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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Before Income Taxes
The Company’s income from continuing operations before income taxes consisted of the following (in millions):
For the Years Ended December 31,
202420232022
United States
$1.3 $480.7 $608.4 
Foreign
139.5 139.7 153.0 
Income from continuing operations before income taxes
$140.8 $620.4 $761.4 
Components of Provision for Income Taxes
The provision for income taxes consisted of the following (in millions):
For the Years Ended December 31,
202420232022
Current:
Federal
$59.5 $139.8 $145.4 
State
13.0 21.7 25.9 
Foreign
40.8 44.7 41.5 
Deferred
(83.7)(88.5)(54.8)
Total provision for income taxes
$29.6 $117.7 $158.0 
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate
Reconciliations of the federal statutory income tax rate to the Company’s effective tax rate were as follows:
For the Years Ended December 31,
202420232022
Federal statutory rate
21.0 %21.0 %21.0 %
State income taxes, net of federal benefit
(1.9)1.7 1.7 
Employee stock ownership plan
(1.2)(0.3)(0.2)
Domestic international provisions
2.5 (0.3)0.1 
Research and development tax credit
(11.4)(4.0)(1.8)
Stock based compensation
3.0 (0.1)(0.3)
Valuation allowance
3.9 — — 
Foreign tax rate differential
6.2 1.2 0.9 
Foreign-derived intangible income
(2.7)(0.5)(1.3)
Other permanent differences
1.6 0.3 0.6 
Effective income tax rate for continuing operations
21.0 %19.0 %20.7 %
Net Deferred Income Taxes The net deferred income taxes consisted of the following (in millions):
As of December 31,
20242023
Deferred income taxes:
Inventories
$119.1 $98.0 
Accrued expenses and other
167.1 163.2 
Intangible assets
(64.5)(56.8)
Capitalized research expenditures
172.7 129.6 
Property and equipment
(69.9)(89.0)
Operating lease assets
(35.0)(39.3)
Operating lease liabilities
35.0 39.3 
Employee compensation and benefits
45.8 42.7 
Net operating loss and other loss carryforwards
29.5 22.4 
Valuation allowance
(21.4)(16.9)
Total net deferred income tax asset
$378.4 $293.2 
Schedule of Unrecognized Tax Benefits Roll Forward
Reconciliations of the beginning and ending unrecognized tax benefits were as follows (in millions):
For the Years Ended December 31,
20242023
Balance as of January 1,
$11.2 $10.9 
Gross increases for tax positions of prior years
0.2 0.5 
Gross increases for tax positions of current year
2.7 3.2 
Decreases due to settlements and other prior year tax positions
— (0.4)
Decreases for lapse of statute of limitations
(2.7)(3.0)
Balance as of December 31,
11.4 11.2 
Reserves related to potential interest and penalties as of December 31,
1.1 0.9 
Unrecognized tax benefits as of December 31,
$12.5 $12.1