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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Net sales $ 7,802.4 $ 8,478.0 $ 7,730.3
Cost of sales (6,103.5) (6,387.4) (5,857.3)
Gross profit 1,698.9 2,090.6 1,873.0
Selling and administrative expenses (580.9) (608.6) (576.8)
Other expense, net (42.9) (61.3) (54.8)
Income from operations 1,075.1 1,420.7 1,241.4
Non-operating pension (expense) income (7.7) 14.5 19.7
Interest expense, net (53.3) (70.4) (152.4)
Income before taxes 1,014.1 1,364.8 1,108.7
Provision for income taxes (248.9) (335.0) (267.6)
Net income $ 765.2 $ 1,029.8 $ 841.1
Net income per common share:      
Basic $ 8.52 $ 11.08 $ 8.87
Diluted 8.48 11.03 8.83
Dividends declared per common share $ 5 $ 4.75 $ 4
Statements of Comprehensive Income:      
Net Income (Loss) $ 765.2 $ 1,029.8 $ 841.1
Foreign currency translation adjustment 0.1 0.0 0.4
Changes in unrealized gains (losses) gains on marketable debt securities, net of tax of ($0.6) million, $0.5 million, and $0.2 million for 2023, 2022, and 2021, respectively 1.8 (1.7) (0.5)
Amortization of pension and postretirement plans actuarial loss and prior service cost, net of tax of ($2.1) million, ($1.5) million, and ($3.3) million for 2023, 2022, and 2021, respectively 6.4 4.7 10.0
Changes in unfunded employee benefit obligations, net of tax of ($7.8) million, $10.1 million, and ($19.9) million for 2023, 2022, and 2021, respectively 23.2 (30.2) 59.4
Other comprehensive income (loss) 31.5 (27.2) 69.3
Comprehensive income $ 796.7 $ 1,002.6 $ 910.4