Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Selected Data with Respect to the Company's Income Tax Provision

The following table sets forth selected data with respect to the Company’s income tax provisions of continuing operations for the years ended December 31, (in millions): 

	2021		2020		2019
Income before income taxes:
United States	$	347.5	$	340.7	$	345.2
International	111.8		83.8		124.0
TOTAL INCOME BEFORE INCOME TAXES	$	459.3	$	424.5	$	469.2
Provision for income taxes — current:
Federal	$	43.3	$	56.3	$	57.9
State	13.0		15.1		14.2
International	22.7		17.0		25.1
Total provision — current	79.0		88.4		97.2
Provision for income taxes — deferred:
Federal	8.8		1.5		7.6
State	1.9		0.2		(0.7)
International	(1.5)		(0.3)		(2.9)
Total provision — deferred	9.2		1.4		4.0
TOTAL PROVISION FOR INCOME TAXES	$	88.2	$	89.8	$	101.2

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial statement purposes. The components of the deferred tax assets/(liabilities) of continuing operations at December 31, were as follows (in millions):

	2021		2020
Deferred tax assets:
Inventories	$	10.2	$	7.7
Lease liabilities	20.5		24.6
Income tax credits	22.8		21.1
Accrued liabilities	38.5		40.5
Pension	43.1		48.4
Basis difference in subsidiary	25.1		—
Post retirement and post employment benefits	4.9		6.0
Stock-based compensation	6.7		7.3
Loss carryforwards	17.3		20.5
Miscellaneous other	17.0		17.0
Gross deferred tax assets	206.1		193.1
Valuation allowance	(32.6)		(29.5)
Total deferred tax assets, net of valuation allowance	173.5		163.6
Deferred tax liabilities:
Liability on undistributed foreign earnings	(7.9)		(9.6)
Goodwill and intangibles	(205.2)		(207.2)
Right-of-use assets	(19.5)		(23.9)
Property, plant, and equipment	(50.4)		(44.6)
Total deferred tax liabilities	(283.0)		(285.3)
TOTAL NET DEFERRED TAX LIABILITY	$	(109.5)	$	(121.7)
Deferred taxes are reflected in the Consolidated Balance Sheet as follows:
Non-current tax assets (included in Other long-term assets)	5.2		5.1
Non-current tax liabilities (included in Other Non-Current Liabilities)	(114.7)		(126.8)
TOTAL NET DEFERRED TAX LIABILITY	$	(109.5)	$	(121.7)

Summary of Income Tax Examinations

The following tax years, by major jurisdiction, are still subject to examination by taxing authorities: 

Jurisdiction	Open Years
United States	2017-2021
UK	2019-2021
Puerto Rico	2017-2021
Canada	2017-2021

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): 

	2021		2020		2019
Unrecognized tax benefits at beginning of year	$	47.6	$	41.9	$	38.9
Additions based on tax positions relating to the current year	6.1		7.4		7.0
Reductions based on expiration of statute of limitations	(10.3)		(6.2)		(5.2)
Additions/(Subtractions) to tax positions relating to previous years	(2.2)		4.5		1.6
Settlements	—		—		(0.4)
TOTAL UNRECOGNIZED TAX BENEFITS	$	41.2	$	47.6	$	41.9

Schedule of Effective Income Tax Rate Reconciliation

The consolidated effective income tax rate varied from the United States federal statutory income tax rate of continuing operations for the years ended December 31, as follows:

	2021		2020		2019
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.5		2.9		2.3
Foreign income taxes	(0.5)		(0.2)		(0.8)
Federal R&D Credit	(1.4)		(1.3)		(1.0)
Other, net	(2.4)		(1.2)		0.1
CONSOLIDATED EFFECTIVE INCOME TAX RATE	19.2	%	21.2	%	21.6	%