Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of the provision for income taxes attributable to continuing operations

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Current:
Federal	$	277.0	$	418.9	$	362.9
State		73.8		112.9		98.0
Foreign		33.6		61.1		28.6
		384.4		592.9		489.5
Deferred:
Federal		18.0		(3.7)		(20.2)
State		0.3		(2.0)		(4.0)
Foreign		(2.1)		(1.0)		0.4
		16.2		(6.7)		(23.8)
	$	400.6	$	586.2	$	465.7

Components of U.S. and international income before income taxes

	Year Ended December 31,
	2023		2022		2021
	(in millions)
U.S.	$	1,579.4	$	2,199.2	$	1,778.5
International		161.3		231.2		104.6
Income before income taxes	$	1,740.7	$	2,430.4	$	1,883.1

Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense

	Year Ended December 31,
	2023		2022		2021
Income tax at U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal tax effect	3.4		3.5		3.8
Foreign earnings taxed at (lower) higher rates	(0.1)		0.5		0.4
Net effect of life insurance policies	(1.1)		(0.6)		(0.8)
Net effect of changes in unrecognized tax benefits	—		—		0.1
Stock-based compensation	—		—		0.3
Other, net	(0.2)		(0.3)		(0.1)
Effective tax rate	23.0	%	24.1	%	24.7	%

Schedule of components of the Company's deferred tax assets and liabilities

	December 31,
	2023		2022
	(in millions)
Deferred tax assets:
Allowance for doubtful accounts	$	6.8	$	6.6
Inventory costs capitalized for tax purposes		13.1		12.0
LIFO inventories		—		0.7
Accrued expenses not currently deductible for tax		32.0		29.2
Stock-based compensation		12.7		11.1
Net operating loss carryforwards		2.5		3.2
Tax credits carryforwards		0.4		0.7
Total deferred tax assets		67.5		63.5
Deferred tax liabilities:
Property, plant and equipment, net		(208.4)		(196.8)
Goodwill and other intangible assets		(342.8)		(340.9)
LIFO inventories		(6.3)		—
Other		(4.0)		(2.4)
Total deferred tax liabilities		(561.5)		(540.1)
Net deferred tax liabilities	$	(494.0)	$	(476.6)

Schedule of reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Unrecognized tax benefits at January 1	$	1.4	$	1.9	$	1.0
(Decreases) increases in tax positions for prior years		(0.2)		0.8		—
Increases in tax positions for current year		0.6		—		1.0
Settlements		(0.2)		(0.8)		—
Lapse of statute of limitations		(0.4)		(0.5)		(0.1)
Unrecognized tax benefits at December 31	$	1.2	$	1.4	$	1.9