Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

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

	December 31,
	2024		2023
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	26.5	$	27.8
Intangibles		43.7		48.6
Goodwill		2.2		—
Foreign earnings		1.0		2.6
Operating lease ROU assets		8.6		10.7
Other		5.4		4.9
Total deferred tax liabilities		87.4		94.6
Deferred income tax assets:
Accrued expenses		12.5		11.1
Product liability		5.0		5.2
Operating lease liabilities		9.3		11.0
Stock based compensation		6.2		6.1
Foreign tax credits		13.5		17.4
Net operating loss carry forward		5.2		6.7
Capital loss carry forward		1.6		1.6
Inventory reserves		14.9		14.8
Intangibles		10.5		12.3
Goodwill		—		1.0
Capitalized R&D		41.7		29.7
Other		12.1		11.6
Total deferred tax assets		132.5		128.5
Less: valuation allowance		(19.6)		(23.8)
Net deferred tax assets		112.9		104.7
Net deferred tax assets	$	25.5	$	10.1

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

	Years Ended December 31,
	2024		2023		2022
	(in millions)
Domestic	$	270.3	$	228.2	$	204.3
Foreign		115.7		121.3		103.3
	$	386.0	$	349.5	$	307.6

Schedule of provision for income taxes from continuing operations

	Years Ended December 31,
	2024		2023		2022
	(in millions)
Current tax expense:
Federal	$	62.5	$	54.6	$	51.0
Foreign		31.9		35.6		23.2
State		15.3		15.8		11.5
		109.7		106.0		85.7
Deferred tax expense (benefit):
Federal		(11.8)		(14.7)		(12.1)
Foreign		(1.2)		0.2		(13.7)
State		(1.9)		(4.1)		(3.8)
		(14.9)		(18.6)		(29.6)
Provision for income taxes	$	94.8	$	87.4	$	56.1

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

	Years Ended December 31,
	2024		2023		2022
	(in millions)
Computed expected federal income expense	$	81.1	$	73.4	$	64.6
State income taxes, net of federal tax benefit		10.6		9.3		6.8
Foreign tax rate differential		3.2		4.3		3.5
Restructuring of manufacturing supply chain operations		—		—		(16.1)
Valuation allowance		(4.0)		3.5		0.4
One time repatriation		3.1		1.2		—
Unrecognized tax benefits, net		1.2		1.4		(1.0)
Other, net		(0.4)		(5.7)		(2.1)
	$	94.8	$	87.4	$	56.1

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2024	$	8.6
Increases related to prior year tax positions		0.8
Decreases related to current year tax positions		(3.2)
Decreases due to lapse in statutes		(1.2)
Currency movement		(0.1)
Balance at December 31, 2024	$	4.9