Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Pretax Income for Computation of Income Tax Provision

Our income (loss) before income taxes on which the provision for income taxes was computed was as follows:

	For the years ended
	December 31, 2024		December 31, 2023		December 31, 2022
	(In millions)
Domestic	$	1,398.3	$	1,486.0	$	228.4
Foreign	104.7		(233.5)		(290.9)
Total	$	1,503.0	$	1,252.5	$	(62.5)

Schedule of Current and Deferred Provisions of Income Tax Expense (Benefits)

The components of the provision for income taxes were as follows:

	For the years ended
	December 31, 2024		December 31, 2023		December 31, 2022
	(In millions)
Current
Federal	$	152.1	$	200.7	$	146.1
State	21.2		22.1		22.3
Foreign	54.5		37.3		(17.2)
Total current tax (benefit) expense	$	227.8	$	260.1	$	151.2
Deferred
Federal	$	109.7	$	75.0	$	56.4
State	13.3		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

Schedule of Computation of Effective Income Tax Rate

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, 2024				December 31, 2023				December 31, 2022
	($ in millions)
Statutory federal income tax rate	21.0	%	$	315.7	21.0	%	$	263.0	21.0	%	$	(13.1)
State income taxes, net of federal benefits	1.3	%	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 benefits	0.7	%	11.3		0.8	%	9.5		(20.5)	%	12.8
Change in valuation allowance	1.3	%	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, net	0.2	%	1.8		0.7	%	9.5		(10.9)	%	6.9
Effective tax rate / Tax (benefit) expense	23.0	%	$	345.3	23.6	%	$	296.1	(198.4)	%	$	124.0

Schedule of Composition of Deferred Tax Assets and Liabilities

	As of
	December 31, 2024		December 31, 2023
	(In millions)
Deferred tax assets
Compensation-related obligations	$	47.1	$	43.2
Pension and postretirement benefits	14.2		23.7
Tax credit carryforwards	37.8		36.0
Tax loss carryforwards	305.3		312.8
Accrued liabilities and other	216.4		202.5
Valuation allowance	(79.9)		(61.9)
Deferred tax assets	$	540.9	$	556.3
Deferred tax liabilities
Fixed assets	348.6		354.9
Partnerships and investments	44.9		38.7
Intangible assets	2,738.3		2,679.9
Derivative instruments	42.3		12.2
Accrued liabilities and other	13.4		—
Deferred tax liabilities	$	3,187.5	$	3,085.7
Net deferred tax liabilities	$	2,646.6	$	2,529.4

The following table presents our net deferred tax liabilities as of December 31, 2024 and December 31, 2023.

	As of
	December 31, 2024		December 31, 2023
	(In millions)
Domestic deferred tax liabilities	$	2,184.0	$	2,029.7
Foreign deferred tax assets	38.6		123.7
Foreign deferred tax liabilities	501.2		623.4
Net deferred tax liabilities	$	2,646.6	$	2,529.4

Schedule of Unrecognized Tax Benefits Roll Forward

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, 2024		December 31, 2023		December 31, 2022
	(In millions)
Balance at beginning of year	$	48.9	$	39.3	$	28.0
Additions for tax positions related to the current year	23.7		12.9		15.9
Additions for tax positions of prior years	0.8		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