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Income Tax
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
Our income (loss) before income taxes on which the provision for income taxes was computed was as follows:
 For the years ended
 December 31, 2024December 31, 2023December 31, 2022
 (In millions)
Domestic$1,398.3 $1,486.0 $228.4 
Foreign104.7 (233.5)(290.9)
Total$1,503.0 $1,252.5 $(62.5)
The components of the provision for income taxes were as follows:
 For the years ended
 December 31, 2024December 31, 2023December 31, 2022
 (In millions)
Current   
Federal$152.1 $200.7 $146.1 
State21.2 22.1 22.3 
Foreign54.5 37.3 (17.2)
Total current tax (benefit) expense$227.8 $260.1 $151.2 
Deferred   
Federal$109.7 $75.0 $56.4 
State13.3 27.8 (26.2)
Foreign(5.5)(66.8)(57.4)
Total deferred tax (benefit) expense$117.5 $36.0 $(27.2)
Total income tax (benefit) expense$345.3 $296.1 $124.0 
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate was as follows:
 For the years ended
 December 31, 2024December 31, 2023December 31, 2022
($ in millions)
Statutory federal income tax rate21.0 %$315.7 21.0 %$263.0 21.0 %$(13.1)
State income taxes, net of federal benefits1.3 %19.0 2.4 %30.6 6.1 %(3.8)
Effect of foreign tax rates(1.2)%(17.9)(2.4)%(30.5)92.6 %(57.9)
Effect of foreign tax law and rate changes(0.1)%(1.0)0.9 %11.5 (0.8)%0.5 
Effect of unrecognized tax benefits0.7 %11.3 0.8 %9.5 (20.5)%12.8 
Change in valuation allowance1.3 %19.6 0.2 %2.5 1.1 %(0.7)
Acquisition related permanent items(0.2)%(3.2)— %— — %— 
Goodwill impairment— %— — %— (287.0)%179.3 
Other, net0.2 %1.8 0.7 %9.5 (10.9)%6.9 
Effective tax rate / Tax (benefit) expense23.0 %$345.3 23.6 %$296.1 (198.4)%$124.0 
The higher effective tax rate for the year ended December 31, 2024 when compared to the U.S federal statutory rate was primarily related to the impact of a valuation allowance that was recorded on deferred tax assets as a result of the sale of certain U.S. craft businesses in the third quarter of 2024. The sale resulted in the realization of a capital loss for U.S. federal tax purposes. We believe it is unlikely that the deferred tax asset generated by the capital loss will be recognized, and as a result, a $20.0 million valuation allowance was recorded. The effective tax rate was further impacted by the net effect of acquisition-related permanent items, including: (i) the non-taxable gain of $77.9 million recognized upon the consolidation of ZOA in the fourth quarter of 2024, and (ii) the $45.8 million of non-deductible interest expense recorded in the third quarter of 2024 to increase the mandatorily redeemable NCI liability of CBPL to the final redemption value.
The higher effective tax rate for the year ended December 31, 2023 when compared to the U.S. federal statutory rate was not significant and was due to the impacts of state income taxes, foreign tax rates and the impact of a foreign statutory tax rate change enacted in the fourth quarter of 2023.
The lower effective tax rate for the year ended December 31, 2022 when compared to the U.S. federal statutory rate was primarily due to the impact of the $845.0 million partial goodwill impairment, recorded within our Americas segment in the fourth quarter of 2022, which related to goodwill not deductible for tax purposes.
Recently, intergovernmental entities such as the Organization for Economic Development ("OECD") and European Union ("EU") have proposed changes to the existing tax laws of member countries, including model rules introduced by the OECD for a new 15% global minimum tax. In December 2022, the EU member states agreed to incorporate the 15% global minimum tax into their respective domestic laws effective for fiscal years beginning on or after December 31, 2023. In addition, several non-EU countries, including Canada and the U.K., have proposed and/or adopted legislation consistent with the OECD global minimum tax framework. The global minimum tax, which is now effective in countries with enacted legislation, did not materially impact our financial or cash tax position in the twelve months ended December 31, 2024. We continue to evaluate the impact on future periods as previously-enacting countries issue related guidance and additional countries consider adoption of the global minimum tax rules.
Our foreign businesses operate in jurisdictions with statutory income tax rates that differ from the U.S. federal statutory rate. Specifically, the statutory income tax rates in the countries in Europe in which we operate range from 9% to 25.8%, and Canada has a combined federal and provincial statutory income tax rate of approximately 26%.
 As of
 December 31, 2024December 31, 2023
 (In millions)
Deferred tax assets 
Compensation-related obligations$47.1 $43.2 
Pension and postretirement benefits14.2 23.7 
Tax credit carryforwards37.8 36.0 
Tax loss carryforwards305.3 312.8 
Accrued liabilities and other216.4 202.5 
Valuation allowance(79.9)(61.9)
Deferred tax assets$540.9 $556.3 
Deferred tax liabilities  
Fixed assets348.6 354.9 
Partnerships and investments44.9 38.7 
Intangible assets2,738.3 2,679.9 
Derivative instruments42.3 12.2 
Accrued liabilities and other13.4 — 
Deferred tax liabilities$3,187.5 $3,085.7 
Net deferred tax liabilities$2,646.6 $2,529.4 
Our deferred tax valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards from operations in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results and the availability of prudent and feasible tax planning strategies. Based on this analysis, we have determined that the valuation allowances recorded in each period presented are appropriate. The higher valuation allowance for the year ended December 31, 2024 related to the realization of a capital loss for U.S. federal tax purposes following the sale of certain of our U.S. craft businesses. We believe it is unlikely that the capital loss will be recognized, and as a result, a $20.0 million valuation allowance against the related deferred tax asset was recorded in the third quarter of 2024.
As of December 31, 2024, we have deferred tax assets for U.S. tax loss and credit carryforwards that expire between 2025 and 2044 of $90.6 million and U.S. tax losses that may be carried forward indefinitely of $14.0 million. We have foreign tax loss and credit carryforwards that expire between 2025 and 2044 of $189.5 million and foreign tax losses that may be carried forward indefinitely of $40.2 million.
The following table presents our net deferred tax liabilities as of December 31, 2024 and December 31, 2023.
 As of
 December 31, 2024December 31, 2023
 (In millions)
Domestic deferred tax liabilities$2,184.0 $2,029.7 
Foreign deferred tax assets38.6 123.7 
Foreign deferred tax liabilities501.2 623.4 
Net deferred tax liabilities$2,646.6 $2,529.4 
The total foreign deferred tax assets above are presented within other assets on the consolidated balance sheets and domestic and foreign deferred tax liabilities above are presented within deferred tax liabilities on the consolidated balance sheets. The deferred tax liability amounts as of December 31, 2024 and December 31, 2023 excluded $48.2 million and $44.1 million, respectively, of unrecognized tax benefits that have been recorded as a reduction of deferred tax assets, which was presented within deferred tax liabilities due to jurisdictional netting on the consolidated balance sheets.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, was as follows.
 For the years ended
 December 31, 2024December 31, 2023December 31, 2022
 (In millions)
Balance at beginning of year$48.9 $39.3 $28.0 
Additions for tax positions related to the current year23.7 12.9 15.9 
Additions for tax positions of prior years0.8 0.8 1.9 
Reductions for tax positions related to the current year(10.7)(2.0)— 
Reductions for tax positions of prior years(0.9)(1.7)— 
Settlements(0.9)— (3.7)
Release due to statute expirations(1.7)(0.7)(1.3)
Foreign currency adjustment(0.7)0.3 (1.5)
Balance at end of year$58.5 $48.9 $39.3 
Our remaining unrecognized tax benefits as of December 31, 2024, related to tax years that were open to examination. As of December 31, 2024 and December 31, 2023, we had remaining unrecognized tax benefits recorded within other liabilities in our consolidated balance sheets of $11.6 million and $5.0 million, respectively. The remaining balance of our unrecognized tax benefits was recorded within deferred tax liabilities in our consolidated balance sheets. Annual tax provisions included amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued. We recognized immaterial interest and penalties related to unrecognized tax benefits as part of income taxes on our consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022. If we were to prevail on all uncertain tax positions, the reversal of this accrual, inclusive of interest and penalties, would result in a benefit of $49.1 million. As of December 31, 2024, we do not anticipate material changes to our remaining unrecognized tax benefit position within the next 12 months.    
We file income tax returns in most of the federal, state and provincial jurisdictions in the U.S., Canada and various countries in Europe. Tax years through 2013 are closed in the U.S. In Canada, tax years through 2019 are closed or have been settled through examination except for issues relating to intercompany cross-border transactions, which are separately closed or have been settled through examination for tax years through 2016. Tax years through 2014 are closed for most European jurisdictions in which we operate, with statutes of limitations varying from 3 to 7 years for most jurisdictions.
When cash is available after satisfying working capital needs and all other business obligations, we may distribute current earnings and the associated cash from a foreign subsidiary to its U.S. parent, and record the tax impact associated with the distribution. However, to the extent current earnings of our foreign operations exist and are not otherwise distributed or planned to be distributed, such earnings accumulate. These accumulated earnings are not considered permanently reinvested in our foreign operations. The taxes associated with any future repatriation of undistributed earnings are anticipated to be insignificant.