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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Schedule of significant components of the Company's deferred income tax liabilities and assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in millions)
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Excess tax over book depreciation | ​ | $ | 26.5 | ​ | $ | 27.8
Intangibles | ​ |  | 43.7 | ​ |  | 48.6
Goodwill | ​ | ​ | 2.2 | ​ | ​ | —
Foreign earnings | ​ | ​ | 1.0 | ​ | ​ | 2.6
Operating lease ROU assets | ​ | ​ | 8.6 | ​ | ​ | 10.7
Other | ​ |  | 5.4 | ​ |  | 4.9
Total deferred tax liabilities | ​ |  | 87.4 | ​ |  | 94.6
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Accrued expenses | ​ |  | 12.5 | ​ |  | 11.1
Product liability | ​ | ​ | 5.0 | ​ | ​ | 5.2
Operating lease liabilities | ​ | ​ | 9.3 | ​ | ​ | 11.0
Stock based compensation | ​ | ​ | 6.2 | ​ | ​ | 6.1
Foreign tax credits | ​ | ​ | 13.5 | ​ | ​ | 17.4
Net operating loss carry forward | ​ |  | 5.2 | ​ |  | 6.7
Capital loss carry forward | ​ | ​ | 1.6 | ​ | ​ | 1.6
Inventory reserves | ​ |  | 14.9 | ​ |  | 14.8
Intangibles | ​ |  | 10.5 | ​ |  | 12.3
Goodwill | ​ |  | — | ​ |  | 1.0
Capitalized R&D | ​ |  | 41.7 | ​ |  | 29.7
Other | ​ |  | 12.1 | ​ |  | 11.6
Total deferred tax assets | ​ |  | 132.5 | ​ |  | 128.5
Less: valuation allowance | ​ |  | (19.6) | ​ |  | (23.8)
Net deferred tax assets | ​ |  | 112.9 | ​ |  | 104.7
Net deferred tax assets | ​ | $ | 25.5 | ​ | $ | 10.1
Schedule of pre-tax income upon which provision for income taxes from continuing operations is based | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in millions)
Domestic | ​ | $ | 270.3 | ​ | $ | 228.2 | ​ | $ | 204.3
Foreign | ​ | ​ | 115.7 | ​ |  | 121.3 | ​ |  | 103.3
​ | ​ | $ | 386.0 | ​ | $ | 349.5 | ​ | $ | 307.6
Schedule of provision for income taxes from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in millions)
Current tax expense: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Federal | ​ | $ | 62.5 | ​ | $ | 54.6 | ​ | $ | 51.0
Foreign | ​ |  | 31.9 | ​ |  | 35.6 | ​ |  | 23.2
State | ​ |  | 15.3 | ​ |  | 15.8 | ​ |  | 11.5
​ | ​ |  | 109.7 | ​ |  | 106.0 | ​ |  | 85.7
Deferred tax expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (11.8) | ​ |  | (14.7) | ​ |  | (12.1)
Foreign | ​ |  | (1.2) | ​ |  | 0.2 | ​ |  | (13.7)
State | ​ |  | (1.9) | ​ |  | (4.1) | ​ |  | (3.8)
​ | ​ |  | (14.9) | ​ |  | (18.6) | ​ |  | (29.6)
Provision for income taxes | ​ | $ | 94.8 | ​ | $ | 87.4 | ​ | $ | 56.1
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in millions)
Computed expected federal income expense | ​ | $ | 81.1 | ​ | $ | 73.4 | ​ | $ | 64.6
State income taxes, net of federal tax benefit | ​ |  | 10.6 | ​ |  | 9.3 | ​ |  | 6.8
Foreign tax rate differential | ​ |  | 3.2 | ​ |  | 4.3 | ​ |  | 3.5
Restructuring of manufacturing supply chain operations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16.1)
Valuation allowance | ​ | ​ | (4.0) | ​ | ​ | 3.5 | ​ | ​ | 0.4
One time repatriation | ​ | ​ | 3.1 | ​ | ​ | 1.2 | ​ | ​ | —
Unrecognized tax benefits, net | ​ | ​ | 1.2 | ​ | ​ | 1.4 | ​ | ​ | (1.0)
Other, net | ​ |  | (0.4) | ​ |  | (5.7) | ​ |  | (2.1)
​ | ​ | $ | 94.8 | ​ | $ | 87.4 | ​ | $ | 56.1
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ​
​ | ​ | ​ | ​
​ |  | (in millions)
Balance at January 1, 2024 | ​ | $ | 8.6
Increases related to prior year tax positions | ​ |  | 0.8
Decreases related to current year tax positions | ​ | ​ | (3.2)
Decreases due to lapse in statutes | ​ |  | (1.2)
Currency movement | ​ | ​ | (0.1)
Balance at December 31, 2024 | ​ | $ | 4.9

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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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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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