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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Earnings (Loss) From Continuing Operations Before Income Taxes | The components of "Earnings (loss) before income taxes" shown in the Consolidated Statements of Operations are as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | (14.0) |  |  | $ | (586.2) |  |  | $ | (388.6) |
Foreign | 303.7 |  |  | 77.0 |  |  | 215.2 |
Earnings (loss) before income taxes | $ | 289.7 |  |  | $ | (509.2) |  |  | $ | (173.4) |
Schedule of Income Taxes | "Income taxes" shown in the Consolidated Statements of Operations is comprised of the following components:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current |  |  |  |  |
Federal | $ | 20.8 |  |  | $ | 7.2 |  |  | $ | 24.4 |
State and local | 4.7 |  |  | 1.4 |  |  | 3.7 |
Foreign | 49.0 |  |  | 51.6 |  |  | 64.5 |
Total current | 74.5 |  |  | 60.2 |  |  | 92.6 |
Deferred |  |  |  |  |
Federal | (21.5) |  |  | (48.6) |  |  | (100.6) |
State and local | (3.3) |  |  | (7.2) |  |  | (19.9) |
Foreign | 4.6 |  |  | (2.2) |  |  | (8.7) |
Total deferred | (20.2) |  |  | (58.0) |  |  | (129.2) |
Total income taxes | $ | 54.3 |  |  | $ | 2.2 |  |  | $ | (36.6) |
Schedule of Income Tax Expense, Earning (Loss) From Continuing Operations Percentage | A reconciliation of the provision for "Income taxes" in amounts and as percentages of "Earnings (loss) before income taxes" differs from the statutory federal income tax rate after the adoption of ASU 2023-09 as follows:
| Year Ended December 31,
| 2025 |  |  |  |
| Amount |  | Percent |  |  |  |  |  |  |  |
U.S. statutory federal income tax rate | $ | 60.8 |  |  | 21.0 | % |  |  |  |  |  |  |  |
State and local income taxes, net of federal income tax effect 1 | 2.3 |  |  | .8 |  |  |  |  |  |  |  |  |
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |  |  |  |
Withholding taxes | 12.7 |  |  | 4.4 |  |  |  |  |  |  |  |  |
Local income taxes | 3.3 |  |  | 1.1 |  |  |  |  |  |  |  |  |
Other | (2.3) |  |  | (.8) |  |  |  |  |  |  |  |  |
China |  |  |  |  |  |  |  |  |  |  |
Statutory tax rate difference between China and United States | (3.3) |  |  | (1.1) |  |  |  |  |  |  |  |  |
Withholding taxes | 6.0 |  |  | 2.1 |  |  |  |  |  |  |  |  |
Nontaxable or nondeductible items | (3.1) |  |  | (1.1) |  |  |  |  |  |  |  |  |
Other | .9 |  |  | .3 |  |  |  |  |  |  |  |  |
Cyprus | (3.5) |  |  | (1.2) |  |  |  |  |  |  |  |  |
France |  |  |  |  |  |  |  |  |  |  |
Nontaxable gain related to divestiture of Aerospace Products Group | (11.8) |  |  | (4.1) |  |  |  |  |  |  |  |  |
Other | 2.4 |  |  | .8 |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |  |  |  |
Nontaxable gain related to divestiture of Aerospace Products Group | (15.2) |  |  | (5.3) |  |  |  |  |  |  |  |  |
Other | 2.2 |  |  | .8 |  |  |  |  |  |  |  |  |
Other foreign jurisdictions | 1.6 |  |  | .6 |  |  |  |  |  |  |  |  |
Effect of changes in tax laws or rates enacted in current period | 1.6 |  |  | .6 |  |  |  |  |  |  |  |  |
Effect of cross-border tax laws |  |  |  |  |  |  |  |  |  |  |
Global intangible low-taxed income (GILTI), net | 4.1 |  |  | 1.4 |  |  |  |  |  |  |  |  |
Other, net | (.2) |  |  | (.1) |  |  |  |  |  |  |  |  |
Tax credits | (1.7) |  |  | (.6) |  |  |  |  |  |  |  |  |
Changes in unrecognized tax benefits | (.3) |  |  | (.1) |  |  |  |  |  |  |  |  |
Nontaxable or nondeductible items | 4.8 |  |  | 1.6 |  |  |  |  |  |  |  |  |
Other adjustments |  |  |  |  |  |  |  |  |  |  |
Release of stranded tax effects from AOCI (See Note M) | (5.8) |  |  | (2.0) |  |  |  |  |  |  |  |  |
Other | (1.2) |  |  | (.4) |  |  |  |  |  |  |  |  |
Effective tax rate | $ | 54.3 |  |  | 18.7 | % |  |  |  |  |  |  |  |
1 State taxes in California, Illinois, and Texas made up the majority (greater than 50%) of the tax effect in this category. For years ended December 31, 2024 a nd 2023, a reconciliation of the provision for "Income taxes" as a percentage of "Earnings (loss) before income taxes" differs from the statutory federal income tax rate before the adoption of ASU 2023-09 as follows:
|  |  | Year Ended December 31,
|  |  | 2024 |  | 2023
Statutory federal income tax rate |  |  | 21.0 | % |  | 21.0 | %
Increases (decreases) in rate resulting from: |  |  |  |  |
State taxes, net of federal benefit |  |  | .1 |  |  | .2 |
Tax effect of foreign operations |  |  | .8 |  |  | (1.4) |
Global intangible low-taxed income |  |  | (.4) |  |  | (1.5) |
Current and deferred foreign withholding taxes |  |  | (1.9) |  |  | (7.3) |
Goodwill and long-lived asset impairments |  |  | (19.5) |  |  | 5.4 |
Stock-based compensation |  |  | (.2) |  |  | .1 |
Change in valuation allowance |  |  | (1.3) |  |  | (.4) |
Change in uncertain tax positions, net |  |  | (.1) |  |  | (.3) |
Other permanent differences, net |  |  | 1.1 |  |  | 3.9 |
Other, net |  |  | — |  |  | 1.4 |
Effective tax rate |  |  | (.4 | %) |  | 21.1 | %
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows:
| December 31,
| 2025 |  | 2024
| Assets |  | Liabilities |  | Assets |  | Liabilities
Property, plant and equipment | $ | 12.6 |  |  | $ | (71.2) |  |  | $ | 13.7 |  |  | $ | (76.2) |
Inventories | 4.8 |  |  | (.8) |  |  | 5.8 |  |  | (.7) |
Accrued expenses | 52.6 |  |  | (1.4) |  |  | 51.1 |  |  | (.3) |
Net operating losses and other tax carryforwards | 56.8 |  |  | — |  |  | 56.2 |  |  | — |
Pension cost and other post-retirement benefits | 3.3 |  |  | (2.6) |  |  | 3.8 |  |  | (.9) |
Intangible assets | 14.3 |  |  | (61.3) |  |  | 10.8 |  |  | (69.1) |
Derivative financial instruments | — |  |  | (3.5) |  |  | .9 |  |  | (4.0) |
Capitalized research and experimentation expenses | 14.7 |  |  | — |  |  | 12.5 |  |  | — |
Tax on undistributed earnings (primarily from Canada and China) | — |  |  | (28.7) |  |  | — |  |  | (18.6) |
Uncertain tax positions | 4.1 |  |  | — |  |  | 3.3 |  |  | — |
Other | 11.0 |  |  | (9.5) |  |  | 9.9 |  |  | (8.3) |
Gross deferred tax assets (liabilities) | 174.2 |  |  | (179.0) |  |  | 168.0 |  |  | (178.1) |
Valuation allowance | (21.0) |  |  | — |  |  | (20.5) |  |  | — |
Total deferred taxes | $ | 153.2 |  |  | $ | (179.0) |  |  | $ | 147.5 |  |  | $ | (178.1) |
Net deferred tax liability |  |  | $ | (25.8) |  |  |  |  | $ | (30.6) |
Schedule of Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets | Deferred tax assets (liabilities) included in the Consolidated Balance Sheets are as follows:
| December 31,
| 2025 |  | 2024
Other noncurrent assets | $ | 27.1 |  |  | $ | 18.3 |
Deferred income taxes | (52.9) |  |  | (48.9) |
Net deferred tax liability | $ | (25.8) |  |  | $ | (30.6) |
Schedule of Income Taxes, Net of Refunds | The following table presents cash paid for income taxes, net of refunds received, by jurisdiction as follows:
| Year Ended December 31,
| 2025 |  |  |  |
Federal | $ | 28.8 |  |  |  |  |
State and local | 2.9 |  |  |  |  |
Foreign: |  |  |  |  |
Canada | 14.8 |  |  |  |  |
China | 21.0 |  |  |  |  |
All other foreign jurisdictions | 19.7 |  |  |  |  |
Total foreign | 55.5 |  |  |  |  |
Total income taxes paid, net of refunds received | $ | 87.2 |  |  |  |  |

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