Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2023		2022		2021
Domestic	$	872.4	$	447.1	$	958.6
Foreign		95.0		76.2		73.1
Total	$	967.4	$	523.3	$	1,031.7

Schedule of U.S. Federal, State and Foreign Income Taxes

The following table summarizes the provision for U.S. federal, state and foreign income taxes:

	2023			2022			2021
Current:
U.S. federal	$	159.1		$	162.0		$	130.6
State		40.9			44.8			34.1
Foreign		25.6			20.3			19.2
		225.6			227.1			183.9
Deferred:
U.S. federal		(11.3	)		(78.8	)		16.5
State		(2.8	)		(38.3	)		4.5
Foreign		0.3			(0.6	)		(0.7	)
		(13.8	)		(117.7	)		20.3
Total provision	$	211.8		$	109.4		$	204.2

Components of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) consist of the following at December 31, 2023 and 2022:

	2023			2022
Deferred tax assets:
Accounts receivable	$	10.1		$	8.9
Deferred compensation		50.7			46.9
Pension, postretirement and postemployment benefits		4.8			5.0
Inventory reserve		9.0			8.8
Sec 174 R&D Capitalization		41.9			22.0
Tax credit carryforwards/other tax attributes		2.6			2.8
International operating loss carryforwards		9.0			8.8
Other		9.9			7.3
Total gross deferred tax assets		138.0			110.5
Valuation allowances		(9.8	)		(9.4	)
Total deferred tax assets		128.2			101.1
Deferred tax liabilities:
Goodwill		(285.7	)		(272.1	)
Trade names and other intangibles		(496.3	)		(504.5	)
Property, plant and equipment		(81.1	)		(74.2	)
Interest rate swaps		(4.1	)		(4.5	)
Total deferred tax liabilities		(867.2	)		(855.3	)
Net deferred tax liability	$	(739.0	)	$	(754.2	)
Long term net deferred tax asset		4.1			2.8
Long term net deferred tax liability		(743.1	)		(757.0	)
Net deferred tax liability	$	(739.0	)	$	(754.2	)

Effective Tax Rate Reconciliation

The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:

	2023			2022			2021
Statutory rate		21	%		21	%		21	%
Tax that would result from use of the federal statutory rate	$	203.1		$	109.9		$	216.6
State and local income tax, net of federal effect		30.1			5.2			30.5
Varying tax rates of foreign affiliates		6.8			2.9			2.6
Valuation Allowances	0.0				(4.1	)		(8.5	)
Stock Options Exercised		(21.8	)		(5.2	)		(29.0	)
Reserve for Uncertain Tax Position		(0.3	)		(0.9	)		0.0
Other		(6.1	)		1.6			(8.0	)
Recorded tax expense	$	211.8		$	109.4		$	204.2
Effective tax rate		21.9	%		20.9	%		19.8	%

Reconciliation of Unrecognized Tax Benefits

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

	2023			2022			2021
Unrecognized tax benefits at January 1	$	5.8		$	4.7		$	7.3
Gross increases - tax positions in current period	0.0				2.4			0.3
Gross increases - tax positions in prior period	0.0			0.0				0.8
Gross decreases - tax positions in prior period	0.0				(0.1	)	0.0
Decreases due to settlements and payments	0.0			0.0			0.0
Lapse of statute of limitations		(0.7	)		(1.2	)		(3.7	)
Unrecognized tax benefits at December 31	$	5.1		$	5.8		$	4.7