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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | Unrecognized Tax Benefits |  |  | Interest and Penalties |  |  | Total |
Opening balance at January 1, 2022 |  | $ | 13.2 |  |  | $ | 3.1 |  |  | $ | 16.3 |
Reductions for tax positions of prior periods |  |  | (3.1 | ) |  |  | — |  |  |  | (3.1 | )
Additions for tax positions of prior periods |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |
Closing balance at December 31, 2022 |  |  | 10.2 |  |  |  | 3.2 |  |  |  | 13.4 |
Current |  |  | — |  |  |  | — |  |  |  | — |
Non-current |  | $ | 10.2 |  |  | $ | 3.2 |  |  | $ | 13.4 |
Opening balance at January 1, 2023 |  | $ | 10.2 |  |  | $ | 3.2 |  |  | $ | 13.4 |
Reductions for tax positions of prior periods |  |  | — |  |  |  | — |  |  |  | — |
Additions for tax positions of prior periods |  |  | 0.3 |  |  |  | 1.1 |  |  |  | 1.4 |
Closing balance at December 31, 2023 |  |  | 10.5 |  |  |  | 4.3 |  |  |  | 14.8 |
Current |  |  | (1.0 | ) |  |  | (0.2 | ) |  |  | (1.2 | )
Non-current |  | $ | 9.5 |  |  | $ | 4.1 |  |  | $ | 13.6 |
Opening balance at January 1, 2024 |  | $ | 10.5 |  |  | $ | 4.3 |  |  | $ | 14.8 |
Reductions for tax positions of prior periods |  |  | (10.5 | ) |  |  | (5.1 | ) |  |  | (15.6 | )
Additions for tax positions of prior periods |  |  | — |  |  |  | 0.8 |  |  |  | 0.8 |
Closing balance at December 31, 2024 |  |  | — |  |  |  | — |  |  |  | — |
Current |  |  | — |  |  |  | — |  |  |  | — |
Non-current |  | $ | — |  |  | $ | — |  |  | $ | — |
Sources of Income before Income Taxes | The sources of income before income taxes were as follows:
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | 90.2 |  |  | $ | 95.2 |  |  | $ | 106.3 |
Foreign |  |  | (49.0 | ) |  |  | 79.2 |  |  |  | 78.3 |
|  | $ | 41.2 |  |  | $ | 174.4 |  |  | $ | 184.6 |
Components of Income Tax Expense | The components of income tax expense are summarized as follows:
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 16.9 |  |  | $ | 12.4 |  |  | $ | 27.0 |
State and local |  |  | 2.9 |  |  |  | 0.2 |  |  |  | 6.5 |
Foreign |  |  | 26.2 |  |  |  | 18.6 |  |  |  | 23.1 |
|  |  | 46.0 |  |  |  | 31.2 |  |  |  | 56.6 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (4.1 | ) |  |  | 5.2 |  |  |  | (3.7 | )
State and local |  |  | (0.5 | ) |  |  | 0.3 |  |  |  | (0.7 | )
Foreign |  |  | (35.8 | ) |  |  | (1.4 | ) |  |  | (0.6 | )
|  |  | (40.4 | ) |  |  | 4.1 |  |  |  | (5.0 | )
|  | $ | 5.6 |  |  | $ | 35.3 |  |  | $ | 51.6 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Foreign income inclusions |  |  | 13.5 |  |  |  | 2.1 |  |  |  | 3.3 |
Foreign tax rate differential |  |  | (3.2 | ) |  |  | 0.9 |  |  |  | 0.9 |
Tax charge/(credit) from previous years |  |  | (1.0 | ) |  |  | (2.6 | ) |  |  | 0.2 |
Net charge/(credit) from unrecognized tax benefits |  |  | (24.6 | ) |  |  | 0.7 |  |  |  | (1.4 | )
Foreign currency transactions |  |  | (0.9 | ) |  |  | (1.4 | ) |  |  | 3.5 |
Tax on unremitted earnings |  |  | 1.9 |  |  |  | 1.4 |  |  |  | 0.3 |
State and local taxes |  |  | 4.6 |  |  |  | 1.0 |  |  |  | 2.2 |
U.S. incentive for foreign derived intangible income |  |  | (4.8 | ) |  |  | (2.8 | ) |  |  | (2.7 | )
Innovation incentives |  |  | (6.9 | ) |  |  | (1.3 | ) |  |  | (0.8 | )
Non-deductible officer compensation |  |  | 4.7 |  |  |  | 1.0 |  |  |  | 1.4 |
Adjustment to contingent consideration |  |  | 1.8 |  |  |  | — |  |  |  | — |
Movement in unrecognized deferred taxes |  |  | 6.6 |  |  |  | (0.3 | ) |  |  | — |
Impact of internal reorganizations |  |  | 1.2 |  |  |  | — |  |  |  | — |
Meals and entertainment |  |  | 0.8 |  |  |  | 0.2 |  |  |  | 0.1 |
Stock compensation |  |  | (0.9 | ) |  |  | (0.5 | ) |  |  | — |
Other items and adjustments, net |  |  | (0.2 | ) |  |  | 0.8 |  |  |  | — |
|  |  | 13.6 | % |  |  | 20.2 | % |  |  | 28.0 | %
Details of Deferred Tax Assets and Liabilities | Details of deferred tax assets and liabilities are analyzed as follows:
(in millions) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Stock compensation |  | $ | 3.7 |  |  | $ | 3.7 |
Net operating loss carry forwards |  |  | 8.8 |  |  |  | 9.2 |
Other intangible assets |  |  | 4.8 |  |  |  | 8.7 |
Accretion expense |  |  | 3.2 |  |  |  | 3.2 |
Restructuring provision |  |  | 1.5 |  |  |  | 1.6 |
Employee related liabilities |  |  | 9.2 |  |  |  | 7.5 |
Foreign tax credits |  |  | 2.1 |  |  |  | 1.7 |
Operating lease liabilities |  |  | 11.1 |  |  |  | 12.6 |
Inventory provisions |  |  | 9.0 |  |  |  | 6.5 |
Pensions |  |  | 0.5 |  |  |  | — |
Carried forward interest deductions |  |  | 1.4 |  |  |  | 0.5 |
Bad debt reserves |  |  | 1.4 |  |  |  | 1.6 |
Research and experimental expenditure |  |  | 8.3 |  |  |  | 5.3 |
Other |  |  | 3.4 |  |  |  | 3.0 |
Subtotal |  |  | 68.4 |  |  |  | 65.1 |
Less valuation allowance |  |  | (2.4 | ) |  |  | (0.1 | )
Total net deferred tax assets |  | $ | 66.0 |  |  | $ | 65.0 |
Deferred tax liabilities: |  |  |  |  |  |
Property, plant and equipment |  | $ | (29.5 | ) |  | $ | (24.8 | )
Intangible assets including goodwill |  |  | (31.6 | ) |  |  | (31.2 | )
Pension asset |  |  | — |  |  |  | (7.6 | )
Customer relationships |  |  | (1.7 | ) |  |  | (5.1 | )
Unremitted overseas earnings |  |  | (5.1 | ) |  |  | (4.4 | )
Right-of-use assets |  |  | (10.7 | ) |  |  | (12.5 | )
Other |  |  | (1.5 | ) |  |  | (2.5 | )
Total deferred tax liabilities |  | $ | (80.1 | ) |  | $ | (88.1 | )
Net deferred tax liability |  | $ | (14.1 | ) |  | $ | (23.1 | )
Deferred tax assets |  | $ | 9.4 |  |  | $ | 10.4 |
Deferred tax liabilities |  |  | (23.5 | ) |  |  | (33.5 | )
|  | $ | (14.1 | ) |  | $ | (23.1 | )

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