Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of (Loss) Earnings from Operations Before Income Taxes

Income taxes have been based on the following components of earnings before income taxes for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024		2023		2022
U.S.	$	115.4	$	95.7	$	131.8
Foreign		9.7		6.3		7.5
Earnings before income taxes	$	125.1	$	102.0	$	139.3

Components of Income Tax Expense (Benefit) from Operations

The components of income tax expense for the years ended December 31, 2024, 2023 and 2022 were as follows:

	Year Ended December 31,
	2024			2023			2022
Current:
U.S. Federal	$	28.0		$	22.7		$	23.9
U.S. State and Local		11.5			9.4			10.8
Foreign		2.6			2.3			2.6
Current income tax expense		42.1			34.4			37.3
Deferred:
U.S. Federal		(8.8	)		(11.5	)		(0.6	)
U.S. State and Local		(1.5	)		(2.5	)		0.3
Foreign		0.9			(0.6	)		(0.2	)
Deferred income tax (benefit) expense		(9.4	)		(14.6	)		(0.5	)
Total income tax expense	$	32.7		$	19.8		$	36.8

Reconciliation of Differences Between U.S. Federal Statutory and Effective Income Tax Rate

The following table outlines the reconciliation of differences between the U.S. Federal statutory tax rate and the Company’s worldwide effective income tax rate:

	Year Ended December 31,
	2024			2023			2022
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State and local income taxes, net of U.S. federal income tax benefit		6.0			5.7			6.8
Non-deductible expenses		1.3			0.7			1.0
Adjustment of uncertain tax positions and interest		0.9			0.7			0.4
Changes in valuation allowances		0.4			0.2			1.2
Foreign tax rate differential		0.4			0.5			0.2
Provision to return		0.1			(2.0	)		(1.9	)
Credits and incentives		(2.9	)		(2.3	)		(1.4	)
Foreign-derived intangible income		(1.4	)		(1.6	)		(1.2	)
Tax impact of loss on sale of a business		—			(3.6	)		—
Other		0.3			0.1			0.3
Effective income tax rate		26.1	%		19.4	%		26.4	%

Significant Deferred Tax Assets and Liabilities

The significant deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows:

	December 31,
	2024			2023
Deferred tax assets:
Capitalized research costs	$	26.4		$	13.2
Accrued liabilities and other reserves		14.8			13.9
Pension and other postretirement benefits plans liabilities		9.9			9.7
Allowance for doubtful accounts		9.7			9.5
Net operating losses and other tax carryforwards		6.8			10.2
Share-based compensation		5.7			6.3
Lease liabilities		3.8			7.7
Other		0.2			0.4
Total deferred tax assets		77.3			70.9
Valuation allowances		(5.5	)		(5.8	)
Total deferred tax assets	$	71.8		$	65.1
Deferred tax liabilities:
Goodwill and other intangible assets	$	(8.0	)	$	(7.8	)
Prepaid assets		(2.3	)		(2.7	)
Right-of-use assets		(1.9	)		(3.6	)
Capitalized contract costs		(1.9	)		(1.3	)
Accelerated depreciation		(0.9	)		(2.9	)
Other		(0.4	)		(1.0	)
Total deferred tax liabilities		(15.4	)		(19.3	)
Net deferred tax assets	$	56.4		$	45.8

Transactions Affecting Valuation Allowance on Deferred Tax Assets

Changes in the valuation allowances on deferred tax assets during the years ended December 31, 2024, 2023 and 2022 were as follows:

	December 31,
	2024			2023		2022
Balance, beginning of year	$	5.8		$	5.4	$	4.8
Expense, net		0.2			0.4		0.6
Write-offs and other		(0.5	)		—		—
Balance, end of year	$	5.5		$	5.8	$	5.4

Unrecognized Tax Benefits

Changes in the Company’s unrecognized tax benefits at December 31, 2024, 2023 and 2022 were as follows:

	December 31,
	2024			2023			2022
Balance, beginning of year	$	3.1		$	2.5		$	2.2
Additions for tax positions of the current year		0.9			0.7			0.5
Additions for tax positions of prior years		0.3			0.4			0.3
Releases		(0.2	)		(0.4	)		(0.5	)
Settlements during the year		—			(0.1	)		—
Balance, end of year	$	4.1		$	3.1		$	2.5