v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income (loss) before income taxes and noncontrolling interest

Income before income taxes consisted of the following:

			Years ended December 31
In millions			2025			2024			2023
Federal (1)			$	(48.9)		$	(23.6)		$	(15.4)
International (2)			598.9			452.8			390.7
Income before income taxes			$	550.0		$	429.2		$	375.3

(1)"Federal" reflects U.K. loss before income taxes.

(2)"International" reflects non-U.K. income before income taxes.

Provision for Income Taxes

The provision (benefit) for income taxes consisted of the following:

			Years ended December 31
In millions			2025			2024			2023
Currently payable
Federal (1)			$	—		$	0.8		$	—
International (2)			113.3			104.9			87.6
Total current taxes			113.3			105.7			87.6
Deferred
Federal (1)			0.1			0.1			2.0
International (2)			8.1			82.6			(174.0)
Total deferred taxes			8.2			82.7			(172.0)
Total provision (benefit) for income taxes			$	121.5		$	188.4		$	(84.4)

(1)"Federal" represents U.K. taxes.

(2)"International" represents non-U.K. taxes.

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

The table below provides the updated requirements of the Accounting Standards Update 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"), for 2025. The reconciliations of the federal statutory income tax rate to our effective tax rate was as follows for the year ended December 31, 2025:

Dollars in millions									Amount			Percent
Federal statutory tax rate									$	137.5		25.0		%
Foreign tax effects:
Jurisdictions:
Switzerland
Tax rate differential									(44.8)			(8.1)
Cantonal income taxes									20.3			3.6
Other									3.7			0.7
United States
Tax rate differential									(10.6)			(1.9)
State and local income taxes									13.6			2.5
Other									(7.3)			(1.3)
Other jurisdictions									5.7			1.0
Valuation allowances									3.5			0.7
Unrecognized tax benefits									(0.3)			(0.1)
Other adjustments									0.2			—
Effective tax rate									$	121.5		22.1		%

As previously disclosed for the years December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:

						Years ended December 31
Percentages						2024			2023
Federal statutory income tax rate (1)						25.0		%	23.5		%
Tax effect of international operations (2)						(2.7)			(4.9)
Change in other valuation allowances						0.6			0.3
Withholding taxes						0.3			0.4
Change in tax basis of foreign assets (3)						(0.1)			(16.4)
Foreign income tax loss carryforwards (4)						21.6			(24.8)
Excess tax benefits on stock-based compensation						(1.3)			(0.6)
Tax effect of equity investment impairment						0.5			—
Effective tax rate						43.9		%	(22.5)		%

(1)The U.K. changed its tax rate to from 19% to 25%, effective April 1, 2023.

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

(3)In 2023, we recorded a non-cash income tax benefit of $55.4 million related to a step up in tax basis of intangible assets in Switzerland, partially offset by valuation allowances of $5.1 million. The assets were amortizable starting in 2025, and the amortization period varies based on the nature of the underlying assets from which the values were derived.

(4)In 2023, we recorded a non-cash income tax benefit of $93.2 million related to foreign income tax loss carryforwards resulting from tax-deductible statutory losses in Luxembourg. We determined in 2024 that such loss carryforwards would not be utilized in the remaining carryforward period and put a valuation allowance against the adjusted remaining loss carryforward available.

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			2025			2024			2023
Beginning balance			$	11.7		$	13.9		$	13.4
Gross increases for tax positions in prior periods			0.7			0.7			0.5
Gross decreases for tax positions in prior periods			(1.6)			(3.5)			(1.3)
Gross increases based on tax positions related to the current year			1.5			1.4			1.7
Gross decreases related to settlements with taxing authorities			(0.8)			—			(0.2)
Reductions due to statute expiration			(1.3)			(0.5)			(0.3)
Gross increases (decreases) due to currency fluctuations			0.1			(0.3)			0.1
Ending balance			$	10.3		$	11.7		$	13.9

Schedule of Deferred Tax Assets and Liabilities

Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:

In millions			2025			2024
Other non-current assets			$	46.7		$	57.0
Deferred tax liabilities			232.0			242.7
Net deferred tax liabilities			$	185.3		$	185.7

The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:

In millions			2025			2024
Deferred tax assets
Accrued liabilities and reserves			$	28.1		$	23.3
Pension and other post-retirement compensation and benefits			11.6			13.8
Employee compensation and benefits			39.8			28.5
Tax loss and credit carryforwards			191.8			195.8
Other intangibles			33.0			43.5
Interest limitation			39.3			42.7
Other assets			34.0			34.8
Total deferred tax assets			377.6			382.4
Valuation allowance			194.4			196.0
Deferred tax assets, net of valuation allowance			183.2			186.4
Deferred tax liabilities
Property, plant and equipment			30.5			28.9
Goodwill and other intangibles			303.8			322.2
Other liabilities			34.2			21.0
Total deferred tax liabilities			368.5			372.1
Net deferred tax liabilities			$	185.3		$	185.7

Schedule of Cash Flow, Supplemental Disclosures

The following provides supplemental information of cash paid for income taxes for 2025, including taxes paid related to the sale of the Thermal Management business, updated for the requirements of ASU 2023-09:

			Years ended December 31
In millions			2025
Cash paid during the period for income taxes, net of refunds:
Federal			$	—
Foreign			283.3
Total cash paid during the period for income taxes			$	283.3

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the following is a supplemental schedule of cash paid for income taxes:

						Years ended December 31
In millions						2024			2023
Cash paid during the period for income taxes						$	120.2		$	112.4

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