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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Reconciliation of Beginning and Ending Liability for Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows:
($ in millions) | 2022 |  | 2021 |  | 2020
Balance at January 1 | $ | 24.9 |  |  | $ | 10.4 |  |  | $ | 5.0 |
Increase due to current year position | 11.4 |  |  | 16.3 |  |  | 4.9 |
Increase (decrease) due to prior year position | 0.6 |  |  | (1.0) |  |  | 0.6 |
Reduction for expiration of statute of limitations/audits | (0.4) |  |  | (0.8) |  |  | (0.1) |
Balance at December 31 | $ | 36.5 |  |  | $ | 24.9 |  |  | $ | 10.4 |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes and equity in net income of affiliated companies are:
($ in millions) | 2022 |  | 2021 |  | 2020
U.S. operations | $ | 394.4 |  |  | $ | 420.0 |  |  | $ | 227.0 |
International operations | 285.5 |  |  | 328.9 |  |  | 174.3 |
Total income before income taxes and equity in net income of affiliated companies | $ | 679.9 |  |  | $ | 748.9 |  |  | $ | 401.3 |
Schedule of Components of Income Tax Expense | The related provision for income taxes consists of:
($ in millions) | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 75.7 |  |  | $ | 64.8 |  |  | $ | 28.9 |
State | 8.4 |  |  | 10.9 |  |  | 3.4 |
International | 61.4 |  |  | 74.4 |  |  | 46.0 |
Current income tax provision | 145.5 |  |  | 150.1 |  |  | 78.3 |
Deferred: |  |  |  |  |
Federal and state | (20.3) |  |  | 7.3 |  |  | 0.2 |
International | (10.5) |  |  | (50.2) |  |  | (6.0) |
Deferred income tax provision | (30.8) |  |  | (42.9) |  |  | (5.8) |
Income tax expense | $ | 114.7 |  |  | $ | 107.2 |  |  | $ | 72.5 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities at December 31 are:
($ in millions) | 2022 |  | 2021
Deferred tax assets |  |  |
Net operating loss carryforwards | $ | 10.3 |  |  | $ | 14.0 |
Tax credit carryforwards | 1.9 |  |  | 1.5 |
Pension and deferred compensation | 31.4 |  |  | 31.6 |
Royalty acceleration | 46.2 |  |  | 45.1 |
Other | 25.5 |  |  | 12.2 |
Capitalized R&D expenses | 8.1 |  |  | — |
Leases | 20.6 |  |  | — |
Valuation allowance | (13.3) |  |  | (12.2) |
Total deferred tax assets | 130.7 |  |  | 92.2 |
Deferred tax liabilities: |  |  |
Property, plant, and equipment | 53.7 |  |  | 47.2 |
Tax on undistributed earnings of subsidiaries | 1.5 |  |  | 1.8 |
Leases | 19.7 |  |  | — |
Other | 4.5 |  |  | (0.4) |
Total deferred tax liabilities | 79.4 |  |  | 48.6 |
Net deferred tax asset (liability) | $ | 51.3 |  |  | $ | 43.6 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal corporate tax rate to our effective consolidated tax rate on income before income taxes and equity in net income of affiliated companies is as follows:
| 2022 |  | 2021 |  | 2020
U.S. federal corporate tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax on international operations other than U.S. tax rate | (1.5) |  |  | 1.9 |  |  | 1.2 |
Adjustments to reserves for unrecognized tax benefits | 2.9 |  |  | 0.1 |  |  | 1.4 |
U.S. tax on international earnings, net of foreign tax credits | (0.3) |  |  | 0.3 |  |  | 0.4 |
Foreign-Derived Intangible Income Deductions (FDII) | (2.1) |  |  | (1.5) |  |  | (1.1) |
State income taxes, net of federal tax effect | 1.0 |  |  | (0.1) |  |  | 1.2 |
U.S. research and development credits | (0.6) |  |  | (0.4) |  |  | (0.7) |
Excess tax benefits on share-based payments | (2.4) |  |  | (4.2) |  |  | (5.2) |
Royalty acceleration | — |  |  | (2.5) |  |  | — |
Pension settlement | (1.2) |  |  | — |  |  | — |
Tax on undistributed earnings of subsidiaries | — |  |  | (0.6) |  |  | 0.1 |
Other | 0.1 |  |  | 0.3 |  |  | (0.2) |
Effective tax rate | 16.9 | % |  | 14.3 | % |  | 18.1 | %

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