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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Roll-forward of Unrecognized Tax Benefits and Associated Accrued Interest and Penalties | A roll-forward of unrecognized tax benefits and associated accrued interest and penalties is as follows:
(in millions) |  | Unrecognised Tax Benefits |  |  | Interest and Penalties |  |  | Total |
Opening balance at January 1, 2017 |  | $ | 2.2 |  |  | $ | 0.1 |  |  | $ | 2.3 |
Additions for tax positions of prior periods |  |  | 0.5 |  |  |  | 0.2 |  |  |  | 0.7 |
Reductions due to lapsed statute of limitations |  |  | (0.5 | ) |  |  | 0.0 |  |  |  | (0.5 | )
Closing balance at 31 December , 2017 |  |  | 2.2 |  |  |  | 0.3 |  |  |  | 2.5 |
C urren t |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Non-cur rent |  | $ | 2.2 |  |  | $ | 0.3 |  |  | $ | 2.5 |
Ope ning balance at January 1, 2018 |  | $ | 2.2 |  |  | $ | 0.3 |  |  | $ | 2.5 |
Addition s for tax positions of p rior periods |  |  | 11.7 |  |  |  | 0.4 |  |  |  | 12.1 |
Reductions due to lapsed statute of limitations |  |  | (0.5 | ) |  |  | (0.1 | ) |  |  | (0.6 | )
Closing balance at 31 December, 201 8 |  |  | 13.4 |  |  |  | 0.6 |  |  |  | 14.0 |
Current |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Non- current |  | $ | 13.4 |  |  | $ | 0.6 |  |  | $ | 14.0 |
Opening balance at January 1, 2019 |  | $ | 13.4 |  |  | $ | 0.6 |  |  | $ | 14.0 |
Additions for tax positions of prior periods |  |  | 1.0 |  |  |  | 1.4 |  |  |  | 2.4 |
Closing balance at 31 December, 2019 |  |  | 14.4 |  |  |  | 2.0 |  |  |  | 16.4 |
Current |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Non-current |  | $ | 14.4 |  |  | $ | 2.0 |  |  | $ | 16.4 |
Sources of Income before Income Taxes | The sources of income before income taxes were as follows:
( in millions ) |  | 2019 |  |  | 2018 |  |  | 2017 |
Domestic |  | $ | 52.4 |  |  | $ | 37.1 |  |  | $ | 3.1 |
Foreign |  |  | 98.0 |  |  |  | 94.5 |  |  |  | 125.0 |
|  | $ | 150.4 |  |  | $ | 131.6 |  |  | $ | 128.1 |
Components of Income Tax Expense | The components of income tax expense are summarized as follows:
( in millions ) |  | 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 13.8 |  |  | $ | 12.5 |  |  | $ | 51.2 |
State and local |  |  | 2.3 |  |  |  | 2.0 |  |  |  | 0.9 |
Foreign |  |  | 22.9 |  |  |  | 26.6 |  |  |  | 21.0 |
|  |  | 39.0 |  |  |  | 41.1 |  |  |  | 73.1 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (3.0 | ) |  |  | 4.2 |  |  |  | (8.1 | )
State and local |  |  | (0.5 | ) |  |  | 0.3 |  |  |  | 0.7 |
Foreign |  |  | 2.7 |  |  |  | 1.0 |  |  |  | 0.6 |
|  |  | (0.8 | ) |  |  | 5.5 |  |  |  | (6.8 | )
|  | $ | 38.2 |  |  | $ | 46.6 |  |  | $ | 66.3 |
Factors Effecting Effective Tax Rate from U.S. Federal Statutory Rate | The effective tax rate varies from the U.S. federal statutory rate because of the factors indicated below:
(in percent) |  | 2019 |  |  | 2018 |  |  | 2017 |
Statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 35.0 | %
Foreign income inclusions |  |  | 0.3 |  |  |  | 0.7 |  |  |  | 2.1 |
Foreign tax rate differential |  |  | (0.2 | ) |  |  | (0.5 | ) |  |  | (13.7 | )
Tax charge from previous years |  |  | 1.8 |  |  |  | 0.7 |  |  |  | 1.1 |
Net charge/(credit) from unrecognized tax benefits |  |  | 1.1 |  |  |  | 0.3 |  |  |  | (0.4 | )
Foreign currency transactions |  |  | (0.3 | ) |  |  | 1.4 |  |  |  | (0.9 | )
Effect of U.S. tax law change |  |  | 0.6 |  |  |  | 9.3 |  |  |  | 31.7 |
Tax on unremitted earning s |  |  | (0.1 | ) |  |  | 0.9 |  |  |  | 0.0 |
Non-deductible foreign interest |  |  | 0.8 |  |  |  | 1.3 |  |  |  | 1.1 |
Other items and adjustments, ne t |  |  | 0.4 |  |  |  | 0.3 |  |  |  | (4.2 | )
|  |  | 25.4 | % |  |  | 35.4 | % |  |  | 51.8 | %
Details of Deferred Tax Assets and Liabilities | Details of deferred tax assets and liabilities are analyzed as follows:
( in millions ) |  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Stock compensation |  | $ | 6.7 |  |  | $ | 4.9 |
Net operating loss carry forwards |  |  | 7.3 |  |  |  | 8.8 |
Other intangible assets |  |  | 6.0 |  |  |  | 5.6 |
Accretion expense |  |  | 3.3 |  |  |  | 3.3 |
Restructuring provision |  |  | 0.0 |  |  |  | 1.9 |
Foreign t ax credits |  |  | 3.6 |  |  |  | 0.0 |
Other |  |  | 5.9 |  |  |  | 4.8 |
Subtotal |  |  | 32.8 |  |  |  | 29.3 |
Less valuation allowance |  |  | (0.8 | ) |  |  | 0.0 |
Total net deferred tax assets |  | $ | 32.0 |  |  | $ | 29.3 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | (19.5 | ) |  | $ | (17.1 | )
Intangible assets including goodwill |  |  | (28.1 | ) |  |  | (28.1 | )
Pension asset |  |  | (18.2 | ) |  |  | (15.0 | )
Investment impairment recapture |  |  | (1.0 | ) |  |  | (2.0 | )
Customer relationships |  |  | (4.2 | ) |  |  | (4.9 | )
Unremitted overseas earnings |  |  | (1.0 | ) |  |  | (1.1 | )
Other |  |  | (0.5 | ) |  |  | (0.5 | )
Total deferred tax liabilities |  | $ | (72.5 | ) |  | $ | (68.7 | )
Net deferred tax liability |  | $ | (40.5 | ) |  | $ | (39.4 | )
Deferred tax assets |  | $ | 9.1 |  |  | $ | 8.8 |
Deferred tax liabilities |  |  | (49.6 | ) |  |  | (48.2 | )
|  | $ | (40.5 | ) |  | $ | (39.4 | )

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