XML 63 R48.htm IDEA: XBRL DOCUMENT v3.25.4
Income Taxes (Tables)
12 Months Ended
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 millions202520242023
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 millions202520242023
Currently payable / (receivable)
Domestic$2.3 $0.5 $0.5 
Foreign - U.S. Federal$1.0 $4.0 $(0.3)
Foreign - U.S. State0.6 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. State0.2 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 millions2025
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 items1.2 5.4 %1.9 7.2 %0.4 (4.1)%
Other0.2 0.9 %0.5 1.9 %0.6 (6.2)%
Other foreign jurisdictions0.3 1.4 %(0.7)(2.6)%(0.1)1.0 %
Nontaxable or nondeductible items:
Difference of basis in accounting1.8 8.1 %(0.5)(1.9)%— — %
Other0.5 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 millions202520242023
Domestic
U.K.$ $— $— 
Foreign
U.S.$6.0 $(1.2)$3.3 
Other0.1 — — 
Total foreign$6.1 $(1.2)$3.3 
Total paid / (received)$6.1 $(1.2)$3.3 
Schedule of Unrecognized Tax Benefits
Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
Years ended December 31,
In millions202520242023
Beginning balance$ $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:
JurisdictionYears open
U.K.2021 - 2025
U.S. Federal2022 - 2025
U.S. State and local2022 - 2025
France2022 - 2025
China2022 - 2025
Canada2022 - 2025
Schedule of Deferred Tax Assets and Liabilities
Deferred taxes were recorded in the Consolidated Balance Sheets as follows:
December 31,
In millions20252024
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 millions20252024
Deferred tax assets
Accrued liabilities0.5 1.3 
Tax loss and credit carry forwards19.8 18.2 
Employee compensation benefits2.3 2.3 
Operating leases1.7 3.2 
Property, plant and equipment 2.0 
Excess interest capacity carry forward1.9 1.9 
Other 0.6 
Total deferred tax assets26.2 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 benefits13.7 12.2 
Goodwill and other intangibles5.2 4.8 
Operating leases1.4 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 millions20252024
Beginning balance$17.4 $17.0 
Foreign exchange movements2.1 (0.8)
Additions / (deductions)0.6 1.2 
Closing balance$20.1 $17.4