Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of income tax provision (benefits) from continuing operations

The components of Interest expense, net in our Consolidated Statements of Operations were as follows (in millions):



	For the Years Ended December 31,
	2019		2018		2017
Interest expense, net of capitalized interest	$	48.6	$	39.1	$	32.1
Interest income	1.1		0.8		1.5
Interest expense, net	$	47.5	$	38.3	$	30.6

Our Provision for income taxes from continuing operations consisted of the following (in millions):



	For the Years Ended December 31,
	2019		2018		2017
Current:
Federal	$	55.9	$	59.5	$	86.1
State	14.2		17.8		12.5
Foreign	9.3		4.6		15.0
Total current	79.4		81.9		113.6
Deferred:
Federal	15.0		23.2		43.8
State	3.9		1.0		0.9
Foreign	0.8		1.5		(1.4		)
Total deferred	19.7		25.7		43.3
Total provision for income taxes	$	99.1	$	107.6	$	156.9

Income from continuing operations before income taxes

Income from continuing operations before income taxes was comprised of the following (in millions):



	For the Years Ended December 31,
	2019		2018		2017
Domestic	$	383.2	$	428.7	$	402.5
Foreign	124.7		39.2		61.5
Total	$	507.9	$	467.9	$	464.0

Summary of difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement provision for taxes

The difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement Provision for income taxes is summarized as follows (in millions):



	For the Years Ended December 31,
	2019			2018			2017
Provision at the U.S. statutory rate of 21% (35% for 2017)	$	106.7		$	98.3		$	162.4
Increase (reduction) in tax expense resulting from:
State income tax, net of federal income tax benefit	13.2			15.5			9.2
Domestic manufacturing deduction	—			—			(9.6		)
Tax credits, net of unrecognized tax benefits	(13.8		)	(2.5		)	(8.6		)
Change in unrecognized tax benefits	3.1			0.4			(0.1		)
Change in valuation allowance	1.9			5.0			6.4
Foreign taxes at rates other than U.S. statutory rate	(20.7		)	(3.2		)	(9.0		)
Deemed inclusions	8.3			3.9			0.3
Global intangible low-taxed income	9.5			0.7			—
Change in rates from the Tax Act & other law changes	(0.8		)	1.9			31.8
Excess tax benefits from stock-based compensation	(10.9		)	(10.5		)	(23.6		)
Miscellaneous other	2.6			(1.9		)	(2.3		)
Total provision for income taxes	$	99.1		$	107.6		$	156.9

Summary of deferred tax assets (liabilities)

Deferred tax assets (liabilities) were comprised of the following (in millions):



	As of December 31,
	2019			2018
Gross deferred tax assets:
Warranties	$	27.8		$	27.8
Loss carryforwards (foreign, U.S. and state)	23.2			23.1
Post-retirement and pension benefits	22.4			21.3
Inventory reserves	5.6			9.3
Receivables allowance	3.1			3.4
Compensation liabilities	6.2			7.9
Insurance liabilities	1.6			2.9
Legal reserves	8.5			7.4
Tax credits, net of federal effect	11.4			11.0
Other	7.1			8.1
Total deferred tax assets	116.9			122.2
Valuation allowance	(24.9		)	(25.4		)
Total deferred tax assets, net of valuation allowance	92.0			96.8
Gross deferred tax liabilities:
Depreciation	(52.5		)	(22.1		)
Intangibles	(15.1		)	(5.4		)
Other	(2.9		)	(2.3		)
Total deferred tax liabilities	(70.5		)	(29.8		)
Net deferred tax assets	$	21.5		$	67.0