Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2021	$	13.6		$	2.4		$	16.0
Reductions for tax positions of prior periods		(1.3	)		—			(1.3	)
Additions for tax positions of prior periods		0.9			0.7			1.6
Closing balance at December 31, 2021		13.2			3.1			16.3
Current		—			—			—
Non-current	$	13.2		$	3.1		$	16.3
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

Sources of Income before Income Taxes

The sources of income before income taxes were as follows:

(in millions)	2023		2022		2021
Domestic	$	95.2	$	106.3	$	53.2
Foreign		79.2		78.3		81.2
	$	174.4	$	184.6	$	134.4

Components of Income Tax Expense

The components of income tax expense are summarized as follows:

(in millions)	2023			2022			2021
Current:
Federal	$	12.4		$	27.0		$	12.4
State and local		0.2			6.5			2.6
Foreign		18.6			23.1			19.4
		31.2			56.6			34.4
Deferred:
Federal		5.2			(3.7	)		(1.9	)
State and local		0.3			(0.7	)		(0.3	)
Foreign		(1.4	)		(0.6	)		9.1
		4.1			(5.0	)		6.9
	$	35.3		$	51.6		$	41.3

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)	2023			2022			2021
Statutory rate		21.0	%		21.0	%		21.0	%
Foreign income inclusions		2.1			3.3			1.7
Foreign tax rate differential		0.9			0.9			1.0
Tax charge/(credit) from previous years		(2.6	)		0.2			0.6
Net charge/(credit) from unrecognized tax benefits		0.7			(1.4	)		0.4
Foreign currency transactions		(1.4	)		3.5			0.1
Tax on unremitted earnings		1.4			0.3			0.1
Change in U.K. statutory tax rate		—			—			5.4
State and local taxes		1.0			2.2			1.3
U.S. incentive for foreign derived intangible income		(2.8	)		(2.7	)		(1.5	)
Innovation incentives		(1.3	)		(0.8	)		(1.1	)
Non-deductible officer compensation		1.0			1.4			0.2
Tax on closure of legacy operations		—			—			1.6
Other items and adjustments, net		0.2			0.1			(0.1	)
		20.2	%		28.0	%		30.7	%

Details of Deferred Tax Assets and Liabilities

Details of deferred tax assets and liabilities are analyzed as follows:

(in millions)	2023			2022
Deferred tax assets:
Stock compensation	$	3.7		$	3.7
Net operating loss carry forwards		9.2			10.9
Other intangible assets		8.7			10.5
Accretion expense		3.2			3.2
Restructuring provision		1.6			1.7
Employee related liabilities		7.3			8.1
Foreign tax credits		1.7			0.8
Operating lease liabilities		12.6			11.8
Inventory provisions		6.5			6.6
Research and experimental expenditure		5.3			2.7
Other		5.3			4.8
Subtotal		65.1			64.8
Less valuation allowance		(0.1	)		(0.7	)
Total net deferred tax assets	$	65.0		$	64.1
Deferred tax liabilities:
Property, plant and equipment	$	(24.8	)	$	(22.5	)
Intangible assets including goodwill		(31.2	)		(30.3	)
Pension asset		(7.6	)		(10.9	)
Customer relationships		(5.1	)		(3.4	)
Unremitted overseas earnings		(4.4	)		(1.9	)
Right-of-use assets		(12.5	)		(11.8	)
Other		(2.5	)		(3.6	)
Total deferred tax liabilities	$	(88.1	)	$	(84.4	)
Net deferred tax liability	$	(23.1	)	$	(20.3	)
Deferred tax assets	$	10.4		$	5.9
Deferred tax liabilities		(33.5	)		(26.2	)
	$	(23.1	)	$	(20.3	)