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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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 | 2024 | 2023 | 2022
Federal (1) | $ | 1.9 |  | $ | (9.9) |  | $ | (10.1) |
International (2) | 717.0 |  | 628.8 |  | 560.7 |
Income from continuing operations before income taxes | $ | 718.9 |  | $ | 618.9 |  | $ | 550.6 |
(1) “Federal” reflects United Kingdom (“U.K.”) income (loss) from continuing operations before income taxes, given U.K. tax residency. (2) “International” reflects non-U.K. income from continuing operations before income taxes.
Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following:
| Years ended December 31
In millions | 2024 | 2023 | 2022
Currently payable (receivable) |  |  |
Federal (1) | $ | 3.0 |  | $ | — |  | $ | — |
International (2) | 101.7 |  | 88.5 |  | 112.2 |
Total current taxes | 104.7 |  | 88.5 |  | 112.2 |
Deferred |  |  |
International (2) | (11.4) |  | (92.5) |  | (44.8) |
Total deferred taxes | (11.4) |  | (92.5) |  | (44.8) |
Total provision (benefit) for income taxes | $ | 93.3 |  | $ | (4.0) |  | $ | 67.4 |
(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 | 2024 | 2023 | 2022
U.K. federal statutory income tax rate (1) | 25.0 | % | 23.5 | % | 19.0 | %
Tax effect of international operations (2) | (11.5) |  | (13.2) |  | (7.6) |
Change in valuation allowances | 2.0 |  | 2.2 |  | 1.0 |
Withholding taxes | 1.5 |  | — |  | — |
Excess tax benefits on stock-based compensation | (1.5) |  | (0.1) |  | (0.2) |
Unrecognized tax benefits | (2.7) |  | — |  | — |
Worthless stock deduction | — |  | (5.0) |  | — |
Change in tax basis in foreign assets (3) | 0.2 |  | (8.0) |  | — |
Effective tax rate | 13.0 | % | (0.6) | % | 12.2 | %
(1) The U.K. Finance Act of 2021 increased the statutory tax rate from 19.0% to 25.0%, effective April 1, 2023. Given this change, a prorated U.K. federal statutory income tax rate was utilized for 2023. (2) The tax effect of international operations consists of non-U.K. jurisdictions. (3) The 2023 impact primarily represents the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance.
Schedule of Unrecognized Tax Benefits Roll Forward | Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
| Years ended December 31
In millions | 2024 | 2023 | 2022
Beginning balance | $ | 38.6 |  | $ | 39.6 |  | $ | 37.3 |
Gross increases for tax positions in prior periods | — |  | 0.6 |  | 3.6 |
Gross decreases for tax positions in prior periods | (31.5) |  | (0.2) |  | (0.9) |
Gross increases based on tax positions related to the current year | 0.2 |  | 1.6 |  | 0.2 |
Gross decreases related to settlements with taxing authorities | (1.3) |  | (3.0) |  | (0.6) |
Ending balance | $ | 6.0 |  | $ | 38.6 |  | $ | 39.6 |
Deferred Taxes | Deferred taxes were recorded in the Consolidated Balance Sheets as follows:
| December 31
In millions | 2024 | 2023
Other non-current assets | $ | 129.6 |  | $ | 113.2 |
Deferred tax liabilities | 44.4 |  | 40.0 |
Net deferred tax assets | $ | 85.2 |  | $ | 73.2 |
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 | 2024 | 2023
Deferred tax assets |  |
Accrued liabilities and reserves | $ | 54.8 |  | $ | 58.8 |
Pension and other post-retirement compensation and benefits | 17.5 |  | 20.1 |
Employee compensation and benefits | 27.4 |  | 28.6 |
Research and development costs | 36.6 |  | 28.4 |
Tax loss and credit carryforwards | 691.4 |  | 769.4 |
Interest limitations | 214.0 |  | 168.4 |
Total deferred tax assets | 1,041.7 |  | 1,073.7 |
Valuation allowance | 739.7 |  | 816.6 |
Deferred tax assets, net of valuation allowance | 302.0 |  | 257.1 |
Deferred tax liabilities |  |
Property, plant and equipment | 17.1 |  | 17.9 |
Goodwill and other intangibles | 177.9 |  | 149.7 |
Other liabilities | 21.8 |  | 16.3 |
Total deferred tax liabilities | 216.8 |  | 183.9 |
Net deferred tax assets | $ | 85.2 |  | $ | 73.2 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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