Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

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

	December 31,
	2023		2022
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	27.8	$	21.3
Intangibles		48.6		26.3
Goodwill		—		26.6
Foreign earnings		2.6		0.6
Operating lease ROU assets		10.7		7.9
Other		4.9		5.7
Total deferred tax liabilities		94.6		88.4
Deferred income tax assets:
Accrued expenses		11.1		9.6
Product liability		5.2		5.8
Operating lease liabilities		11.0		8.3
Stock based compensation		6.1		6.1
Foreign tax credits		17.4		13.6
Net operating loss carry forward		6.7		6.6
Capital loss carry forward		1.6		1.7
Inventory reserves		14.8		10.3
Intangibles		12.3		14.0
Goodwill		1.0		—
Capitalized R&D		29.7		14.7
Other		11.6		9.6
Total deferred tax assets		128.5		100.3
Less: valuation allowance		(23.8)		(20.3)
Net deferred tax assets		104.7		80.0
Net deferred tax assets	$	10.1	$	(8.4)

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

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Domestic	$	228.2	$	204.3	$	139.6
Foreign		121.3		103.3		94.5
	$	349.5	$	307.6	$	234.1

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Current tax expense:
Federal	$	54.6	$	51.0	$	32.0
Foreign		35.6		23.2		30.3
State		15.8		11.5		14.4
		106.0		85.7		76.7
Deferred tax expense (benefit):
Federal		(14.7)		(12.1)		(4.8)
Foreign		0.2		(13.7)		(2.4)
State		(4.1)		(3.8)		(1.1)
		(18.6)		(29.6)		(8.3)
Provision for income taxes	$	87.4	$	56.1	$	68.4

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

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Computed expected federal income expense	$	73.4	$	64.6	$	49.2
State income taxes, net of federal tax benefit		9.3		6.8		6.6
Foreign tax rate differential		4.3		3.5		4.3
Restructuring of manufacturing supply chain operations		—		(16.1)		29.3
Valuation allowance		3.5		0.4		(22.1)
One time repatriation		1.2		—		—
Unrecognized tax benefits, net		1.4		(1.0)		2.0
Other, net		(5.7)		(2.1)		(0.9)
	$	87.4	$	56.1	$	68.4

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2023	$	7.2
Increases related to prior year tax positions		1.4
Increases related to current year tax positions		0.3
Decreases due to lapse in statutes		(0.4)
Currency movement		0.1
Balance at December 31, 2023	$	8.6