Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of Components of Income Before Income Taxes

The components of income before income taxes are:

($ in millions)	2021		2020		2019
U.S. operations	$	420.0	$	227.0	$	161.2
International operations	328.9		174.3		130.6
Total income before income taxes	$	748.9	$	401.3	$	291.8

Schedule of Components of Income Tax Expense

The related provision for income taxes consists of:

($ in millions)	2021		2020		2019
Current:
Federal	$	64.8	$	28.9	$	10.8
State	10.9		3.4		2.4
International	74.4		46.0		30.5
Current income tax provision	150.1		78.3		43.7
Deferred:
Federal and state	7.3		0.2		10.3
International	(50.2)		(6.0)		5.0
Deferred income tax provision	(42.9)		(5.8)		15.3
Income tax expense	$	107.2	$	72.5	$	59.0

Schedule of Deferred Tax Assets and Liabilities

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

($ in millions)	2021		2020
Deferred tax assets
Net operating loss carryforwards	$	14.0	$	21.4
Tax credit carryforwards	1.5		2.0
Pension and deferred compensation	31.6		35.3
Royalty acceleration	45.1		—
Other	12.2		11.0
Valuation allowance	(12.2)		(15.1)
Total deferred tax assets	92.2		54.6
Deferred tax liabilities:
Property, plant, and equipment	47.2		42.1
Tax on undistributed earnings of subsidiaries	1.8		6.5
Other	(0.4)		0.4
Total deferred tax liabilities	48.6		49.0
Net deferred tax asset (liability)	$	43.6	$	5.6

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 is as follows:

	2021		2020		2019
U.S. federal corporate tax rate	21.0	%	21.0	%	21.0	%
Tax on international operations other than U.S. tax rate	1.9		1.2		2.7
Adjustments to reserves for unrecognized tax benefits	0.1		1.4		0.4
U.S. tax on international earnings, net of foreign tax credits	0.3		0.4		0.4
Foreign-Derived Intangible Income Deductions (FDII)	(1.5)		(1.1)		(0.6)
State income taxes, net of federal tax effect	(0.1)		1.2		1.4
U.S. research and development credits	(0.4)		(0.7)		(1.0)
Excess tax benefits on share-based payments	(4.2)		(5.2)		(3.5)
Royalty acceleration	(2.5)		—		—
Tax on undistributed earnings of subsidiaries	(0.6)		0.1		(0.2)
Other	0.3		(0.2)		(0.4)
Effective tax rate	14.3	%	18.1	%	20.2	%