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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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			2024						2023						2022
Domestic			$	(473.6)					$	(55.4)					$	200.0
Foreign			(62.0)						45.3						69.6
Income (loss) before income taxes			$	(535.6)					$	(10.1)					$	269.6

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consisted of:

			Years Ended December 31,
In millions			2024						2023						2022
Current
Federal			$	0.9					$	25.8					$	41.7
State and local			0.9						2.9						6.3
Foreign			14.3						11.3						15.0
Total current			$	16.1					$	40.0					$	63.0
Deferred
Federal			$	(101.0)					$	(39.7)					$	(4.6)
State and local			(16.8)						(4.6)						(1.7)
Foreign			(3.6)						(0.4)						1.3
Total deferred			$	(121.4)					$	(44.7)					$	(5.0)
Provision (benefit) for income taxes			$	(105.3)					$	(4.7)					$	58.0

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			2024						2023						2022
Federal statutory tax rate			$	(112.5)					$	(2.1)					$	56.6
State and local income taxes, net of federal benefit			(10.3)						(1.0)						5.6
Foreign income tax rate differential			(2.4)						1.7						2.2
Changes in valuation allowance			1.4						1.3						0.1
Foreign derived intangible income			(1.4)						(2.4)						(5.9)
Officers compensation			0.4						0.9						0.6
Goodwill impairment			26.8						—						—
Excess share-based compensation			1.0						(1.1)						(0.1)
Federal and state tax credits			(11.3)						(4.2)						(4.8)
Legislative tax rate change			(0.1)						0.5						0.8
Sustainably sourced feedstock benefit			(0.8)						(0.7)						(1.3)
Uncertain tax positions			1.0						0.5						0.5
Tax on Dividends, Deemed Dividends, and GILTI (1)			1.3						0.5						2.6
Other			1.6						1.4						1.1
Provision (benefit) for income taxes			$	(105.3)					$	(4.7)					$	58.0
Effective tax rate			19.7		%				46.5		%				21.5		%

_______________

(1) GILTI is defined as Global Intangible Low Tax Income

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities are as follows:

			December 31,
In millions			2024						2023
Deferred tax assets:
Employee benefits			$	15.4					$	13.3
Intangibles (including goodwill)			30.5						—
Net operating losses			18.6						10.6
Inventory			11.2						16.9
Leases			15.8						18.7
Litigation verdict accrual			21.4						20.5
Research and experimental expenses			29.9						15.3
Interest limitation			24.5						7.6
Other			21.8						16.3
Total deferred tax assets			$	189.1					$	119.2
Valuation allowance			(11.0)						(11.1)
Total deferred tax assets, net of valuation allowance			$	178.1					$	108.1
Deferred tax liabilities:
Fixed assets			$	96.9					$	115.9
Intangibles (including goodwill)			—						29.3
Leases			14.6						18.4
Other			4.9						3.8
Total deferred tax liabilities			$	116.4					$	167.4
Net deferred tax asset (liability) (1)			$	61.7					$	(59.3)

_______________

(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 were $117.9 million and $56.2 million, respectively, as of December 31, 2024, and $11.6 million and $70.9 million, respectively, as of December 31, 2023.

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			2024						2023						2022
Balance at beginning of year			$	1.2					$	0.8					$	0.3
Additions for tax positions related to prior years			1.2						0.4						0.5
Reduction for lapse of statute of limitation			(0.3)						—						—
Balance at end of year (1)			$	2.1					$	1.2					$	0.8

_______________

(1) Included in "Other liabilities" on the consolidated balance sheets.

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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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