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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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, 2018		$	2.2			$	0.3			$	2.5
Additions for tax positions of prior 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, 2018			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
Opening balance at January 1, 2020		$	14.4			$	2.0			$	16.4
Reductions for tax positions of prior periods			(1.2	)			(0.2	)			(1.4	)
Additions for tax positions of prior periods			0.4				0.6				1.0
Closing balance at 31 December, 2020			13.6				2.4				16.0
Current			0.0				0.0				0.0
Non-current		$	13.6			$	2.4			$	16.0

Sources of Income before Income Taxes

The sources of income before income taxes were as follows:

(in millions)		2020				2019				2018
Domestic		$	(0.7	)		$	52.4			$	37.1
Foreign			40.4				98.0				94.5
		$	39.7			$	150.4			$	131.6

Components of Income Tax Expense

The components of income tax expense are summarized as follows:

(in millions)		2020				2019				2018
Current:
Federal		$	6.1			$	13.8			$	12.5
State and local			0.5				2.3				2.0
Foreign			6.8				22.9				26.6
			13.4				39.0				41.1
Deferred:
Federal			(2.8	)			(3.0	)			4.2
State and local			(0.4	)			(0.5	)			0.3
Foreign			0.8				2.7				1.0
			(2.4	)			(0.8	)			5.5
		$	11.0			$	38.2			$	46.6

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)		2020				2019				2018
Statutory rate			21.0	%			21.0	%			21.0	%
Foreign income inclusions			7.1				0.3				0.7
Foreign tax rate differential			4.2				(0.3	)			(0.8	)
Tax charge/(credit) from previous years			3.7				1.8				0.7
Net charge/(credit) from unrecognized tax benefits			(1.7	)			1.1				0.3
Foreign currency transactions			(4.5	)			(1.0	)			1.2
Effect of U.S. tax law change			0.0				0.6				9.3
Tax on unremitted earnings			0.3				(0.1	)			0.9
Non-deductible foreign interest			0.7				0.8				1.3
Change in UK statutory tax rate			6.9				0.0				0.0
State and local taxes			1.5				1.4				1.2
US incentive for foreign derived intangible income			(1.5	)			(0.5	)			(1.0	)
Innovation incentives – current year			(4.9	)			(0.6	)			(0.6	)
Innovation incentives – prior years			(5.3	)			0.0				0.0
Non-deductible officer compensation			1.8				0.2				0.4
Other items and adjustments, net			(1.6	)			0.7				0.8
			27.7	%			25.4	%			35.4	%

Details of Deferred Tax Assets and Liabilities

Details of deferred tax assets and liabilities are analyzed as follows:

(in millions)		2020				2019
Deferred tax assets:
Stock compensation		$	5.3			$	6.7
Net operating loss carry forwards			9.8				7.3
Other intangible assets			10.6				6.0
Accretion expense			3.2				3.3
Restructuring provision			1.4				0.0
Foreign tax credits			2.0				3.6
Operating lease liabilities			9.2				7.4
Other			6.9				5.9
Subtotal			48.4				40.2
Less valuation allowance			(1.1	)			(0.8	)
Total net deferred tax assets		$	47.3			$	39.4
Deferred tax liabilities:
Property, plant and equipment		$	(21.3	)		$	(19.5	)
Intangible assets including goodwill			(28.3	)			(28.1	)
Pension asset			(20.5	)			(18.2	)
Investment impairment recapture			0.0				(1.0	)
Customer relationships			(4.4	)			(4.2	)
Unremitted overseas earnings			(2.0	)			(1.0	)
Right-of-use assets			(9.2	)			(7.4	)
Other			(0.9	)			(0.5	)
Total deferred tax liabilities		$	(86.6	)		$	(79.9	)
Net deferred tax liability		$	(39.3	)		$	(40.5	)
Deferred tax assets		$	7.6			$	9.1
Deferred tax liabilities			(46.9	)			(49.6	)
		$	(39.3	)		$	(40.5	)

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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.

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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.

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