Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

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

	December 31,
	2022		2021
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	21.3	$	21.5
Intangibles		26.3		29.0
Goodwill		26.6		25.1
Foreign earnings		0.6		2.2
Operating lease ROU assets		7.9		8.6
Other		5.7		3.2
Total deferred tax liabilities		88.4		89.6
Deferred income tax assets:
Accrued expenses		9.6		10.7
Product liability		5.8		5.9
Operating lease liabilities		8.3		8.9
Stock based compensation		6.1		6.2
Foreign tax credits		13.6		13.8
Net operating loss carry forward		6.6		6.6
Capital loss carry forward		1.7		1.7
Inventory reserves		10.3		9.4
Intangibles		14.0		-
Capitalized R&D		14.7		-
Other		9.6		9.6
Total deferred tax assets		100.3		72.8
Less: valuation allowance		(20.3)		(20.2)
Net deferred tax assets		80.0		52.6
Net deferred tax liabilities	$	(8.4)	$	(37.0)

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

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Domestic	$	204.3	$	139.6	$	96.8
Foreign		103.3		94.5		70.2
	$	307.6	$	234.1	$	167.0

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Current tax expense:
Federal	$	51.0	$	32.0	$	13.4
Foreign		23.2		30.3		25.3
State		11.5		14.4		6.9
		85.7		76.7		45.6
Deferred tax expense (benefit):
Federal		(12.1)		(4.8)		14.8
Foreign		(13.7)		(2.4)		(6.7)
State		(3.8)		(1.1)		(1.0)
		(29.6)		(8.3)		7.1
Provision for income taxes	$	56.1	$	68.4	$	52.7

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

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Computed expected federal income expense	$	64.6	$	49.2	$	35.0
State income taxes, net of federal tax benefit		6.8		6.6		4.6
Foreign tax rate differential		3.5		4.3		2.7
Restructuring of manufacturing supply chain operations		(16.1)		29.3		—
Valuation allowance		0.4		(22.1)		12.9
GILTI HTE		—		—		(2.1)
Unrecognized tax benefits, net		(1.0)		2.0		(0.3)
Other, net		(2.1)		(0.9)		(0.1)
	$	56.1	$	68.4	$	52.7

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2022	$	8.5
Increases related to prior year tax positions		1.9
Increases related to current year tax positions		0.2
Decreases due to lapse in statutes		(3.1)
Currency movement		(0.3)
Balance at December 31, 2022	$	7.2