INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Earnings Before Income Taxes

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


	2024		2023		2022
United States	$	705.1	$	698.2	$	587.7
International	264.5		292.6		285.8
Total	$	969.6	$	990.8	$	873.5

Schedule of Provision For Income Taxes

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


	2024		2023		2022
Current:
Federal U.S.	$	51.9	$	108.8	$	75.4
Non-U.S.	138.3		97.3		85.3
State and local	11.5		23.0		19.7
Deferred:
Federal U.S.	(32.0)		(72.0)		(32.8)
Non-U.S.	(12.0)		(23.3)		8.6
State and local	(21.0)		(8.8)		(37.9)
Income tax provision	$	136.7	$	125.0	$	118.3

Schedule of Effective Income Tax Rate Reconciliation

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


	Percentage of Pretax Earnings
	2024		2023		2022
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)	(1.1)	%	0.9	%	(1.8)	%
Foreign income taxed at different rates than U.S. statutory rate	2.6	%	(0.1)	%	0.1	%

U.S. federal permanent differences related to the TCJA	(7.8)	%	(7.7)	%	(7.0)	%

Separation transaction tax costs	3.3	%	—	%	—	%
Effect of change in tax rates enacted in the current period	(0.2)	%	(2.6)	%	0.3	%
Changes in valuation allowances	(2.8)	%	1.7	%	1.8	%
Uncertain tax positions	(2.2)	%	(1.2)	%	(1.5)	%
Other	1.3	%	0.6	%	0.6	%



Effective income tax rate	14.1	%	12.6	%	13.5	%

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31 were as follows ($ in millions):


	2024		2023
Deferred Tax Assets:

Operating lease liabilities	$	41.1	$	38.7
Inventories	20.0		14.8
Pension benefits	27.8		27.2



Stock-based compensation expense	38.4		36.2
Capitalized expenses	228.5		233.3
Tax credit and loss carryforwards	432.9		377.7

Accruals, prepayments, and other	35.6		79.1
Valuation allowances	(311.8)		(282.4)
Total deferred tax assets	$	512.5	$	524.6
Deferred Tax Liabilities:
Property, plant and equipment	$	(8.7)	$	(36.8)
Operating lease right-of-use assets	(39.3)		(36.0)
Insurance, including self-insurance	(221.9)		(211.9)
Goodwill, other intangibles, and other	(886.1)		(748.7)

Total deferred tax liabilities	(1,156.0)		(1,033.4)
Net deferred tax liability	$	(643.5)	$	(508.8)

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 ($ in millions):


	2024		2023		2022
Unrecognized tax benefits, beginning of year	$	176.1	$	178.2	$	193.0
Additions based on tax positions related to the current year	16.3		21.6		6.2
Additions for tax positions of prior years	4.5		13.5		11.2
Reductions for tax positions of prior years	(1.8)		(3.0)		(6.3)
Lapse of statute of limitations	(39.7)		(33.0)		(24.4)
Settlements	(8.9)		(2.2)		—
Effect of foreign currency translation	(2.6)		—		(1.5)
Acquisition related adjustments	1.2		1.0		—

Unrecognized tax benefits, end of year	$	145.1	$	176.1	$	178.2