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Income Taxes (Tables)

12 Months Ended

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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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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