Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2021, 2020 and 2019 was taxed in the following jurisdictions:

	2021		2020		2019
	(In millions)
U.S.	$	350.2	$	296.3	$	377.2
Foreign	229.6		174.0		155.7
Total	$	579.8	$	470.3	$	532.9

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2021, 2020 and 2019 was as follows:

	2021		2020		2019
	(In millions)
Current
U.S.	$	64.7	$	29.5	$	49.8
State and local	11.0		4.6		9.1
Foreign	60.9		50.2		41.9
Total current	136.6		84.3		100.8
Deferred
U.S.	(4.1)		10.1		10.1
State and local	(1.4)		1.5		(0.1)
Foreign	(0.6)		(3.4)		(3.4)
Total deferred	(6.1)		8.2		6.6
Total provision for income taxes	$	130.5	$	92.5	$	107.4

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2021 and 2020 were:

	2021		2020
	(In millions)
Employee and retiree benefit plans	$	23.6	$	26.9
Capital loss and other carryforwards	11.9		16.3
Operating lease assets	25.7		24.7
Operating lease liabilities	(24.8)		(23.9)
Depreciation and amortization	(222.0)		(189.0)
Inventories	11.7		8.8
Allowances and accruals	10.3		7.3
Interest rate exchange agreement	—		0.7
Other	(16.6)		(16.9)
Total gross deferred tax (liabilities)	(180.2)		(145.1)
Valuation allowance	(11.9)		(16.3)
Total deferred tax (liabilities), net of valuation allowances	$	(192.1)	$	(161.4)

Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020 were:

	2021		2020
	(In millions)
Noncurrent deferred tax asset - Other noncurrent assets	$	4.3	$	2.5
Noncurrent deferred tax liabilities - Deferred income taxes	(196.4)		(163.9)
Net deferred tax liabilities	$	(192.1)	$	(161.4)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount calculated by applying the statutory federal income tax rate to pretax income. The calculated amount and the differences for 2021, 2020 and 2019 are shown in the following table:

	2021				2020				2019
	(In millions)
Pretax income	$	579.8			$	470.3			$	532.9
Provision for income taxes:
Computed amount at statutory rate of 21%	$	121.8	21.0	%	$	98.8	21.0	%	$	111.9	21.0	%
State and local income tax (net of federal tax benefit)	8.0		1.4	%	5.9		1.3	%	8.2		1.5	%
Taxes on non-U.S. earnings-net of foreign tax credits	9.2		1.6	%	8.4		1.8	%	6.3		1.2	%
Global Intangible Low-Taxed Income	0.4		0.1	%	(2.7)		(0.6	%)	2.3		0.4	%
Foreign-Derived Intangible Income Deduction	(7.5)		(1.3	%)	(4.9)		(1.0	%)	(5.8)		(1.1	%)
Share-based payments	(3.5)		(0.6	%)	(9.8)		(2.1	%)	(11.0)		(2.1	%)
Other	2.1		0.3	%	(3.2)		(0.7	%)	(4.5)		(0.7	%)
Total provision for income taxes	$	130.5	22.5	%	$	92.5	19.7	%	$	107.4	20.2	%

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2021, 2020 and 2019 is as follows:

	2021		2020		2019
	(In millions)
Beginning balance January 1	$	1.1	$	3.7	$	4.1
Gross increases for tax positions of prior years	0.1		—		—
Gross decreases for tax positions of prior years	(0.3)		—		—
Settlements	(0.2)		(2.6)		(0.1)
Lapse of statute of limitations	(0.6)		—		(0.3)
Ending balance December 31	$	0.1	$	1.1	$	3.7