Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of significant components of the Company's deferred income tax liabilities and assets

	December 31,
	2017		2016
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	13.5	$	15.5
Intangibles		37.1		55.2
Goodwill		16.3		20.4
Foreign earnings		14.6		—
Other		5.7		6.1
Total deferred tax liabilities		87.2		97.2
Deferred income tax assets:
Accrued expenses		17.8		22.9
Capital loss carry forward		0.3		1.4
Foreign tax credits		22.0		—
Net operating loss carry forward		6.5		7.3
Inventory reserves		5.8		13.5
Other		9.9		13.5
Total deferred tax assets		62.3		58.6
Less: valuation allowance		(28.7)		(7.1)
Net deferred tax assets		33.6		51.5
Net deferred tax liabilities	$	(53.6)	$	(45.7)

Schedule of pre-tax income upon which provision for income taxes from continuing operations is based

	Year Ended December 31,
	2017		2016		2015
	(in millions)
Domestic	$	80.3	$	64.8	$	(25.8)
Foreign		62.8		63.0		(85.2)
	$	143.1	$	127.8	$	(111.0)

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2017		2016		2015
	(in millions)
Current tax expense:
Federal	$	42.1	$	18.3	$	3.4
Foreign		17.3		17.2		18.1
State		4.2		3.9		2.0
		63.6		39.4		23.5
Deferred tax expense (benefit):
Federal		4.0		3.6		(13.6)
Foreign		8.5		0.6		(7.0)
State		5.9		—		(1.0)
		18.4		4.2		(21.6)
Deferred tax remeasurement of the 2017 Tax Act		(12.0)		—		—
	$	70.0	$	43.6	$	1.9

Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations

	Year Ended December 31,
	2017		2016		2015
	(in millions)
Computed expected federal income expense	$	50.1	$	44.7	$	(38.8)
State income taxes, net of federal tax benefit		2.7		2.2		0.8
Foreign tax rate differential		(6.7)		(6.7)		7.5
Goodwill impairment		—		—		29.0
Impact of the 2017 Tax Act		25.1		—		—
Change in valuation allowance		—		—		(1.8)
Other, net		(1.2)		3.4		5.2
	$	70.0	$	43.6	$	1.9