Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Balance at January 1	$	36.5	$	24.9	$	10.4
Increase due to current year position	6.4		11.4		16.3
(Decrease) increase due to prior year position	(1.0)		0.6		(1.0)
Reduction for expiration of statute of limitations/audits	(3.1)		(0.4)		(0.8)
Balance at December 31	$	38.8	$	36.5	$	24.9

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)	2023		2022		2021
U.S. operations	$	369.4	$	394.4	$	420.0
International operations	328.6		285.5		328.9
Total income before income taxes and equity in net income of affiliated companies	$	698.0	$	679.9	$	748.9

Schedule of Components of Income Tax Expense

The related provision for income taxes consists of:

($ in millions)	2023		2022		2021
Current:
Federal	$	30.2	$	75.7	$	64.8
State	(4.2)		8.4		10.9
International	58.8		61.4		74.4
Current income tax provision	84.8		145.5		150.1
Deferred:
Federal and state	(11.6)		(20.3)		7.3
International	49.1		(10.5)		(50.2)
Deferred income tax provision	37.5		(30.8)		(42.9)
Income tax expense	$	122.3	$	114.7	$	107.2

Schedule of Deferred Tax Assets and Liabilities

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

($ in millions)	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	10.0	$	10.3
Tax credit carryforwards	1.1		1.9
Pension and deferred compensation	22.7		31.4
Royalty acceleration	15.0		46.2
Other	13.9		18.3
Capitalized R&D expenses	23.9		8.1
Leases	18.6		20.6
Unrealized profit in inventory	8.5		7.2
Valuation allowance	(15.5)		(13.3)
Total deferred tax assets	98.2		130.7
Deferred tax liabilities:
Property, plant, and equipment	61.7		53.7
Tax on undistributed earnings of subsidiaries	3.8		1.5
Leases	18.1		19.7
Other	1.6		4.5
Total deferred tax liabilities	85.2		79.4
Net deferred tax asset	$	13.0	$	51.3

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:

	2023		2022		2021
U.S. federal corporate tax rate	21.0	%	21.0	%	21.0	%
Tax on international operations other than U.S. tax rate	1.2		(1.5)		1.9
Adjustments to reserves for unrecognized tax benefits	0.3		2.9		0.1
U.S. tax on international earnings, net of foreign tax credits	0.5		(0.3)		0.3
Foreign-Derived Intangible Income Deductions (FDII)	(1.6)		(2.1)		(1.5)
State income taxes, net of federal tax effect	0.1		1.0		(0.1)
U.S. research and development credits	(0.7)		(0.6)		(0.4)
Excess tax benefits on share-based payments	(4.6)		(2.4)		(4.2)
Royalty acceleration	0.5		—		(2.5)
Pension settlement	—		(1.2)		—
Tax on undistributed earnings of subsidiaries	0.3		—		(0.6)
Other	0.5		0.1		0.3
Effective tax rate	17.5	%	16.9	%	14.3	%