Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income before income taxes for the three years ended December 31 was as follows:

	2024		2023		2022
U.S. operations	$	92.3	$	94.2	$	58.9
Foreign operations	12.5		29.6		20.6
Total	$	104.8	$	123.8	$	79.5

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for the three years ended December 31 was as follows:

	2024		2023		2022
Current:
Federal	$	19.1	$	28.7	$	17.1
Foreign	7.9		8.5		7.9
State	3.6		4.0		3.8
Total current	$	30.6	$	41.2	$	28.8
Deferred:
Federal	$	(1.8)	$	(8.7)	$	(6.3)
Foreign	(7.7)		(17.3)		(8.5)
State	—		(0.9)		(0.8)
Total deferred	$	(9.5)	$	(26.9)	$	(15.6)
Total:
Federal	$	17.3	$	20.0	$	10.8
Foreign	0.2		(8.8)		(0.6)
State	3.6		3.1		3.0
Total income tax expense	$	21.1	$	14.3	$	13.2

Schedule of Effective Income Tax Rate

Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31 as follows:

	2024		2023		2022
Tax at statutory rate	21.0	%	21.0	%	21.0	%
Increases (decreases) in the tax rate from:
State and local taxes, net of federal benefit	3.4		2.4		2.4
Effect of foreign operations	(2.2)		(10.9)		(4.9)
Effect of changes in valuation allowances	—		(0.2)		(1.2)
Nondeductible executive compensation	2.5		1.0		1.1
Stock based compensation	(2.9)		0.1		(0.4)
Research and development credit	(1.6)		(1.3)		(1.5)
Other, net	(0.1)		(0.5)		0.1
Effective income tax rate	20.1	%	11.6	%	16.6	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities were comprised of the following as of December 31:

	2024		2023
Deferred tax assets:
Inventory	$	2.2	$	3.8
Compensation and employee benefits	12.3		13.2
Warranty reserves	2.2		2.4
Allowance for doubtful accounts and deferred revenue	2.8		2.7
Operating lease liabilities	11.0		9.0
Tax loss carryforwards	7.7		6.9
Tax credit carryforwards	3.6		3.7
Capitalized research and development costs	19.0		12.3
Goodwill and intangible assets	7.0		4.5
Other	2.5		1.2
Gross deferred tax assets	$	70.3	$	59.7
Less: valuation allowance	(3.3)		(3.2)
Total net deferred tax assets	$	67.0	$	56.5
Deferred tax liabilities:
Operating lease assets	$	11.3	$	9.5
Fixed assets	9.2		9.5
Capitalized implementation costs	5.0		—
Total deferred tax liabilities	$	25.5	$	19.0
Net deferred tax assets	$	41.5	$	37.5

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:

	2024		2023
Beginning balance	$	4.1	$	4.2
(Decreases) as a result of tax positions taken during a prior period	—		—
Increases as a result of tax positions taken during the current year	0.9		1.2
Increase relating to prior period tax positions of acquired entities	1.4		—
Decreases relating to settlement with tax authorities	—		(0.2)
Decreases as a result of a lapse of the applicable statute of limitations	(0.5)		(1.1)
Decreases as a result of foreign currency fluctuations	—		—
Ending balance	$	5.9	$	4.1