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Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for taxes on income

The provision for taxes on income for the years ended December 31 consists of the following:

			2023						2022						2021
Pretax income
Domestic			$	400,241					$	363,518					$	(342,951)
Foreign			214,591						207,764						181,969
Total pretax income			$	614,832					$	571,282					$	(160,982)
Current
Federal			$	79,200					$	55,016					$	21,247
State			16,681						15,997						15,212
Foreign			65,617						59,762						55,018
Total current			$	161,498					$	130,775					$	91,477
Deferred
Federal			$	(5,447)					$	(2,495)					$	(120,243)
State			(2,249)						(5,441)						(39,709)
Foreign			(4,524)						(4,330)						1,045
Total deferred			$	(12,220)					$	(12,266)					$	(158,907)
Total taxes			$	149,278					$	118,509					$	(67,430)

Deferred tax liabilities/(assets)

Deferred tax (liabilities)/assets are comprised of the following at December 31:

			2023						2022
Property, plant and equipment			$	(137,880)					$	(104,162)
Intangibles			(119,225)						(104,171)
Leases			(48,832)						(89,226)
Outside basis in Metal Packaging			(68,867)						(74,092)
Gross deferred tax liabilities			$	(374,804)					$	(371,651)
Retiree health benefits			$	513					$	1,222
Foreign loss carryforwards			62,250						79,460
U.S. Federal loss and credit carryforwards			39,131						36,529
Capital loss carryforwards			3,817						3,626
U.S. State loss and credit carryforwards			21,321						20,961
Capitalized research and development costs			87,743						45,826
Employee benefits			51,829						42,641
Leases			50,704						89,416
Accrued liabilities and other assets			58,699						56,601
Gross deferred tax assets			$	376,007					$	376,282
Valuation allowance on deferred tax assets			$	(70,661)					$	(82,046)
Total deferred taxes, net			$	(69,458)					$	(77,415)

Reconciliation of U.S. federal statutory tax rate to actual consolidated tax expense

A reconciliation of the U.S. federal statutory tax rate to the actual provision for/(benefit from) income taxes is as follows:

			2023												2022												2021
Statutory tax rate			$	129,115					21.0		%				$	119,945					21.0		%				$	(33,806)					21.0		%
State income taxes, net of federal tax benefit			16,051						2.6		%				13,149						2.3		%				(15,863)						9.9		%
Valuation allowance			4,486						0.7		%				(10,477)						(1.8)		%				(33,576)						20.9		%
Tax examinations including change in reserve for uncertain tax positions			2,183						0.4		%				567						0.1		%				5,665						(3.5)		%
Adjustments to prior year deferred taxes			(2,489)						(0.4)		%				(2,110)						(0.4)		%				1,239						(0.8)		%
Foreign earnings taxed at other than U.S. rates			13,704						2.2		%				12,334						2.2		%				9,659						(6.0)		%
Divestiture of business			464						0.1		%				—						—		%				(808)						0.5		%
Effect of tax rate changes			387						0.1		%				(2,151)						(0.4)		%				275						(0.2)		%
Foreign withholding taxes			4,635						0.8		%				4,670						0.8		%				8,107						(5.0)		%
Tax credits			(18,841)						(3.1)		%				(14,077)						(2.5)		%				(21,936)						13.6		%
Global intangible low-taxed income (GILTI)			2,930						0.5		%				2,851						0.5		%				11,323						(7.0)		%
Foreign-derived intangible income			(1,106)						(0.2)		%				(657)						(0.1)		%				(202)						0.1		%
Foreign currency gain/(loss) on distributions of previously taxed income			(2,614)						(0.4)		%				(1,280)						(0.2)		%				3,365						(2.1)		%
Other, net			373						0.1		%				(4,255)						(0.7)		%				(872)						0.5		%
Provision for/(Benefit from) income taxes			$	149,278					24.3		%				$	118,509					20.7		%				$	(67,430)					41.9		%

Reconciliation of gross amounts of unrecognized tax benefits

The following table sets forth the reconciliation of the gross amounts of unrecognized tax benefits at the beginning and ending of the periods indicated: 

			2023						2022						2021
Gross Unrecognized Tax Benefits at January 1			$	18,621					$	18,142					$	11,230
Increases in prior years’ unrecognized tax benefits			378						223						12,283
Decreases in prior years’ unrecognized tax benefits			(572)						(144)						(275)
Increases in current year’s unrecognized tax benefits			4,395						1,807						1,088
Decreases in unrecognized tax benefits from the lapse of statutes of limitations			(1,094)						(1,174)						(6,170)
Settlements			(51)						(233)						(14)
Gross Unrecognized Tax Benefits at December 31			$	21,677					$	18,621					$	18,142

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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