Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliation of Company's Effective Tax Rate to U.S. Federal Statutory Rate

A reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate is as follows:

	Years Ended December 31,
	2020			2019			2018
U.S. federal income tax statutory rate		21.0	%		21.0	%		21.0	%
Federal tax credits		(1.5	)		(2.9	)		(0.7	)
State income taxes, net of federal benefit		1.1			2.3			1.3
Effect of foreign operations taxed at various rates		(5.0	)		(4.4	)		(1.3	)
Executive compensation		1.1			5.8			—
Gain on intercompany sale of assets		—			2.9			—
Utilization of a capital loss		—			(1.2	)		—
Foreign derived intangible income deduction		(1.5	)		(3.8	)		(2.1	)
Global intangible low taxed income, net of foreign tax credits		0.9			2.6			0.4
Transition tax, net of foreign tax credits		—			—			(0.1	)
Revaluation of deferred income taxes		—			(1.4	)		(0.3	)
Revaluation of prepaid taxes		—			—			1.6
Stock-based compensation		(0.7	)		(0.3	)		(1.3	)
Deferred tax asset valuation allowance		0.6			0.1			—
Release of income tax reserves (including interest)		—			(0.8	)		(0.4	)
Foreign dividends, net of foreign tax credits		0.7			0.6			(1.0	)
Other		0.5			0.6			1.2
		17.2	%		21.1	%		18.3	%

Components of Income from Operations Before Income Taxes and Related Provision for Income Taxes

The components of income from operations before income taxes and the related provision for income taxes consist of the following:

	Years Ended December 31,
	2020			2019			2018
Income before income taxes:
United States	$	132.0		$	2.3		$	287.3
Foreign		291.0			175.5			193.6
	$	423.0		$	177.8		$	480.9
Current taxes:
United States	$	29.2		$	6.8		$	41.4
State		6.1			2.0			8.1
Foreign		44.7			32.8			58.0
		80.0			41.6			107.5
Deferred taxes:
United States		(7.9	)		(1.7	)		(2.5	)
State and Foreign		0.8			(2.5	)		(16.9	)
		(7.1	)		(4.2	)		(19.4	)
Provision for income taxes	$	72.9		$	37.4		$	88.1

Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

The significant components of the deferred tax assets and deferred tax liabilities are as follows:

	Years Ended December 31,
	2020			2019
Deferred tax assets:
Carry-forward losses and credits	$	54.2		$	59.2
Inventory and warranty reserves		32.4			29.7
Accrued expenses and other reserves		14.5			12.6
Stock-based compensation		5.1			8.6
Executive supplemental retirement benefits		1.8			1.6
Lease liability		48.7			15.3
Unrealized net loss		4.0			2.7
Other		2.7			2.3
Total deferred tax assets	$	163.4		$	132.0
Deferred tax liabilities:
Acquired intangible assets and goodwill	$	(116.2	)	$	(128.1	)
Depreciation and amortization		(14.5	)		(14.1	)
Loan costs		(1.8	)		(2.3	)
Right-of-use asset		(46.4	)		(14.4	)
Foreign withholding taxes		(3.2	)		(5.0	)
Total deferred tax liabilities		(182.1	)		(163.9	)
Valuation allowance		(30.6	)		(27.4	)
Net deferred tax liabilities	$	(49.3	)	$	(59.3	)

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

	Years Ended December 31,
	2020			2019			2018
Balance at beginning of year	$	43.5		$	32.7		$	27.3
Increases for prior years		1.1			9.3			0.9
Increases for the current year		6.8			3.2			6.1
Reductions related to expiration of statutes of limitations and audit    settlements		(4.4	)		(1.7	)		(1.6	)
Balance at end of year	$	47.0		$	43.5		$	32.7