Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income (loss) before income taxes and noncontrolling interest

Income from continuing operations before income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Federal (1)	$	7.2	$	(1.6)	$	(24.6)
International (2)	424.9		409.1		404.4
Income from continuing operations before income taxes	$	432.1	$	407.5	$	379.8

(1) “Federal” reflects United Kingdom (“U.K.”) income (loss) from continuing operations before income taxes.

(2) “International” reflects non-U.K. income from continuing operations before income taxes.

Provision for Income Taxes

The provision for income taxes consisted of the following:

	Years ended December 31
In millions	2020		2019		2018
Currently payable (receivable)
Federal (1)	$	0.1	$	—	$	(0.1)
International (2)	70.3		64.2		62.3
Total current taxes	70.4		64.2		62.2
Deferred
International (2)	4.6		(18.4)		(4.1)
Total deferred taxes	4.6		(18.4)		(4.1)
Total provision for income taxes	$	75.0	$	45.8	$	58.1

(1) “Federal” represents U.K. taxes.

(2) “International” represents non-U.K. taxes.

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:

	Years ended December 31
Percentages	2020		2019		2018
U.K. federal statutory income tax rate	19.0	%	19.0	%	19.0	%
Tax effect of international operations (1)	(3.9)		(8.2)		(9.9)
Change in valuation allowances	1.3		1.1		7.9
Excess tax benefits on stock-based compensation	(0.7)		(0.7)		(1.7)
Base erosion and anti-abuse tax	1.7		—		—
Tax effect of U.S. tax reform	—		—		(0.9)
Tax effect of early extinguishment of debt	—		—		0.9
Effective tax rate	17.4	%	11.2	%	15.3	%

(1) The tax effect of international operations consists of non-U.K. jurisdictions.

Reconciliations of Gross Unrecognized Tax Benefits

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:

	Years ended December 31
In millions	2020		2019		2018
Beginning balance	$	47.4	$	51.4	$	13.8
Gross increases for tax positions in prior periods	0.6		0.4		44.0
Gross decreases for tax positions in prior periods	—		(0.8)		(4.4)
Gross increases based on tax positions related to the current year	0.2		0.4		0.9
Gross decreases related to settlements with taxing authorities	(1.1)		(2.9)		(1.8)
Reductions due to statute expiration	(0.8)		(1.1)		(1.1)
Ending balance	$	46.3	$	47.4	$	51.4

Deferred Taxes

Deferred taxes were recorded in the Consolidated Balance Sheets as follows:

	December 31
In millions	2020		2019
Other non-current assets	$	27.4	$	29.6
Deferred tax liabilities	107.4		104.4
Net deferred tax liabilities	$	80.0	$	74.8

Tax Effects of Major Items Recorded as Deferred Tax Assets and Liabilities

The tax effects of the major items recorded as deferred tax assets and liabilities were as follows:

	December 31
In millions	2020		2019
Deferred tax assets
Accrued liabilities and reserves	$	59.4	$	41.9
Pension and other post-retirement compensation and benefits	26.2		25.2
Employee compensation and benefits	18.5		19.6
Tax loss and credit carryforwards	744.5		712.0
Interest limitations	49.9		45.0
Total deferred tax assets	898.5		843.7
Valuation allowance	747.3		693.8
Deferred tax assets, net of valuation allowance	151.2		149.9
Deferred tax liabilities
Property, plant and equipment	5.3		8.5
Goodwill and other intangibles	209.0		200.4
Other liabilities	16.9		15.8
Total deferred tax liabilities	231.2		224.7
Net deferred tax liabilities	$	80.0	$	74.8