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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Taxes | Income / (loss) before income taxes consisted of the following:
|  |  | Years ended December 31, |
| In millions |  | 2025 |  | 2024 |  | 2023 |
| Domestic - U.K. |  | $ | 4.1 |  |  | $ | 10.7 |  |  | $ | 10.4 |  |
| Foreign - U.S. |  | 15.8 |  |  | 11.4 |  |  | (23.5) |  |
| Foreign - Other(1) |  | 2.3 |  |  | 4.4 |  |  | 3.4 |  |
| Income / (loss) before income taxes |  | $ | 22.2 |  |  | $ | 26.5 |  |  | $ | (9.7) |  |
(1) "Foreign - Other" reflects non U.S. and U.K. income before income taxes.
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following:
|  |  | Years ended December 31, |
| In millions |  | 2025 |  | 2024 |  | 2023 |
| Currently payable / (receivable) |  |  |  |  |  |  |
| Domestic |  | $ | 2.3 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |
| Foreign - U.S. Federal |  | $ | 1.0 |  |  | $ | 4.0 |  |  | $ | (0.3) |  |
| Foreign - U.S. State |  | 0.6 |  |  | 0.9 |  |  | 0.8 |  |
| Foreign - Other(1) |  | — |  |  | 0.9 |  |  | (0.1) |  |
| Total current taxes |  | $ | 3.9 |  |  | $ | 6.3 |  |  | $ | 0.9 |  |
| Deferred |  |  |  |  |  |  |
| Domestic |  | $ | 0.9 |  |  | $ | 1.9 |  |  | $ | 1.3 |  |
| Foreign - U.S. Federal |  | $ | 3.2 |  |  | $ | (0.4) |  |  | $ | (9.2) |  |
| Foreign - U.S. State |  | 0.2 |  |  | 0.3 |  |  | (0.9) |  |
| Foreign - Other(1) |  | 0.9 |  |  | 0.1 |  |  | 0.8 |  |
| Total deferred taxes |  | $ | 5.2 |  |  | $ | 1.9 |  |  | $ | (8.0) |  |
| Total provision for income taxes |  | $ | 9.1 |  |  | $ | 8.2 |  |  | $ | (7.1) |  |
(1) "Foreign - Other" reflects non U.S. and U.K. income taxes.
Reconciliation of Income before Income Taxes and Total Provision for Income Taxes | Differences between the financial reporting and the corresponding tax basis of assets and liabilities and the different income tax rates and laws applicable to the Company, among other factors, give rise to permanent differences between the statutory tax rate applicable in the U.K. and the effective tax rate presented in the Consolidated Income Statement, which in 2025, 2024 and 2023, were as follows:
|  | Years ended December 31, |  |
| In millions | 2025 | Percent(1) |  | 2024 | Percent(1) |  | 2023 | Percent(1) |
| Income / (loss) before income taxes | $ | 22.2 |  |  |  | $ | 26.5 |  |  |  | $ | (9.7) |  |  |
| Provision for income taxes at the U.K. statutory tax rate (2025: 25.0%%, 2024: 25.0%, 2023: 23.5%) | 5.6 |  |  |  | 6.6 |  |  |  | (2.3) |  |  |
| Foreign Tax Effects |  |  |  |  |  |  |  |  |
| United States: |  |  |  |  |  |  |  |  |
| Tax impact of defined benefit pension settlement | — |  | — | % |  | — |  | — | % |  | (4.9) |  | 50.5 | % |
| Nontaxable or nondeductible items | 1.2 |  | 5.4 | % |  | 1.9 |  | 7.2 | % |  | 0.4 |  | (4.1) | % |
| Other | 0.2 |  | 0.9 | % |  | 0.5 |  | 1.9 | % |  | 0.6 |  | (6.2) | % |
| Other foreign jurisdictions | 0.3 |  | 1.4 | % |  | (0.7) |  | (2.6) | % |  | (0.1) |  | 1.0 | % |
| Nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |
| Difference of basis in accounting | 1.8 |  | 8.1 | % |  | (0.5) |  | (1.9) | % |  | — |  | — | % |
| Other | 0.5 |  | 2.3 | % |  | 0.6 |  | 2.3 | % |  | — |  | — | % |
| Effect of changes in tax laws or rates enacted in the current period | — |  | — | % |  | — |  | — | % |  | (0.1) |  | 1.0 | % |
| Tax credits | (0.5) |  | (2.3) | % |  | (0.2) |  | (0.8) | % |  | (0.7) |  | 7.2 | % |
| Total provision for income taxes | $ | 9.1 |  | 41.0 | % |  | $ | 8.2 |  | 30.9 | % |  | $ | (7.1) |  | 73.2 | % |
(1) Percent amounts represent the impact of each reconciling item on income / (loss) before income taxes.
Schedule of income taxes paid and received | Income taxes (received) / paid for the years in 2025, 2024 and 2023, were as follows:
|  |  | Years ended December 31, |
| In millions |  | 2025 |  | 2024 |  | 2023 |
| Domestic |  |  |  |  |  |  |
| U.K. |  | $ | — |  |  | $ | — |  |  | $ | — |  |
| Foreign |  |  |  |  |  |  |
| U.S. |  | $ | 6.0 |  |  | $ | (1.2) |  |  | $ | 3.3 |  |
| Other |  | 0.1 |  |  | — |  |  | — |  |
| Total foreign |  | $ | 6.1 |  |  | $ | (1.2) |  |  | $ | 3.3 |  |
| Total paid / (received) |  | $ | 6.1 |  |  | $ | (1.2) |  |  | $ | 3.3 |  |
Schedule of Unrecognized Tax Benefits | Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
|  | Years ended December 31, |
| In millions | 2025 |  | 2024 |  | 2023 |
| Beginning balance | $ | — |  |  | $ | 1.1 |  |  | $ | 1.1 |  |
| Reductions due to expiry of statute of limitations | — |  |  | (1.1) |  |  | — |  |
| Ending balance | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |
| Non-current | $ | — |  |  | $ | — |  |  | $ | 1.1 |  |
Summary of Tax Years Open by Major Tax Jurisdiction | The following is a summary of the tax years open by major tax jurisdiction:
| Jurisdiction |  | Years open |
| U.K. |  | 2021 - 2025 |
| U.S. Federal |  | 2022 - 2025 |
| U.S. State and local |  | 2022 - 2025 |
| France |  | 2022 - 2025 |
| China |  | 2022 - 2025 |
| Canada |  | 2022 - 2025 |
Schedule of Deferred Tax Assets and Liabilities | Deferred taxes were recorded in the Consolidated Balance Sheets as follows:
|  | December 31, |
| In millions | 2025 |  | 2024 |
| Deferred tax assets | $ | 1.2 |  |  | $ | 4.1 |  |
| Deferred tax liabilities | (18.4) |  |  | (14.0) |  |
| Net deferred tax liabilities | $ | (17.2) |  |  | $ | (9.9) |  |
The tax effects of the major items recorded in deferred tax assets and liabilities were as follows:
|  | December 31, |
| In millions | 2025 |  | 2024 |
| Deferred tax assets |  |  |  |
| Accrued liabilities | 0.5 |  |  | 1.3 |  |
| Tax loss and credit carry forwards | 19.8 |  |  | 18.2 |  |
| Employee compensation benefits | 2.3 |  |  | 2.3 |  |
| Operating leases | 1.7 |  |  | 3.2 |  |
| Property, plant and equipment | — |  |  | 2.0 |  |
| Excess interest capacity carry forward | 1.9 |  |  | 1.9 |  |
| Other | — |  |  | 0.6 |  |
| Total deferred tax assets | 26.2 |  |  | 29.5 |  |
| Valuation allowances | (20.1) |  |  | (17.4) |  |
| Deferred tax assets, net of valuation allowances | $ | 6.1 |  |  | $ | 12.1 |  |
| Deferred tax liabilities |  |  |  |
| Property, plant and equipment | $ | 3.0 |  |  | $ | 2.2 |  |
| Pension benefits | 13.7 |  |  | 12.2 |  |
| Goodwill and other intangibles | 5.2 |  |  | 4.8 |  |
| Operating leases | 1.4 |  |  | 2.8 |  |
| Total deferred tax liabilities | $ | 23.3 |  |  | $ | 22.0 |  |
| Net deferred tax liabilities | $ | (17.2) |  |  | $ | (9.9) |  |
Summary of Valuation Allowance | Reconciliations of the beginning and ending valuation allowances were as follows:
|  | Years ended December 31, |
| In millions | 2025 |  | 2024 |
| Beginning balance | $ | 17.4 |  |  | $ | 17.0 |  |
| Foreign exchange movements | 2.1 |  |  | (0.8) |  |
| Additions / (deductions) | 0.6 |  |  | 1.2 |  |
| Closing balance | $ | 20.1 |  |  | $ | 17.4 |  |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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