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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Before Taxes
Our income before taxes is as follows:
(in millions) For year ended December 31,202320222021
U.S. operations$97.4 $163.9 $173.9 
Non-U.S. operations142.4 84.4 52.2 
Total$239.8 $248.3 $226.1 
As of December 31, 2023, we have made the following determinations with regard to our non-U.S. earnings:
(in millions)Permanently reinvestedNot permanently reinvested
Amount of earnings$179.0 $148.5 
Associated tax
N/A (a)
$0.5 
(a) Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $179.0 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.
Schedule of Provision (Benefit) for Income Taxes
Our provision (benefit) for income taxes consists of: 
(in millions) For the year ended December 31,202320222021
Current:
U.S. federal tax$31.3 $52.2 $27.7 
U.S. state and local tax1.7 6.0 4.2 
Non-U.S. tax20.6 13.6 8.0 
Total current53.6 71.8 39.9 
Deferred:
U.S. federal tax(2.8)(13.8)(1.0)
U.S. state and local tax(0.4)(2.3)8.7 
Non-U.S. tax1.1 (12.3)0.5 
Total deferred(2.1)(28.4)8.2 
Total provision for income taxes (a)
$51.5 $43.4 $48.1 
(a) Included in the above amounts are excess tax benefits from share-based compensation of $0.9 million, $0.8 million and $1.9 million in 2023, 2022 and 2021, respectively, which were reflected as reductions in our provision for income taxes in 2023, 2022 and 2021.
Effective Tax Rate Reconciliation
A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
For the year ended December 31,202320222021
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
Increase (reduction) from:
Income taxed at non-U.S. rates(2.0)%(6.6)%(1.4)%
Non-U.S. income inclusion, net of tax credits2.0 %4.3 %(0.9)%
State and local taxes, net of federal benefit1.0 %1.2 %4.7 %
U.S. research and development tax credit(0.7)%(0.4)%(0.9)%
U.S. deduction for foreign - derived intangible income(0.8)%(1.0)%(0.2)%
Other1.0 %(1.0)%(1.1)%
Effective tax rate21.5 %17.5 %21.2 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities included in our Consolidated and Combined Balance Sheets are as follows:
(in millions) December 31,20232022
Deferred tax assets:
Tax loss and credit carryforwards$48.4 $23.7 
Inventories8.5 9.1 
Capitalized Research and Development 9.0 6.8 
Accrued Bonuses and Stock Based Compensation1.1 1.8 
Pension and Post Retirement Benefits2.4 1.6 
Other12.5 11.5 
Total$81.9 $54.5 
Less: valuation allowance46.4 19.3 
Total deferred tax assets, net of valuation allowance$35.5 $35.2 
Deferred tax liabilities:
Basis difference in intangible assets$(108.8)$(119.1)
Basis difference in fixed assets(28.2)(19.1)
Other(0.3)(0.2)
Total deferred tax liabilities$(137.3)$(138.4)
Net deferred tax asset (liability)$(101.8)$(103.2)
Balance sheet classification:
Long-term deferred tax assets$2.7 $6.3 
Long-term deferred tax liability(104.5)(109.5)
Net deferred tax asset (liability)$(101.8)$(103.2)
Summary of Tax Loss and Tax Credit Carryforwards
As of December 31, 2023, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions)
Year of expiration		U.S.
Federal
Tax
Credits		U.S.
Federal
Tax
Losses		U.S.
State
Tax
Credits		U.S.
State
Tax
Losses		Non- U.S.
Tax
Losses		Total
2024-2028$— $— $1.1 $67.9 $0.2 
After 202810.6 0.6 0.3 535.4 0.3 
Indefinite— — — 4.6 15.2 
Total tax carryforwards$10.6 $0.6 $1.4 $607.9 $15.7 
Deferred tax asset on tax carryforwards$10.6 $0.1 $1.1 $33.0 $3.6 $48.4 
Valuation allowance on tax carryforwards(10.6)(0.1)(1.1)(31.6)(3.0)(46.4)
Net deferred tax asset on tax carryforwards$— $— $— $1.4 $0.6 $2.0 
Gross Unrecognized Tax Benefits Reconciliation
A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in millions)202320222021
Balance of liability as of January 1,$7.6 $10.3 $11.4 
Increase as a result of tax positions taken during a prior year— — — 
Decrease as a result of tax positions taken during a prior year(0.2)— — 
Increase as a result of tax positions taken during the current year0.5 0.4 0.2 
Decrease as a result of settlements with taxing authorities(0.1)— (0.8)
Reduction as a result of a lapse of the statute of limitations(5.2)(3.1)(0.5)
Other13.9 — — 
Balance of liability as of December 31,$16.5 $7.6 $10.3 
Summary of Income Tax Examinations With few exceptions, the years open to examinations are as follows:
JurisdictionYear
U.S. federal    2020 - 2022
U.S. state and local    2017 - 2022
Non-U.S.    2017 - 2022