Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of 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)	2022		2021		2020
Balance at January 1	$	24.9	$	10.4	$	5.0
Increase due to current year position	11.4		16.3		4.9
Increase (decrease) due to prior year position	0.6		(1.0)		0.6
Reduction for expiration of statute of limitations/audits	(0.4)		(0.8)		(0.1)
Balance at December 31	$	36.5	$	24.9	$	10.4

Schedule of Components of Income Before Income Taxes

The components of income before income taxes and equity in net income of affiliated companies are:

($ in millions)	2022		2021		2020
U.S. operations	$	394.4	$	420.0	$	227.0
International operations	285.5		328.9		174.3
Total income before income taxes and equity in net income of affiliated companies	$	679.9	$	748.9	$	401.3

Schedule of Components of Income Tax Expense

The related provision for income taxes consists of:

($ in millions)	2022		2021		2020
Current:
Federal	$	75.7	$	64.8	$	28.9
State	8.4		10.9		3.4
International	61.4		74.4		46.0
Current income tax provision	145.5		150.1		78.3
Deferred:
Federal and state	(20.3)		7.3		0.2
International	(10.5)		(50.2)		(6.0)
Deferred income tax provision	(30.8)		(42.9)		(5.8)
Income tax expense	$	114.7	$	107.2	$	72.5

Schedule of Deferred Tax Assets and Liabilities

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

($ in millions)	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	10.3	$	14.0
Tax credit carryforwards	1.9		1.5
Pension and deferred compensation	31.4		31.6
Royalty acceleration	46.2		45.1
Other	25.5		12.2
Capitalized R&D expenses	8.1		—
Leases	20.6		—
Valuation allowance	(13.3)		(12.2)
Total deferred tax assets	130.7		92.2
Deferred tax liabilities:
Property, plant, and equipment	53.7		47.2
Tax on undistributed earnings of subsidiaries	1.5		1.8
Leases	19.7		—
Other	4.5		(0.4)
Total deferred tax liabilities	79.4		48.6
Net deferred tax asset (liability)	$	51.3	$	43.6

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 and equity in net income of affiliated companies is as follows:

	2022		2021		2020
U.S. federal corporate tax rate	21.0	%	21.0	%	21.0	%
Tax on international operations other than U.S. tax rate	(1.5)		1.9		1.2
Adjustments to reserves for unrecognized tax benefits	2.9		0.1		1.4
U.S. tax on international earnings, net of foreign tax credits	(0.3)		0.3		0.4
Foreign-Derived Intangible Income Deductions (FDII)	(2.1)		(1.5)		(1.1)
State income taxes, net of federal tax effect	1.0		(0.1)		1.2
U.S. research and development credits	(0.6)		(0.4)		(0.7)
Excess tax benefits on share-based payments	(2.4)		(4.2)		(5.2)
Royalty acceleration	—		(2.5)		—
Pension settlement	(1.2)		—		—
Tax on undistributed earnings of subsidiaries	—		(0.6)		0.1
Other	0.1		0.3		(0.2)
Effective tax rate	16.9	%	14.3	%	18.1	%