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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Income Taxes | Domestic and foreign components of Income (loss) before income taxes are shown below:
| Years Ended December 31,
In millions | 2022 |  | 2021 |  | 2020
Domestic | $ | 200.0 |  |  | $ | 107.4 |  |  | $ | 191.2 |
Foreign | 69.6 |  |  | 55.4 |  |  | 43.9 |
Income (loss) before income taxes | $ | 269.6 |  |  | $ | 162.8 |  |  | $ | 235.1 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes consisted of:
| Years Ended December 31,
In millions | 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | 41.7 |  |  | $ | 31.1 |  |  | $ | 22.5 |
State and local | 6.3 |  |  | 2.7 |  |  | 5.1 |
Foreign | 15.0 |  |  | 15.5 |  |  | 9.9 |
Total current | $ | 63.0 |  |  | $ | 49.3 |  |  | $ | 37.5 |
Deferred |  |  |  |  |
Federal | $ | (4.6) |  |  | $ | (15.3) |  |  | $ | 15.3 |
State and local | (1.7) |  |  | (1.6) |  |  | (2.7) |
Foreign | 1.3 |  |  | 12.3 |  |  | 3.6 |
Total deferred | $ | (5.0) |  |  | $ | (4.6) |  |  | $ | 16.2 |
Provision (benefit) for income taxes | $ | 58.0 |  |  | $ | 44.7 |  |  | $ | 53.7 |
Schedule of Effective Income Tax Rate Reconciliation | The following table summarizes the major differences between taxes computed at the U.S. federal statutory rate and the actual income tax provision attributable to operations:
| Years Ended December 31,
In millions, except percentage data | 2022 |  | 2021 |  | 2020
Federal statutory tax rate | $ | 56.6 |  |  | $ | 34.2 |  |  | $ | 49.4 |
State and local income taxes, net of federal benefit | 5.6 |  |  | 2.4 |  |  | 5.1 |
Foreign income tax rate differential | 2.2 |  |  | 2.2 |  |  | 1.5 |
Changes in valuation allowance | 0.1 |  |  | 0.8 |  |  | (1.9) |
Deferred adjustments | 0.1 |  |  | 0.3 |  |  | (1.4) |
Legislative tax rate change | 0.8 |  |  | 13.9 |  |  | 5.3 |
Excess share-based compensation | (0.1) |  |  | (0.3) |  |  | 0.4 |
Federal and state tax credits | (4.8) |  |  | (4.9) |  |  | (4.0) |
Tax on dividends, deemed dividends, and GILTI | 2.7 |  |  | 0.1 |  |  | 0.1 |
Foreign derived intangible income | (6.2) |  |  | (5.1) |  |  | (3.1) |
Officers compensation | 0.6 |  |  | 0.3 |  |  | 0.5 |
Other | 0.4 |  |  | 0.8 |  |  | 1.8 |
Provision (benefit) for income taxes | $ | 58.0 |  |  | $ | 44.7 |  |  | $ | 53.7 |
Effective tax rate | 21.5 | % |  | 27.5 | % |  | 22.8 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are as follows:
| December 31,
In millions | 2022 |  | 2021
Deferred tax assets: |  |  |
Employee benefits | $ | 19.1 |  |  | $ | 19.0 |
Net operating losses | 10.5 |  |  | 11.6 |
Leases | 17.2 |  |  | 16.5 |
Litigation verdict accrual | 19.9 |  |  | 19.9 |
Research and experimental expenses | 8.9 |  |  | — |
Other | 14.4 |  |  | 12.0 |
Total deferred tax assets | $ | 90.0 |  |  | $ | 79.0 |
Valuation allowance | (9.2) |  |  | (8.8) |
Total deferred tax assets, net of valuation allowance | $ | 80.8 |  |  | $ | 70.2 |
Deferred tax liabilities: |  |  |
Fixed assets | $ | 116.7 |  |  | $ | 108.6 |
Intangibles | 34.6 |  |  | 43.7 |
Inventory | 7.3 |  |  | 6.5 |
Leases | 16.9 |  |  | 16.3 |
Other | 6.1 |  |  | 2.9 |
Total deferred tax liabilities | $ | 181.6 |  |  | $ | 178.0 |
Net deferred tax asset (liability) (1) | $ | (100.8) |  |  | $ | (107.8) |
_______________ (1) Presentation in the table above is on a gross basis, however, due to jurisdictional netting, our net deferred tax asset and liability recorded on the consolidated balance sheets is $5.7 million and $106.5 million, respectively, as of December 31, 2022, and $6.8 million and $114.6 million, respectively, as of December 31, 2021.
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| Years ended December 31,
In millions | 2022 |  | 2021 |  | 2020
Balance at beginning of year | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Additions for tax positions related to prior years | 0.5 |  |  | 0.3 |  |  | — |
Reduction for lapse of statute of limitation | — |  |  | (0.1) |  |  | — |
Balance at end of year | $ | 0.8 |  |  | $ | 0.3 |  |  | $ | 0.1 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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