XML 88 R68.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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 liabilities   (8.4)  
Net deferred tax assets 10.1    
Pre-tax income, basis for the provision for income taxes from continuing operations      
Domestic 228.2 204.3 $ 139.6
Foreign 121.3 103.3 94.5
INCOME BEFORE INCOME TAXES 349.5 307.6 234.1
Current tax expense:      
Federal 54.6 51.0 32.0
Foreign 35.6 23.2 30.3
State 15.8 11.5 14.4
Total 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)
Total (18.6) (29.6) (8.3)
Provision for income taxes from continuing operations 87.4 56.1 68.4
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations      
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 1.4 (1.0) 2.0
Other, net (5.7) (2.1) (0.9)
Provision for income taxes $ 87.4 $ 56.1 $ 68.4