Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Selected Data with Respect to the Company's Income Tax Provision

The following table sets forth selected data with respect to the Company’s income tax provisions of continuing operations for the years ended December 31, (in millions):


	2024		2023		2022
Income before income taxes:
United States	$	849.8	$	848.0	$	528.9
International	155.5		135.3		128.1
TOTAL INCOME BEFORE INCOME TAXES	$	1,005.3	$	983.3	$	657.0
Provision for income taxes — current:
Federal	$	150.2	$	165.6	$	120.3
State	33.0		35.6		24.2
International	36.9		32.3		23.5
Total provision — current	$	220.1	$	233.5	$	168.0
Provision for income taxes — deferred:
Federal	$	12.4	$	(8.5)	$	(26.2)
State	(3.6)		(8.0)		(3.9)
International	(7.1)		0.3		2.3
Total provision — deferred	$	1.7	$	(16.2)	$	(27.8)
TOTAL PROVISION FOR INCOME TAXES	$	221.8	$	217.3	$	140.2

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial statement purposes. The components of the deferred tax assets/(liabilities) of continuing operations at December 31, were as follows (in millions):


	2024		2023
Deferred tax assets:
Inventories	$	8.5	$	12.0
Lease liabilities	38.2		42.5
Income tax credits	23.9		26.1
Accrued liabilities	38.0		42.5
Pension	33.0		32.2
Post retirement and post employment benefits	3.4		3.9
Stock-based compensation	8.0		7.4
Loss carryforwards	10.4		12.7
Capitalized research expenditures	56.2		40.0
Miscellaneous other	23.3		25.0
Gross deferred tax assets	242.9		244.3
Valuation allowance	(34.1)		(37.4)
Total deferred tax assets, net of valuation allowance	208.8		206.9
Deferred tax liabilities:
Liability on undistributed foreign earnings	(5.3)		(9.4)
Goodwill and intangibles	(335.1)		(329.0)
Right-of-use assets	(36.8)		(41.8)
Property, plant, and equipment	(60.5)		(59.8)
Total deferred tax liabilities	(437.7)		(440.0)
TOTAL NET DEFERRED TAX LIABILITY	$	(228.9)	$	(233.1)
Deferred taxes are reflected in the Consolidated Balance Sheet as follows:
Non-current tax assets (included in Other long-term assets)	$	7.5	$	7.2
Non-current tax liabilities (included in Other Non-Current Liabilities)	(236.4)		(240.3)
TOTAL NET DEFERRED TAX LIABILITY	$	(228.9)	$	(233.1)

Schedule of Income Tax Examinations

The following tax years, by major jurisdiction, are still subject to examination by taxing authorities:


Jurisdiction			Open Years
United States			2021-2024
UK			2021-2024
Puerto Rico			2020-2024
Canada			2020-2024

Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2024		2023		2022
Unrecognized tax benefits at beginning of year	$	47.0	$	42.1	$	41.2
Additions based on tax positions relating to the current year	10.0		10.4		12.1
Reductions based on expiration of statute of limitations	(7.2)		(7.6)		(4.8)
Additions/(Subtractions) to tax positions relating to previous years	(0.4)		2.8		(6.2)
Settlements	(1.2)		(0.7)		(0.2)
TOTAL UNRECOGNIZED TAX BENEFITS	$	48.2	$	47.0	$	42.1

Schedule of Effective Income Tax Rate Reconciliation

The consolidated effective income tax rate varied from the United States federal statutory income tax rate of continuing operations for the years ended December 31, as follows:


	2024		2023		2022
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.3		2.2		2.4
Foreign income taxes	(0.2)		0.4		(0.2)
Federal R&D Credit	(0.7)		(0.7)		(0.8)
Other, net	(0.3)		(0.8)		(1.1)
CONSOLIDATED EFFECTIVE INCOME TAX RATE	22.1	%	22.1	%	21.3	%