Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2023, 2022 and 2021 was taxed in the following jurisdictions:

	2023		2022		2021
U.S.	$	534.1	$	516.5	$	350.2
Foreign	226.2		232.9		229.6
Total	$	760.3	$	749.4	$	579.8

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2023, 2022 and 2021 was as follows:

	2023		2022		2021
Current
U.S.	$	103.8	$	102.8	$	64.7
State and local	13.7		14.5		11.0
Foreign	61.9		63.9		60.9
Total current	179.4		181.2		136.6
Deferred
U.S.	(11.1)		(12.2)		(4.1)
State and local	1.7		(1.0)		(1.4)
Foreign	(5.3)		(5.3)		(0.6)
Total deferred	(14.7)		(18.5)		(6.1)
Total provision for income taxes	$	164.7	$	162.7	$	130.5

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2023 and 2022 were:

	2023		2022
Allowances and accruals	$	18.8	$	21.1
Employee and retiree benefit plans	20.9		17.8
Inventories	10.8		12.0
Foreign tax credit and other carryforwards	14.8		15.0
Lease liabilities	25.8		26.9
Right of use assets	(24.7)		(25.9)
Depreciation and amortization	(322.1)		(301.3)
Taxes on undistributed foreign earnings	(21.0)		(18.4)
Other	0.7		5.6
Total gross deferred tax (liabilities)	(276.0)		(247.2)
Valuation allowance	(14.4)		(15.0)
Total deferred tax (liabilities), net of valuation allowances	$	(290.4)	$	(262.2)

Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 were:

	2023		2022
Noncurrent deferred tax asset - Other noncurrent assets	$	1.5	$	2.0
Noncurrent deferred tax liabilities - Deferred income taxes	(291.9)		(264.2)
Net deferred tax liabilities	$	(290.4)	$	(262.2)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount calculated by applying the statutory federal income tax rate to pretax income. The calculated amount and the differences for 2023, 2022 and 2021 are shown in the following table:

	2023				2022				2021
Pretax income	$	760.3			$	749.4			$	579.8
Provision for income taxes:
Computed amount at statutory rate of 21%	$	159.7	21.0	%	$	157.4	21.0	%	$	121.8	21.0	%
State and local income tax (net of federal tax benefit)	12.6		1.7	%	11.4		1.5	%	8.0		1.4	%
Taxes on non-U.S. earnings-net of foreign tax credits	10.8		1.4	%	12.4		1.7	%	9.2		1.6	%
Global Intangible Low-Taxed Income	—		—	%	2.0		0.3	%	0.4		0.1	%
Foreign-Derived Intangible Income Deduction	(11.3)		(1.5	%)	(11.9)		(1.6	%)	(7.5)		(1.3	%)
Share-based payments	(2.0)		(0.3	%)	(2.6)		(0.4	%)	(3.5)		(0.6	%)
Other	(5.1)		(0.6	%)	(6.0)		(0.8	%)	2.1		0.3	%
Total provision for income taxes	$	164.7	21.7	%	$	162.7	21.7	%	$	130.5	22.5	%

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2023, 2022 and 2021 is as follows:

	2023		2022		2021
Beginning balance January 1	$	—	$	0.1	$	1.1
Gross increases for tax positions of prior years	—		—		0.1
Gross decreases for tax positions of prior years	—		—		(0.3)
Settlements	—		—		(0.2)
Lapse of statute of limitations	—		(0.1)		(0.6)
Ending balance December 31	$	—	$	—	$	0.1