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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Taxes

Our income before taxes is as follows:

(in millions) For year ended December 31,						2024						2023						2022
U.S. operations						$	78.2					$	97.4					$	163.9
Non-U.S. operations						148.2						142.4						84.4
Total						$	226.4					$	239.8					$	248.3

As of December 31, 2024, we have made the following determinations regarding our non-U.S. earnings:

(in millions)						Permanently reinvested						Not permanently reinvested
Amount of earnings						$	307.7					$	110.4
Associated tax						N/A (a)						$	0.6

(a) Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $307.7 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.

Schedule of Provision (Benefit) for Income Taxes

Our provision (benefit) for income taxes consists of: 

(in millions) For the year ended December 31,						2024						2023						2022
Current:
U.S. federal tax						$	29.2					$	31.3					$	52.2
U.S. state and local tax						(0.1)						1.7						6.0
Non-U.S. tax						28.1						20.6						13.6
Total current						57.2						53.6						71.8
Deferred:
U.S. federal tax						(13.4)						(2.8)						(13.8)
U.S. state and local tax						1.3						(0.4)						(2.3)
Non-U.S. tax						(2.8)						1.1						(12.3)
Total deferred						(14.9)						(2.1)						(28.4)
Total provision for income taxes (a)						$	42.3					$	51.5					$	43.4

(a) Included in the above amounts are excess tax benefits from share-based compensation of $1.2 million, $0.9 million and $0.8 million in 2024, 2023 and 2022, respectively, which were reflected as reductions in our provision for income taxes in 2024, 2023 and 2022.

Effective Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:

For the year ended December 31,						2024						2023						2022
Statutory U.S. federal tax rate						21.0		%				21.0		%				21.0		%
Increase (reduction) from:
Income taxed at non-U.S. rates						(1.4)		%				(2.0)		%				(6.6)		%
Non-U.S. income inclusion, net of tax credits						0.5		%				2.0		%				4.3		%
State and local taxes, net of federal benefit						0.2		%				1.0		%				1.2		%
Changes in reserves for uncertain tax positions						(2.7)		%				(1.3)		%				(1.1)		%
U.S. deduction for foreign - derived intangible income						(1.0)		%				(0.8)		%				(1.0)		%
Other						2.1		%				1.6		%				(0.3)		%
Effective tax rate						18.7		%				21.5		%				17.5		%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:

(in millions) December 31,						2024						2023
Deferred tax assets:
Tax loss and credit carryforwards						$	46.1					$	48.4
Inventories						7.6						8.5
Capitalized Research and Development						16.1						9.0
Accruals and Reserves						9.5						8.3
Pension and Post Retirement Benefits						3.3						2.4
Other						5.8						5.3
Total						$	88.4					$	81.9
Less: valuation allowance						43.6						46.4
Total deferred tax assets, net of valuation allowance						$	44.8					$	35.5
Deferred tax liabilities:
Basis difference in intangible assets						$	(131.1)					$	(108.8)
Basis difference in fixed assets						(29.7)						(28.2)
Other						(0.8)						(0.3)
Total deferred tax liabilities						$	(161.6)					$	(137.3)
Net deferred tax liability						$	(116.8)					$	(101.8)
Balance sheet classification:
Long-term deferred tax assets						$	2.2					$	2.7
Long-term deferred tax liability						(119.0)						(104.5)
Net deferred tax liability						$	(116.8)					$	(101.8)

Summary of Tax Loss and Tax Credit Carryforwards

As of December 31, 2024, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:

(in millions) Year of expiration						U.S. Federal Tax Credits						U.S. Federal Tax Losses						U.S. State Tax Credits						U.S. State Tax Losses						Non-U.S. Tax Credits						Non- U.S. Tax Losses						Total
2025-2029						$	—					$	—					$	1.1					$	113.2					$	—					$	0.3
After 2029						9.9						0.8						0.6						415.8						—						0.3
Indefinite						—						—						0.2						4.5						—						17.6
Total tax carryforwards						$	9.9					$	0.8					$	1.9					$	533.5					$	—					$	18.2
Deferred tax asset on tax carryforwards						$	9.9					$	0.2					$	1.5					$	29.4					$	0.8					$	4.3					$	46.1
Valuation allowance on tax carryforwards						(9.9)						(0.1)						(0.7)						(28.8)						—						(4.1)						(43.6)
Net deferred tax asset on tax carryforwards						$	—					$	0.1					$	0.8					$	0.6					$	0.8					$	0.2					$	2.5

Gross Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:

(in millions)						2024						2023						2022
Balance of liability as of January 1,						$	16.5					$	7.6					$	10.3
Increase (decrease) as a result of:
Tax positions taken during a prior year						(1.0)						(0.2)						—
Tax positions taken during the current year						0.4						0.5						0.4
Settlements with taxing authorities						—						(0.1)						—
Lapse of the statute of limitations						(7.8)						(5.2)						(3.1)
Other						—						13.9						—
Balance of liability as of December 31,						$	8.1					$	16.5					$	7.6

Summary of Income Tax Examinations

With few exceptions, the years open to examinations are as follows:

Jurisdiction						Year
U.S. federal						2021 - 2023
U.S. state and local						2018 - 2023
Non-U.S.						2017 - 2023

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