INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes consisted of the following:

(In millions)	2022		2021		2020
Domestic	$	157.6	$	113.1	$	74.1
Foreign	77.6		76.6		49.6
	$	235.2	$	189.7	$	123.7

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision/(benefit) from continuing operations consisted of the following:

(In millions)	2022		2021		2020
Current:
Federal	$	25.3	$	15.9	$	11.9
Foreign	15.3		15.7		12.3
State	7.0		3.0		2.6
Total current	47.6		34.6		26.8
Deferred:
Federal	(0.1)		(0.7)		(0.2)
Foreign	(2.6)		(0.1)		(4.0)
State	1.5		0.9		(0.1)
Total deferred	$	(1.2)	$	0.1	$	(4.3)
	$	46.4	$	34.7	$	22.5

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the tax provision for continuing operations at the U.S. statutory rate to the effective income tax expense rate as reported is as follows:

	2022		2021		2020
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.9		1.7		1.5
Foreign operations	(0.5)		0.2		0.3
R&D tax credits	(0.4)		(0.5)		(0.7)
Uncertain tax position adjustments	0.1		0.2		0.1
Valuation allowance on state and foreign deferred tax	(0.6)		(0.6)		1.7
Share-based compensation	(0.7)		(2.3)		(0.8)
Realized foreign currency loss	—		—		(4.0)
Other items	(0.5)		(0.6)		0.7
Foreign Derived Intangible Income	(2.6)		(1.9)		(2.6)
Nondeductible officers compensation	1.0		1.1		1.0
Effective tax rate	19.7	%	18.3	%	18.2	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

(In millions)	2022		2021
Deferred tax assets:
Accrued expenses and reserves	$	14.9	$	13.5
Compensation and employee benefits	15.6		19.2
Net operating losses, tax credit carryforwards, and other	14.0		17.0
Lease liability	12.6		12.2
Valuation allowance on state and foreign deferred tax	(4.9)		(6.5)
Other items	3.3		—
Total deferred tax assets	55.5		55.4
Deferred tax liabilities:
Accelerated depreciation on fixed assets	14.5		12.0
Amortization of intangibles	51.1		51.2
Lease right-of-use asset, net	12.6		12.2
Other items	0.3		0.5
Total deferred tax liabilities	78.5		75.9
Net deferred tax liabilities	$	(23.0)	$	(20.5)

Summary of Operating Loss Carryforwards

The Company has foreign income tax net operating loss (“NOL”) and credit carryforwards of $9.1 million and state income tax NOL and credit carryforwards of $4.9 million, which will expire on various dates as follows:

(In millions)
2022-2024	$	0.7
2025-2029	3.7
2030-2034	0.7
2035-2039	0.4
Unlimited	8.5
	$	14.0

Schedule of Unrecognized Tax Benefits Rollforward

As of the beginning of 2022, the Company had gross unrecognized tax benefits of $0.9 million, excluding accrued interest and penalties. The unrecognized tax benefits increased due to uncertain tax positions identified in the current year based on evaluations made during 2022, which were offset by statute expirations. The Company had gross unrecognized tax benefits, excluding accrued interest and penalties, of $0.9 million as of December 31, 2022.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for 2022, 2021, and 2020 (excluding interest and penalties) is as follows:

(In millions)	2022		2021		2020
Beginning balance	$	0.9	$	0.6	$	0.4
Additions for tax positions of the current year	0.1		0.3		0.6
Additions for tax positions of prior years	—		—		—
Reductions for tax positions of prior years	—		—		—
Statute expirations	(0.1)		—		(0.4)
Settlements	—		—		—
Ending balance	$	0.9	$	0.9	$	0.6