Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income Taxes

Domestic and foreign components of Income (loss) before income taxes are shown below:

	Years Ended December 31,
In millions	2021		2020		2019
Domestic	$	107.4	$	191.2	$	203.2
Foreign	55.4		43.9		24.7
Total	$	162.8	$	235.1	$	227.9

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consisted of:

	Years Ended December 31,
In millions	2021		2020		2019
Current
Federal	$	31.1	$	22.5	$	19.9
State and local	2.7		5.1		5.0
Foreign	15.5		9.9		4.5
Total current	$	49.3	$	37.5	$	29.4
Deferred
Federal	$	(15.3)	$	15.3	$	13.8
State and local	(1.6)		(2.7)		2.5
Foreign	12.3		3.6		(1.5)
Total deferred	$	(4.6)	$	16.2	$	14.8
Provision (benefit) for income taxes	$	44.7	$	53.7	$	44.2

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the major differences between taxes computed at the U.S. federal statutory rate and the actual income tax provision attributable to operations:

	Years Ended December 31,
In millions, except percentage data	2021			2020			2019
Federal statutory tax rate	$	34.2		$	49.4		$	47.9
State and local income taxes, net of federal benefit	2.4			5.1			6.4
Foreign income tax rate differential	2.2			1.5			1.3
Changes in valuation allowance	0.8			(1.9)			(1.9)
Deferred adjustments	0.3			(1.4)			(1.3)
Legislative tax rate change	13.9			5.3			(0.1)
Excess stock compensation	(0.3)			0.4			(5.9)
Federal and state tax credits	(4.9)			(4.0)			(2.3)
Foreign derived intangible income	(5.1)			(3.1)			(3.8)
Officers compensation	0.3			0.5			3.3
Other	0.9			1.9			0.6
Provision (benefit) for income taxes	$	44.7		$	53.7		$	44.2
Effective tax rate	27.5		%	22.8		%	19.4		%

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities are as follows:

	December 31,
In millions	2021		2020
Deferred tax assets:
Employee benefits	$	19.0	$	13.0
Net operating losses	11.6		10.6
Leases	16.5		15.6
Litigation verdict accrual	19.9		—
Other	12.0		14.2
Total deferred tax assets	$	79.0	$	53.4
Valuation allowance	(8.8)		(8.4)
Total deferred tax assets, net of valuation allowance	$	70.2	$	45.0
Deferred tax liabilities:
Fixed assets	$	108.6	$	101.5
Intangibles	43.7		33.1
Inventory	6.5		2.3
Leases	16.3		15.3
Other	2.9		1.7
Total deferred tax liabilities	$	178.0	$	153.9
Net deferred tax asset (liability) (1)	$	(107.8)	$	(108.9)

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(1) Presentation in the table above is on a gross basis, however due to jurisdictional netting, our net deferred tax asset and liability recorded on our consolidated balance sheets is $6.8 million and $114.6 million, respectively, as of December 31, 2021, and $8.1 million and $117.0 million, respectively, as of December 31, 2020

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	December 31,
In millions	2021		2020		2019
Balance at beginning of year	$	0.1	$	0.1	$	0.3
Additions for tax positions related to prior years	0.3		—		—
Reduction for lapse of statute of limitation	(0.1)		—		(0.2)
Balance at end of year	$	0.3	$	0.1	$	0.1