Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

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

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Current:
Federal	$	156.2	$	277.0	$	418.9
State		39.9		73.8		112.9
Foreign		29.4		33.6		61.1
		225.5		384.4		592.9
Deferred:
Federal		31.7		18.0		(3.7)
State		5.9		0.3		(2.0)
Foreign		(1.2)		(2.1)		(1.0)
		36.4		16.2		(6.7)
	$	261.9	$	400.6	$	586.2

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

	Year Ended December 31,
	2024		2023		2022
	(in millions)
U.S.	$	1,021.3	$	1,579.4	$	2,199.2
International		118.6		161.3		231.2
Income before income taxes	$	1,139.9	$	1,740.7	$	2,430.4

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

	Year Ended December 31,
	2024		2023		2022
Income tax at U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal tax effect	3.1		3.4		3.5
Foreign earnings taxed at higher (lower) rates	0.3		(0.1)		0.5
Net effect of life insurance policies	(1.6)		(1.1)		(0.6)
Other, net	0.2		(0.2)		(0.3)
Effective tax rate	23.0	%	23.0	%	24.1	%

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

	December 31,
	2024		2023
	(in millions)
Deferred tax assets:
Allowance for credit losses	$	6.5	$	6.8
Inventory costs capitalized for tax purposes		13.1		13.1
Accrued expenses not currently deductible for tax		33.0		32.0
Stock-based compensation		10.4		12.7
Net operating loss carryforwards		1.5		2.5
Tax credits carryforwards		0.4		0.4
Total deferred tax assets		64.9		67.5
Deferred tax liabilities:
Property, plant and equipment, net		(224.3)		(208.4)
Goodwill and other intangible assets		(351.9)		(342.8)
LIFO inventories		(20.7)		(6.3)
Other		(5.5)		(4.0)
Total deferred tax liabilities		(602.4)		(561.5)
Net deferred tax liabilities	$	(537.5)	$	(494.0)

Schedule of unrecognized tax benefits

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Unrecognized tax benefits at January 1	$	1.2	$	1.4	$	1.9
Increases (decreases) in tax positions for prior years		0.2		(0.2)		0.8
Increases in tax positions for current year		—		0.6		—
Settlements		—		(0.2)		(0.8)
Lapse of statute of limitations		(0.5)		(0.4)		(0.5)
Unrecognized tax benefits at December 31	$	0.9	$	1.2	$	1.4