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Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Deferred tax assets: |  |  |
Pension and postretirement benefits |  | $ 70.1 | $ 90.7
Lease obligations |  | 60.6 | 59.2
Employee benefits and compensation |  | 39.3 | 35.5
Net operating loss carryforwards |  | 27.2 | 30.8
Restricted stock and performance units |  | 9.6 | 11.2
Inventories |  | 5.9 | 14.1
Accrued liabilities |  | 5.3 | 6.1
Capital loss and general business credit carryforwards |  | 0.6 | 3.2
Derivatives |  | 0.1 | 0.1
Gross deferred tax assets |  | 218.7 | 250.9
Valuation allowance | [1] | (0.5) | (3.0)
Net deferred tax assets |  | 218.2 | 247.9
Deferred tax liabilities: |  |  |
Property, plant and equipment |  | (465.6) | (459.1)
Goodwill and intangible assets |  | (72.7) | (70.8)
Right-of-use assets |  | (59.3) | (58.1)
Total deferred tax liabilities |  | (597.6) | (588.0)
Net deferred tax liabilities | [2] | $ (379.4) | $ (340.1)
[1] | Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Both the 2020 and 2019 valuation allowance relates to capital losses. We do not expect to generate capital gains before the capital losses expire. If or when recognized, the tax benefits relating to the reversal of any or all of the valuation allowance would be recognized as a benefit to income tax expense.
[2] | As of December 31, 2020, we did not recognize U.S. deferred income taxes on our cumulative total of undistributed foreign earnings for our foreign subsidiaries. We indefinitely reinvest our earnings in operations outside the United States. It is not practicable to determine the amount of unrecognized deferred tax liability on these undistributed earnings because the actual tax liability, if any, is dependent on circumstances existing when the repatriation occurs.

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