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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income (loss) before income taxes and noncontrolling interest
Income from continuing operations before income taxes consisted of the following:
Years ended December 31
In millions202420232022
Federal (1)
$1.9 $(9.9)$(10.1)
International (2)
717.0 628.8 560.7 
Income from continuing operations before income taxes
$718.9 $618.9 $550.6 
(1) “Federal” reflects United Kingdom (“U.K.”) income (loss) from continuing operations before income taxes, given U.K. tax residency.
(2) “International” reflects non-U.K. income from continuing operations before income taxes.
Provision for Income Taxes
The provision (benefit) for income taxes consisted of the following:
 Years ended December 31
In millions202420232022
Currently payable (receivable)
Federal (1)
$3.0 $— $— 
International (2)
101.7 88.5 112.2 
Total current taxes104.7 88.5 112.2 
Deferred
International (2)
(11.4)(92.5)(44.8)
Total deferred taxes(11.4)(92.5)(44.8)
Total provision (benefit) for income taxes
$93.3 $(4.0)$67.4 
(1) “Federal” represents U.K. taxes.
(2) “International” represents non-U.K. taxes.
Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:
 Years ended December 31
Percentages202420232022
U.K. federal statutory income tax rate (1)
25.0 %23.5 %19.0 %
Tax effect of international operations (2)
(11.5)(13.2)(7.6)
Change in valuation allowances2.0 2.2 1.0 
Withholding taxes1.5 — — 
Excess tax benefits on stock-based compensation(1.5)(0.1)(0.2)
Unrecognized tax benefits(2.7)— — 
Worthless stock deduction— (5.0)— 
Change in tax basis in foreign assets (3)
0.2 (8.0)— 
Effective tax rate13.0 %(0.6)%12.2 %
(1) The U.K. Finance Act of 2021 increased the statutory tax rate from 19.0% to 25.0%, effective April 1, 2023. Given this change, a prorated U.K. federal statutory income tax rate was utilized for 2023.
(2) The tax effect of international operations consists of non-U.K. jurisdictions.
(3) The 2023 impact primarily represents the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance.
Schedule of Unrecognized Tax Benefits Roll Forward
Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
 Years ended December 31
In millions202420232022
Beginning balance$38.6 $39.6 $37.3 
Gross increases for tax positions in prior periods— 0.6 3.6 
Gross decreases for tax positions in prior periods(31.5)(0.2)(0.9)
Gross increases based on tax positions related to the current year0.2 1.6 0.2 
Gross decreases related to settlements with taxing authorities(1.3)(3.0)(0.6)
Ending balance$6.0 $38.6 $39.6 
Deferred Taxes
Deferred taxes were recorded in the Consolidated Balance Sheets as follows:
 December 31
In millions20242023
Other non-current assets
$129.6 $113.2 
Deferred tax liabilities44.4 40.0 
Net deferred tax assets
$85.2 $73.2 
Tax Effects of Major Items Recorded as Deferred Tax Assets and Liabilities
The tax effects of the major items recorded as deferred tax assets and liabilities were as follows:
 December 31
In millions20242023
Deferred tax assets
Accrued liabilities and reserves$54.8 $58.8 
Pension and other post-retirement compensation and benefits17.5 20.1 
Employee compensation and benefits27.4 28.6 
Research and development costs36.6 28.4 
Tax loss and credit carryforwards691.4 769.4 
Interest limitations214.0 168.4 
Total deferred tax assets1,041.7 1,073.7 
Valuation allowance739.7 816.6 
Deferred tax assets, net of valuation allowance302.0 257.1 
Deferred tax liabilities
Property, plant and equipment17.1 17.9 
Goodwill and other intangibles177.9 149.7 
Other liabilities21.8 16.3 
Total deferred tax liabilities216.8 183.9 
Net deferred tax assets
$85.2 $73.2