INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes consisted of the following:

(In millions)	2023		2022		2021
Domestic	$	163.9	$	157.6	$	113.1
Foreign	78.3		77.6		76.6
	$	242.2	$	235.2	$	189.7

Schedule of Components of Income Tax Expense (Benefit)

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

(In millions)	2023		2022		2021
Current:
Federal	$	27.0	$	25.3	$	15.9
Foreign	14.9		15.3		15.7
State	7.2		7.0		3.0
Total current	49.1		47.6		34.6
Deferred:
Federal	(1.1)		(0.1)		(0.7)
Foreign	(0.3)		(2.6)		(0.1)
State	(0.2)		1.5		0.9
Total deferred	$	(1.6)	$	(1.2)	$	0.1
	$	47.5	$	46.4	$	34.7

Schedule of Effective Income Tax Rate Reconciliation

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

	2023		2022		2021
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.3		2.9		1.7
Foreign operations	(0.7)		(0.5)		0.2
R&D tax credits	(0.4)		(0.4)		(0.5)
Uncertain tax position adjustments	(0.1)		0.1		0.2
Valuation allowance on state and foreign deferred tax	(0.2)		(0.6)		(0.6)
Share-based compensation	(1.0)		(0.7)		(2.3)
Other items	(0.1)		(0.5)		(0.6)
Foreign Derived Intangible Income	(2.4)		(2.6)		(1.9)
Nondeductible officers compensation	1.2		1.0		1.1
Effective tax rate	19.6	%	19.7	%	18.3	%

Schedule of Deferred Tax Assets and Liabilities

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

(In millions)	2023		2022
Deferred tax assets:
Accrued expenses and reserves	$	15.1	$	14.9
Compensation and employee benefits	17.4		15.6
Net operating losses, tax credit carryforwards, and other	13.2		14.0
Lease liability	14.7		12.6
Research and development expenditures	7.0		3.3
Valuation allowance on state and foreign deferred tax	(4.1)		(4.9)
Other items	0.1		—
Total deferred tax assets	63.4		55.5
Deferred tax liabilities:
Accelerated depreciation on fixed assets	17.7		14.5
Amortization of intangibles	51.3		51.1
Lease right-of-use asset, net	14.7		12.6
Other items	0.4		0.3
Total deferred tax liabilities	84.1		78.5
Net deferred tax liabilities	$	(20.7)	$	(23.0)

Summary of Operating Loss Carryforwards

The Company has foreign income tax net operating loss (“NOL”) and credit carryforwards of $8.6 million and state income tax NOL and credit carryforwards of $4.6 million, which will expire on various dates as follows:

(In millions)
2024	$	0.5
2025-2029	3.7
2030-2034	0.3
2035-2039	0.7
Unlimited	8.0
	$	13.2

Schedule of Unrecognized Tax Benefits Rollforward

As of the beginning of 2023, the Company had gross unrecognized tax benefits of $0.9 million, excluding accrued interest and penalties. The unrecognized tax benefits decreased due to statute expirations, which were offset by uncertain tax positions identified in the current year based on evaluations made during 2023. The Company had gross unrecognized tax benefits, excluding accrued interest and penalties, of $0.8 million as of December 31, 2023.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for 2023, 2022, and 2021 (excluding interest and penalties) is as follows:

(In millions)	2023		2022		2021
Beginning balance	$	0.9	$	0.9	$	0.6
Additions for tax positions of the current year	0.3		0.1		0.3
Additions for tax positions of prior years	—		—		—
Reductions for tax positions of prior years	—		—		—
Statute expirations	(0.4)		(0.1)		—
Settlements	—		—		—
Ending balance	$	0.8	$	0.9	$	0.9