Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income from continuing operations before income taxes consists of the following:

	Year Ended December 31,
	2021		2020		2019
United States	$	25.9	$	48.0	$	24.4
Foreign	48.2		37.2		10.2
Income from continuing operations before income taxes	$	74.1	$	85.2	$	34.6

Schedule of Components of Income Tax Expense (Benefit)

Significant components of income tax expense (benefit), net are as follows:

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	1.7	$	(0.2)	$	4.9
State and local	3.2		1.9		2.7
Foreign	16.5		12.2		11.4
Total current	21.4		13.9		19.0
Deferred:
Federal	(5.8)		7.5		(2.0)
State and local	1.1		(2.9)		(5.5)
Foreign	(3.2)		(3.6)		(8.7)
Total deferred	(7.9)		1.0		(16.2)
Total income tax expense (benefit), net	$	13.5	$	14.9	$	2.8

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:

	Year Ended December 31,
	2021		2020		2019
Income tax expense at U.S. statutory rate	$	15.6	$	17.9	$	7.3
State income taxes, net of federal tax benefit	3.6		(0.9)		(2.3)
Foreign income, net of credit on foreign taxes	2.1		—		(1.3)
Effective tax rate differential of earnings outside of U.S.	1.8		2.4		—
Change in valuation allowance	(5.9)		(4.2)		1.0
Research & experimentation credits	(0.9)		(1.0)		(0.9)
Foreign derived intangible income	(0.8)		(0.2)		(1.2)
Net non-deductible items	1.6		1.2		2.3
Change in uncertain tax positions	(0.2)		(0.6)		—
Share-based compensation	(2.2)		(1.7)		(2.8)
Tax effect of 2017 tax reform federal rate change	—		(0.2)		—
Other items	(1.2)		2.2		0.7
Income tax expense	$	13.5	$	14.9	$	2.8

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

	December 31,
	2021		2020
Deferred tax assets:
Accruals and reserves	$	16.8	$	15.7
Pensions	0.5		2.6
Inventory	42.3		3.5
Share-based compensation	4.5		4.4
Tax credit carryforwards	17.6		10.6
Foreign net operating loss carryforwards	16.3		22.4
State net operating loss carryforwards	2.3		1.9
Convertible notes	6.3		0.7
Operating leases	7.5		8.1
Other – net	11.1		7.4
Total deferred tax assets before valuation allowances	125.2		77.3
Valuation allowances	(21.6)		(33.9)
Total deferred tax assets, net of valuation allowances	$	103.6	$	43.4
Deferred tax liabilities:
Property, plant and equipment	$	37.9	$	27.8
Goodwill and intangible assets	82.2		69.1
Other – net	(0.1)		5.2
Investments	3.8		—
Deferred revenue	37.9		—
Total deferred tax liabilities	$	161.7	$	102.1
Net deferred tax liabilities	$	58.1	$	58.7
The net deferred tax liability is classified as follows:
Other assets	$	(1.7)	$	(1.5)
Long-term deferred tax liabilities	59.8		60.2
Net deferred tax liabilities	$	58.1	$	58.7

Schedule of Reconciliation of Unrecognized Tax Benefits

The reconciliation of beginning to ending unrecognized tax benefits is as follows:

	Year Ended December 31,
	2021		2020		2019
Unrecognized tax benefits at beginning of the year	$	1.9	$	2.4	$	2.3
Additions (reductions) for tax positions taken during the prior period	0.4		(0.6)		(0.1)
Additions for tax positions taken during the current period	—		0.2		0.2
Reductions relating to settlements with taxing authorities	—		(0.1)		—
Lapse of statutes of limitation	(0.6)		—		—
Unrecognized tax benefits at end of the year	$	1.7	$	1.9	$	2.4