income tax benefit)	3.6	%	4.0	%	3.9	%
Non-U.S. income taxed at different rate than U.S. statutory rate	(0.2)	%	0.7	%	0.7	%
Foreign derived intangible income taxation	(0.9)	%	(1.4)	%	(1.5)	%
Nontaxable income	(1.3)	%	(0.9)	%	(1.0)	%
Uncertain tax positions	3.3	%	0.3	%	0.2	%
Tax credits	(2.2)	%	(1.3)	%	(1.0)	%
Business reorganizations and divestitures	(1.5)	%	—	%	—	%
Other	0.2	%	1.5	%	0.4	%
Effective income tax rate	22.0	%	23.9	%	22.7	%

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties, is as follows as of December 31:

($ in millions)	2023		2022		2021
Unrecognized tax benefits, beginning of year	$	14.0	$	14.1	$	17.4
Additions based on tax positions related to the current year	11.8		1.0		2.7
Additions for tax positions of prior years	2.9		1.2		0.2
Reductions for tax positions of prior years	(0.5)		(1.1)		(2.9)
Lapse of statute of limitations	(0.4)		—		—
Settlements	(0.9)		(0.9)		(2.9)
Effect of foreign currency translation	0.1		(0.3)		(0.4)
Unrecognized tax benefits, end of year	$	27.0	$	14.0	$	14.1