Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of significant components of the Company's deferred income tax liabilities and assets

	December 31,
	2025		2024
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	29.1	$	26.5
Intangibles		57.0		43.7
Goodwill		4.4		2.2
Foreign earnings		1.0		1.0
Operating lease ROU assets		18.3		8.6
Other		4.1		5.4
Total deferred tax liabilities		113.9		87.4
Deferred income tax assets:
Accrued expenses		6.9		5.7
Accrued bonus		9.8		6.8
Product liability		5.3		5.0
Operating lease liabilities		19.1		9.3
Stock based compensation		6.2		6.2
Foreign tax credits		4.9		13.5
Net operating loss carry forward		11.9		5.2
Capital loss carry forward		—		1.6
Inventory reserves		17.2		14.9
Intangibles		8.9		10.5
Capitalized R&D		3.5		41.7
Other		12.1		12.1
Total deferred income tax assets		105.8		132.5
Less: valuation allowance		(10.5)		(19.6)
Net deferred income tax assets		95.3		112.9
Net deferred income tax (liabilities) assets	$	(18.6)	$	25.5

Schedule of pre-tax income upon which provision for income taxes from continuing operations is based

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Domestic	$	344.8	$	270.3	$	228.2
Foreign		101.0		115.7		121.3
	$	445.8	$	386.0	$	349.5

Schedule of provision for income taxes from continuing operations

	Years Ended December 31,
	2025		2024		2023
	(in millions)
Current tax expense:
U.S. federal	$	24.5	$	62.5	$	54.6
U.S. state and local		16.6		15.3		15.8
Non-U.S.		25.3		31.9		35.6
Total current		66.4		109.7		106.0
Deferred tax expense (benefit):
U.S. federal		36.7		(11.8)		(14.7)
U.S. state and local		1.8		(1.9)		(4.1)
Non-U.S.		0.1		(1.2)		0.2
Total deferred		38.6		(14.9)		(18.6)
Provision for income taxes	$	105.0	$	94.8	$	87.4

Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations

	Year ended December 31,
	2025		Percent
	(in millions)
U.S. federal statutory income tax rate	$	93.6	21.0	%
State and local taxes (a)		14.5	3.3
Foreign tax effects		3.6	0.8
Effect of cross-border tax laws		(0.7)	(0.2)
Tax credits
Foreign tax credits		8.9	2.0
Other		(2.8)	(0.6)
Changes in valuation allowances		(9.6)	(2.2)
Nontaxable or nondeductible items		4.2	0.9
Changes in unrecognized tax benefits		0.4	0.1
Reversal of prior year tax liability		(8.4)	(1.9)
Other adjustments		1.3	0.3
Total	$	105.0	23.5	%

(a) In 2025, state and local taxes in California, Massachusetts, Florida, New Jersey, Minnesota and New Hampshire made up the majority (greater than 50 percent) of the tax effect in this category.

	Years Ended December 31,
	2024		2023
Computed expected federal income expense	$	81.1	$	73.4
State income taxes, net of federal tax benefit		10.6		9.3
Foreign tax rate differential		3.2		4.3
Valuation allowance		(4.0)		3.5
One time repatriation		3.1		1.2
Unrecognized tax benefits, net		1.2		1.4
Other, net		(0.4)		(5.7)
	$	94.8	$	87.4

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2025	$	4.9
Increases related to prior year tax positions		0.5
Decreases related to current year tax positions		—
Decreases due to lapse in statutes		(0.4)
Currency movement		0.3
Balance at December 31, 2025	$	5.3

Schedule of income tax paid, net

	2025
	(in millions)
U.S. federal	$	37.1
U.S. state and local (1)		15.9
Non-U.S.
Canada		6.4
China		3.8
Other non-U.S.		11.2
Total cash paid for taxes	$	74.4

(1) No U.S. state exceeds 5% of total cash paid for income taxes.