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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Consolidated Income (loss) from Continuing Operations Before Income Taxes by Location | The “Income before income tax expense” line item in the consolidated statements of operations consisted of:
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Domestic | $ | 9.1 |  |  | $ | 58.4 |  |  | $ | 34.4 |
Foreign | 67.2 |  |  | 82.0 |  |  | 91.9 |
Total | $ | 76.3 |  |  | $ | 140.4 |  |  | $ | 126.3 |
Schedule of Income Tax Expense (Benefit) by Location | The “Income tax expense” line item in the consolidated statements of operations consisted of:
(Dollars in millions) | Current |  | Deferred |  | Total
2023 |  |  |  |  |
Domestic | $ | 0.4 |  |  | $ | (0.6) |  |  | $ | (0.2) |
Foreign | 22.9 |  |  | (3.0) |  |  | 19.9 |
Total | $ | 23.3 |  |  | $ | (3.6) |  |  | $ | 19.7 |
2022 |  |  |  |  |
Domestic | $ | 26.8 |  |  | $ | (18.8) |  |  | $ | 8.0 |
Foreign | 17.6 |  |  | (1.8) |  |  | 15.8 |
Total | $ | 44.4 |  |  | $ | (20.6) |  |  | $ | 23.8 |
2021 |  |  |  |  |
Domestic | $ | 5.2 |  |  | $ | (2.9) |  |  | $ | 2.3 |
Foreign | 16.2 |  |  | (0.3) |  |  | 15.9 |
Total | $ | 21.4 |  |  | $ | (3.2) |  |  | $ | 18.2 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities as of December 31, 2023 and 2022, were comprised of the following:
(Dollars in millions) | 2023 |  | 2022
Deferred tax assets |  |  |
Accrued employee benefits and compensation | $ | 7.7 |  |  | $ | 8.7 |
Net operating loss carryforwards | 11.8 |  |  | 4.4 |
Tax credit carryforwards | 6.7 |  |  | 2.8 |
Reserves and accruals | 5.7 |  |  | 4.7 |
Operating leases | 3.6 |  |  | 4.2 |
Capitalized research and development | 25.6 |  |  | 21.3 |
Other | 6.9 |  |  | 10.2 |
Total deferred tax assets | 68.0 |  |  | 56.3 |
Less deferred tax asset valuation allowance | (11.4) |  |  | (2.8) |
Total deferred tax assets, net of valuation allowance | 56.6 |  |  | 53.5 |
Deferred tax liabilities |  |  |
Depreciation and amortization | 17.7 |  |  | 14.4 |
Postretirement benefit obligations | 0.7 |  |  | 0.7 |
Unremitted earnings | 1.5 |  |  | 2.6 |
Operating leases | 4.1 |  |  | 4.6 |
Other | 5.8 |  |  | 4.2 |
Total deferred tax liabilities | 29.8 |  |  | 26.5 |
Net deferred tax asset (liability) | $ | 26.8 |  |  | $ | 27.0 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows:
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Tax expense at Federal statutory income tax rate | $ | 16.0 |  |  | $ | 29.5 |  |  | $ | 26.5 |
Impact of foreign operations | 4.0 |  |  | 1.5 |  |  | 2.0 |
Foreign source income, net of tax credits | (2.3) |  |  | (6.5) |  |  | (4.9) |
State tax, net of federal | (0.5) |  |  | 6.9 |  |  | 0.2 |
Deferred tax adjustment | 1.2 |  |  | — |  |  | — |
Unrecognized tax benefits | (0.2) |  |  | 1.9 |  |  | (8.8) |
Equity compensation excess tax deductions | 0.3 |  |  | (3.0) |  |  | 0.3 |
General business credits | (2.4) |  |  | (0.8) |  |  | (0.9) |
Distribution related foreign taxes | 1.1 |  |  | 1.5 |  |  | 2.5 |
Executive compensation limitation | 0.9 |  |  | 2.9 |  |  | 1.6 |
Valuation allowance change | 0.7 |  |  | (6.9) |  |  | 0.5 |
Other | 0.9 |  |  | (3.2) |  |  | (0.8) |
Income tax expense | $ | 19.7 |  |  | $ | 23.8 |  |  | $ | 18.2 |
Schedule of Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2023 and 2022, were as follows:
(Dollars in millions) | 2023 |  | 2022 |  | 2021
Beginning balance as of January 1 | $ | 8.9 |  |  | $ | 6.6 |  |  | $ | 15.7 |
Gross increases - current period tax positions | 1.1 |  |  | 3.4 |  |  | 1.0 |
Gross increases - tax positions in prior periods | — |  |  | 0.2 |  |  | 1.2 |
Gross decreases - tax positions in prior periods | (0.5) |  |  | (0.2) |  |  | (9.2) |
Foreign currency exchange | 0.1 |  |  | (0.1) |  |  | — |
Settlements | 0.1 |  |  | (1.0) |  |  | (2.1) |
Lapse of statue of limitations | $ | (1.2) |  |  | $ | — |  |  | $ | — |
Ending balance as of December 31 | $ | 8.5 |  |  | $ | 8.9 |  |  | $ | 6.6 |

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