Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

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

	December 31,
	2018		2017
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	16.2	$	13.5
Intangibles		33.8		37.1
Goodwill		17.4		16.3
Foreign earnings		5.1		14.6
Other		3.2		5.7
Total deferred tax liabilities		75.7		87.2
Deferred income tax assets:
Accrued expenses		16.0		17.8
Capital loss carry forward		—		0.3
Foreign tax credits		33.5		22.0
Net operating loss carry forward		6.1		6.5
Inventory reserves		6.0		5.8
Other		7.1		9.9
Total deferred tax assets		68.7		62.3
Less: valuation allowance		(29.9)		(28.7)
Net deferred tax assets		38.8		33.6
Net deferred tax liabilities	$	(36.9)	$	(53.6)

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

	Year Ended December 31,
	2018		2017		2016
	(in millions)
Domestic	$	103.2	$	80.3	$	64.8
Foreign		71.4		62.8		63.0
	$	174.6	$	143.1	$	127.8

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2018		2017		2016
	(in millions)
Current tax expense:
Federal	$	24.7	$	42.1	$	18.3
Foreign		29.0		17.3		17.2
State		7.7		4.2		3.9
		61.4		63.6		39.4
Deferred tax expense (benefit):
Federal		(3.2)		4.0		3.6
Foreign		(7.7)		8.5		0.6
State		(1.9)		5.9		—
		(12.8)		18.4		4.2
Deferred tax remeasurement of the 2017 Tax Act		(2.0)		(12.0)		—
	$	46.6	$	70.0	$	43.6

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

	Year Ended December 31,
	2018		2017		2016
	(in millions)
Computed expected federal income expense	$	36.6	$	50.1	$	44.7
State income taxes, net of federal tax benefit		5.3		2.7		2.2
Foreign tax rate differential		2.7		(6.7)		(6.7)
Impact of the 2017 Tax Act		(3.7)		25.1		—
Unrecognized tax benefits		3.2		—		—
Other, net		2.5		(1.2)		3.4
	$	46.6	$	70.0	$	43.6