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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income (loss) before income taxes and noncontrolling interest
Income before income taxes consisted of the following:
Years ended December 31
In millions202520242023
Federal (1)
$(48.9)$(23.6)$(15.4)
International (2)
598.9 452.8 390.7 
Income before income taxes$550.0 $429.2 $375.3 
(1)"Federal" reflects U.K. loss before income taxes.
(2)"International" reflects non-U.K. income before income taxes.
Provision for Income Taxes
The provision (benefit) for income taxes consisted of the following:
 Years ended December 31
In millions202520242023
Currently payable
Federal (1)
$— $0.8 $— 
International (2)
113.3 104.9 87.6 
Total current taxes113.3 105.7 87.6 
Deferred
Federal (1)
0.1 0.1 2.0 
International (2)
8.1 82.6 (174.0)
Total deferred taxes8.2 82.7 (172.0)
Total provision (benefit) for income taxes$121.5 $188.4 $(84.4)
(1)"Federal" represents U.K. taxes.
(2)"International" represents non-U.K. taxes.
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate
The table below provides the updated requirements of the Accounting Standards Update 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"), for 2025. The reconciliations of the federal statutory income tax rate to our effective tax rate was as follows for the year ended December 31, 2025:
Dollars in millionsAmountPercent
Federal statutory tax rate$137.5 25.0 %
Foreign tax effects:
Jurisdictions:
Switzerland
Tax rate differential(44.8)(8.1)
Cantonal income taxes20.3 3.6 
Other3.7 0.7 
United States
Tax rate differential(10.6)(1.9)
State and local income taxes13.6 2.5 
Other(7.3)(1.3)
Other jurisdictions5.7 1.0 
Valuation allowances3.5 0.7 
Unrecognized tax benefits(0.3)(0.1)
Other adjustments0.2 — 
Effective tax rate
$121.5 22.1 %
As previously disclosed for the years December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:
 Years ended December 31
Percentages20242023
Federal statutory income tax rate (1)
25.0 %23.5 %
Tax effect of international operations (2)
(2.7)(4.9)
Change in other valuation allowances0.6 0.3 
Withholding taxes0.3 0.4 
Change in tax basis of foreign assets (3)
(0.1)(16.4)
Foreign income tax loss carryforwards (4)
21.6 (24.8)
Excess tax benefits on stock-based compensation(1.3)(0.6)
Tax effect of equity investment impairment0.5 — 
Effective tax rate
43.9 %(22.5)%
(1)The U.K. changed its tax rate to from 19% to 25%, effective April 1, 2023.
(2)The tax effect of international operations consists of non-U.K. jurisdictions.
(3)In 2023, we recorded a non-cash income tax benefit of $55.4 million related to a step up in tax basis of intangible assets in Switzerland, partially offset by valuation allowances of $5.1 million. The assets were amortizable starting in 2025, and the amortization period varies based on the nature of the underlying assets from which the values were derived.
(4)In 2023, we recorded a non-cash income tax benefit of $93.2 million related to foreign income tax loss carryforwards resulting from tax-deductible statutory losses in Luxembourg. We determined in 2024 that such loss carryforwards would not be utilized in the remaining carryforward period and put a valuation allowance against the adjusted remaining loss carryforward available.
Reconciliations of Gross Unrecognized Tax Benefits
Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
 Years ended December 31
In millions202520242023
Beginning balance$11.7 $13.9 $13.4 
Gross increases for tax positions in prior periods0.7 0.7 0.5 
Gross decreases for tax positions in prior periods(1.6)(3.5)(1.3)
Gross increases based on tax positions related to the current year1.5 1.4 1.7 
Gross decreases related to settlements with taxing authorities(0.8)— (0.2)
Reductions due to statute expiration(1.3)(0.5)(0.3)
Gross increases (decreases) due to currency fluctuations0.1 (0.3)0.1 
Ending balance$10.3 $11.7 $13.9 
Schedule of Deferred Tax Assets and Liabilities
Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:
In millions20252024
Other non-current assets$46.7 $57.0 
Deferred tax liabilities232.0 242.7 
Net deferred tax liabilities$185.3 $185.7 
The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:
In millions20252024
Deferred tax assets
Accrued liabilities and reserves$28.1 $23.3 
Pension and other post-retirement compensation and benefits11.6 13.8 
Employee compensation and benefits39.8 28.5 
Tax loss and credit carryforwards191.8 195.8 
Other intangibles33.0 43.5 
Interest limitation 39.3 42.7 
Other assets34.0 34.8 
Total deferred tax assets377.6 382.4 
Valuation allowance194.4 196.0 
Deferred tax assets, net of valuation allowance183.2 186.4 
Deferred tax liabilities
Property, plant and equipment30.5 28.9 
Goodwill and other intangibles303.8 322.2 
Other liabilities34.2 21.0 
Total deferred tax liabilities368.5 372.1 
Net deferred tax liabilities$185.3 $185.7 
Schedule of Cash Flow, Supplemental Disclosures
The following provides supplemental information of cash paid for income taxes for 2025, including taxes paid related to the sale of the Thermal Management business, updated for the requirements of ASU 2023-09:
 Years ended December 31
In millions2025
Cash paid during the period for income taxes, net of refunds:
Federal$— 
Foreign283.3 
Total cash paid during the period for income taxes$283.3 
As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the following is a supplemental schedule of cash paid for income taxes:
 Years ended December 31
In millions20242023
Cash paid during the period for income taxes$120.2 $112.4