Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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)	2020		2019
Balance at January 1	$	5.0	$	3.9
Increase due to current year position	4.9		1.6
Increase due to prior year position	0.6		—
Reduction for expiration of statute of limitations/audits	(0.1)		(0.5)
Balance at December 31	$	10.4	$	5.0

Schedule of Components of Income Before Income Taxes

The components of income before income taxes are:

($ in millions)	2020		2019		2018
U.S. operations	$	227.0	$	161.2	$	132.9
International operations	174.3		130.6		107.8
Total income before income taxes	$	401.3	$	291.8	$	240.7

Schedule of Components of Income Tax Expense

The related provision for income taxes consists of:

($ in millions)	2020		2019		2018
Current:
Federal	$	28.9	$	10.8	$	2.1
State	3.4		2.4		3.3
International	46.0		30.5		35.1
Current income tax provision	78.3		43.7		40.5
Deferred:
Federal and state	0.2		10.3		1.4
International	(6.0)		5.0		(0.5)
Deferred income tax provision	(5.8)		15.3		0.9
Income tax expense	$	72.5	$	59.0	$	41.4

Schedule of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities at December 31 are:

($ in millions)	2020		2019
Deferred tax assets
Net operating loss carryforwards	$	21.4	$	21.9
Tax credit carryforwards	2.0		2.8
Restructuring and impairment charges	0.4		—
Pension and deferred compensation	35.3		25.6
Other	10.6		9.2
Valuation allowance	(15.1)		(15.9)
Total deferred tax assets	54.6		43.6
Deferred tax liabilities:
Property, plant, and equipment	42.1		37.9
Tax on undistributed earnings of subsidiaries	6.5		6.3
Other	0.4		0.9
Total deferred tax liabilities	49.0		45.1
Net deferred tax (liability) asset	$	5.6	$	(1.5)

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 follows:

	2020		2019		2018
U.S. federal corporate tax rate	21.0	%	21.0	%	21.0	%
Tax on international operations other than U.S. tax rate	1.2		2.7		4.8
Adjustments to reserves for unrecognized tax benefits	1.4		0.4		0.2
U.S. tax on international earnings, net of foreign tax credits	0.4		0.4		(0.2)
Foreign-Derived Intangible Income Deductions (FDII)	(1.1)		(0.6)		(0.4)
State income taxes, net of federal tax effect	1.2		1.4		2.3
U.S. research and development credits	(0.7)		(1.0)		(0.9)
Excess tax benefits on share-based payments	(5.2)		(3.5)		(6.0)
Impact of 2017 Tax Act	—		—		(2.9)
Tax on undistributed earnings of subsidiaries	0.1		(0.2)		(1.3)
Other	(0.2)		(0.4)		0.6
Effective tax rate	18.1	%	20.2	%	17.2	%