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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 from continuing operations before income taxes consisted of the following:
Years ended December 31
In millions202520242023
Federal (1)
$1.5 $1.9 $(9.9)
International (2)
755.0 717.0 628.8 
Income from continuing operations before income taxes
$756.5 $718.9 $618.9 
(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 millions202520242023
Currently payable (receivable)
Federal (1)
$2.1 $3.0 $— 
International (2)
109.2 101.7 88.5 
Total current taxes111.3 104.7 88.5 
Deferred
International (2)
(4.3)(11.4)(92.5)
Total deferred taxes(4.3)(11.4)(92.5)
Total provision (benefit) for income taxes
$107.0 $93.3 $(4.0)
(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 by amount (in millions) and percent for the year ended December 31, 2025 were as follows:
 
Year ended December 31, 2025
Amounts
Percentages
Tax at U.K. federal statutory rate
$189.1 25.0 %
Foreign tax effects
Switzerland
Statutory tax rate difference between Switzerland and U.K.
(73.1)(9.7)
Partnership impacts
(23.7)(3.1)
Cantonal income taxes
9.9 1.3 
Other3.5 0.5 
United States
Statutory tax rate difference between U.S. and U.K.
(8.7)(1.2)
Excess tax benefits on stock-based compensation
(7.8)(1.0)
State taxes
7.2 0.9 
Other
6.2 0.8 
Other foreign jurisdictions
2.2 0.3 
Other
1.7 0.2 
Worldwide changes in prior year unrecognized tax benefits
0.5 0.1 
Total
$107.0 14.1 %
Reconciliations of the federal statutory income tax rate to our effective tax rate for the years ended December 31, 2024 and 2023 were as follows:
 Years ended December 31
Percentages20242023
U.K. federal statutory income tax rate (1)
25.0 %23.5 %
Tax effect of international operations (2)
(11.5)(13.2)
Change in valuation allowances2.0 2.2 
Withholding taxes1.5 — 
Excess tax benefits on stock-based compensation(1.5)(0.1)
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)%
(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 Income Taxes Paid, Net
Income taxes paid (net of refunds received) for the year ended December 31, 2025 were as follows:
In millions
Year ended December 31, 2025
Foreign
Australia
$5.8 
China
8.1 
Germany
13.2 
India
13.6 
Switzerland
11.0 
United States
21.2 
Other foreign jurisdictions
14.0 
Total
$86.9 
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 millions202520242023
Beginning balance$6.0 $38.6 $39.6 
Gross increases for tax positions in prior periods1.9 — 0.6 
Gross decreases for tax positions in prior periods(0.2)(31.5)(0.2)
Gross increases based on tax positions related to the current year0.2 0.2 1.6 
Gross decreases related to settlements with taxing authorities(1.2)(1.3)(3.0)
Ending balance$6.7 $6.0 $38.6 
Deferred Taxes
Deferred taxes were recorded in the Consolidated Balance Sheets as follows:
 December 31
In millions20252024
Other non-current assets
$134.2 $129.6 
Deferred tax liabilities47.5 44.4 
Net deferred tax assets
$86.7 $85.2 
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 millions20252024
Deferred tax assets
Accrued liabilities and reserves$52.0 $54.8 
Pension and other post-retirement compensation and benefits16.6 17.5 
Employee compensation and benefits27.4 27.4 
Research and development costs44.4 36.6 
Tax loss and credit carryforwards728.9 691.4 
Interest limitations231.9 214.0 
Total deferred tax assets1,101.2 1,041.7 
Valuation allowance773.3 739.7 
Deferred tax assets, net of valuation allowance327.9 302.0 
Deferred tax liabilities
Property, plant and equipment11.3 17.1 
Goodwill and other intangibles214.1 177.9 
Other liabilities15.8 21.8 
Total deferred tax liabilities241.2 216.8 
Net deferred tax assets
$86.7 $85.2