Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

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

	December 31,
	2020		2019
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	22.5	$	18.8
Intangibles		31.7		32.1
Goodwill		23.6		21.0
Foreign earnings		4.2		3.9
Operating lease ROU assets		11.0		10.3
Other		2.9		4.9
Total deferred tax liabilities		95.9		91.0
Deferred income tax assets:
Accrued expenses		7.8		7.8
Product liability		6.1		6.3
Operating lease liabilities		11.2		10.4
Stock based compensation		4.9		5.4
Foreign tax credits		34.4		32.7
Net operating loss carry forward		7.5		6.4
Capital loss carry forward		1.0		—
Inventory reserves		9.0		5.2
Other		9.4		9.5
Total deferred tax assets		91.3		83.7
Less: valuation allowance		(42.1)		(28.6)
Net deferred tax assets		49.2		55.1
Net deferred tax liabilities	$	(46.7)	$	(35.9)

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

	Year Ended December 31,
	2020		2019		2018
	(in millions)
Domestic	$	96.8	$	119.9	$	103.2
Foreign		70.2		64.0		71.4
	$	167.0	$	183.9	$	174.6

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2020		2019		2018
	(in millions)
Current tax expense:
Federal	$	13.4	$	18.7	$	24.7
Foreign		25.3		25.5		29.0
State		6.9		6.4		7.7
		45.6		50.6		61.4
Deferred tax expense (benefit):
Federal		14.8		2.5		(3.2)
Foreign		(6.7)		(2.1)		(7.7)
State		(1.0)		1.4		(1.9)
		7.1		1.8		(12.8)
Deferred tax remeasurement of the 2017 Tax Act		—		—		(2.0)
	$	52.7	$	52.4	$	46.6

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

	Year Ended December 31,
	2020		2019		2018
	(in millions)
Computed expected federal income expense	$	35.0	$	38.6	$	36.6
State income taxes, net of federal tax benefit		4.6		6.3		5.3
Foreign tax rate differential		2.7		4.2		2.7
Impact of the 2017 Tax Act		—		—		(3.7)
Valuation allowance		12.9		—		—
GILTI HTE		(2.1)		—		—
Unrecognized tax benefits, net		(0.3)		0.7		3.2
Other, net		(0.1)		2.6		2.5
	$	52.7	$	52.4	$	46.6

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2020	$	9.3
Increases related to prior year tax positions		1.8
Decreases due to lapse in statutes		(0.2)
Currency movement		0.8
Balance at December 31, 2020	$	11.7