Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Tax From U.S. and Non-U.S. Operations

Geographic sources of income before income taxes consists of the following:

(in millions)	2021		2020		2019
Continuing operations:
U.S. domestic	$	417.3	$	353.3	$	487.3
Foreign	65.2		50.9		87.8
Income from continuing operations before income taxes	482.5		404.2		575.1
Discontinued operations:
U.S. domestic	(117.2)		(21.8)		(4.4)
Foreign	127.1		13.5		22.8
Income from discontinued operations before income taxes	9.9		(8.3)		18.4
Total income before income taxes	$	492.4	$	395.9	$	593.5

Summary of Provision for Income Taxes From Continuing Operations

The provision for income taxes from continuing operations consists of the following:

(in millions)	2021		2020		2019
Current provision:
Federal and State	$	74.7	$	86.0	$	108.5
Foreign	22.8		18.6		17.7
Total current provision	97.5		104.6		126.2
Deferred provision (benefit):
Federal and State	7.2		(14.8)		(7.3)
Foreign	(9.2)		(11.3)		(1.6)
Total deferred benefit	(2.0)		(26.1)		(8.9)
Total provision for income taxes	$	95.5	$	78.5	$	117.3

Schedule of Reconciliation of Taxes from Continuing Operations Computed at the Statutory Rate to the Tax Provision

A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:

(in millions)	2021			2020			2019
Taxes at U.S. statutory rate	$	101.3		$	84.9		$	120.8
State and local taxes, net of federal income tax benefit	14.8			11.5			16.2
Foreign earnings taxed at different rates	0.3			1.7			(1.6)
Equity compensation windfall	(13.7)			(2.1)			(4.4)
Change in unrecognized tax benefit	(10.0)			(11.5)			(3.1)
Return to provision adjustments	0.7			(2.5)			(7.3)
Tax credits	(4.7)			(4.3)			(4.5)
Other, net	6.8			0.8			1.2
Provision for income taxes	$	95.5		$	78.5		$	117.3
Effective income tax rate on continuing operations	19.8		%	19.4		%	20.4		%

Schedule of Deferred Tax Assets (Liabilities)

(in millions)	December 31, 2021		December 31, 2020
Employee benefits	$	35.3	$	37.3
Federal tax carryforwards	34.5		3.3
Deferred revenue	27.2		24.4
Lease liabilities	19.1		14.3
Deferred state tax attributes	17.6		6.6
Inventory reserves	6.9		6.4
Warranty reserves	4.9		5.4
Foreign tax carryforwards	6.7		5.3
Allowance for credit losses	4.4		3.1
Other, net	9.9		8.1
Gross deferred assets	166.5		114.2
Valuation allowances	(29.7)		(7.1)
Deferred tax assets after valuation allowances	136.8		107.1
Intangibles	(458.1)		(189.6)
Property, plant and equipment	(60.7)		(52.5)
Right of use assets	(17.5)		(12.9)
Undistributed foreign earnings	(10.4)		(4.6)
Gross deferred liabilities	(546.7)		(259.6)
Net deferred tax liabilities	$	(409.9)	$	(152.5)

Schedule of Deferred Tax Assets and (Liabilities) Included in the Balance Sheet

Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:

(in millions)	December 31, 2021		December 31, 2020
Other long-term assets	$	0.4	$	3.5
Other long-term liabilities	(410.3)		(156.0)
Net deferred tax liabilities	$	(409.9)	$	(152.5)

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Before Estimated Interest and Penalties)

A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:

(in millions)	2021		2020		2019
Balance as of January 1	$	24.3	$	35.7	$	27.1
Additions based on tax positions related to current year	1.4		0.4		0.3
Reductions due to statute of limitations	(9.1)		(10.8)		(4.8)
Adjustments related to acquired uncertain tax positions	—		(0.8)		11.6
Adjustments for tax positions of prior years	(0.2)		—		1.8
Reductions due to settlements	—		—		(0.1)
Adjustments due to foreign exchange rates	(0.2)		(0.2)		(0.2)
Balance as of December 31	$	16.2	$	24.3	$	35.7