Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Taxes and Provision for Income Taxes

Income before income taxes and the provision for income taxes, for the three years ended December 31, 2023, were as follows:

(In millions)	2023			2022			2021
Income before income taxes:
U.S.	$	128.5		$	110.6		$	21.7
International		(18.8	)		39.2			0.3
Total income before income taxes	$	109.7		$	149.8		$	22.0
Income tax expense (benefit):
Current:
U.S.	$	38.3		$	28.3		$	5.4
International		6.5			6.4			3.1
Current income tax expense		44.8			34.7			8.5
Deferred:
U.S.		(17.0	)		(8.9	)		(2.3	)
International		(15.7	)		5.8			(0.3	)
Deferred income tax benefit		(32.7	)		(3.1	)		(2.6	)
Total income tax expense	$	12.1		$	31.6		$	5.9

Schedule of Reconciliation of the Provision for Income Taxes at the U.S. Federal Statutory Income Tax Rate to the Actual Income Tax Provision

A reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate of 21.0% to the effective income tax rate, for the year ended December 31, 2023, 2022 and 2021 is as follows:

(In millions)	2023			2022			2021
Provision (benefit) for taxes at U.S. federal statutory rate	$	23.0		$	31.5		$	4.6
State and local taxes, net of federal benefit		(1.3	)		0.6			(0.1	)
Foreign effective rate differential		2.0			1.5			0.7
R&D tax credits		(5.1	)		(3.4	)		(3.5	)
Change in valuation allowance		1.1			0.7			0.7
Remeasurement of deferred taxes		(1.1	)		0.7			1.4
Employee benefits and related		1.7			1.5			1.7
Other		4.2			1.1			0.6
(Decrease) increase in reserves for uncertain tax positions		(0.1	)		(0.5	)		(0.3	)
Pension Plan Settlement		(4.4	)		—			—
U.S. foreign derived intangible income tax benefit		(3.9	)		(2.1	)		—
Tax Incentives		(4.0	)		—			—
Total income tax expense	$	12.1		$	31.6		$	5.9

Schedule of Deferred Income Taxes

Principal components of deferred income taxes as of December 31, 2023 and 2022 are:

(In millions)	2023			2022
Assets
Net operating loss carryforwards	$	89.8		$	89.7
Tax credit carryforwards		9.4			9.2
Stock-based compensation		9.4			9.6
Other comprehensive income		—			21.4
Inventory reserves		9.2			10.5
Right of use liability		6.9			11.7
Capitalized research and development expenditures		24.8			10.4
Reserves and other		12.0			7.5
Subtotal		161.5			170.0
Valuation allowance		(7.5	)		(8.3	)
Total assets	$	154.0		$	161.7
Liabilities
Accelerated depreciation		(177.2	)		(179.3	)
Accelerated amortization		(19.3	)		(18.3	)
Right of use asset		(6.9	)		(11.7	)
Post-retirement obligations		—			(12.7	)
Other		(9.9	)		(8.2	)
Total liabilities		(213.3	)	$	(230.2	)
Net deferred tax liabilities	$	(59.3	)	$	(68.5	)

Schedule of Classification of Deferred Tax Assets and Deferred Tax Liabilities in Consolidated Balance Sheets

Deferred tax assets and deferred tax liabilities as presented in the Consolidated Balance Sheets as of December 31, 2023 and 2022 are as follows and are recorded in other assets and deferred income taxes in the Consolidated Balance Sheets:

(In millions)	2023			2022
Long-term deferred tax assets, net	$	51.3		$	57.9
Long-term deferred tax liability, net		(110.6	)		(126.4	)
Net deferred tax liabilities	$	(59.3	)	$	(68.5	)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits.

	Unrecognized Tax Benefits
(In millions)	2023			2022			2021
Balance as of January 1,	$	2.5		$	9.7		$	10.5
Additions based on tax positions related to the current year		0.4			0.2			0.2
Reductions for tax positions of prior years		—			—			—
Expiration of the statute of limitations for the assessment of taxes		(0.5	)		(7.4	)		(1.0	)
Balance as of December 31,	$	2.4		$	2.5		$	9.7