Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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,
	2022		2021		2020
Interest expense, net of capitalized interest	$	39.8	$	26.0	$	29.7
Less: Interest income	1.1		1.0		1.4
Interest expense, net	$	38.7	$	25.0	$	28.3

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

	For the Years Ended December 31,
	2022		2021		2020
Current:
Federal	$	104.0	$	72.0	$	61.7
State	21.6		17.0		14.1
Foreign	7.8		13.4		4.8
Total current	133.4		102.4		80.6
Deferred:
Federal	(13.9)		(2.6)		(0.7)
State	(3.1)		(1.5)		1.1
Foreign	2.3		(2.2)		7.1
Total deferred	(14.7)		(6.3)		7.5
Total provision for income taxes	$	118.7	$	96.1	$	88.1

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,
	2022		2021		2020
Domestic	$	340.2	$	307.8	$	268.4
Foreign	275.6		252.3		176.8
Total	$	615.8	$	560.1	$	445.2

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

	For the Years Ended December 31,
	2022		2021		2020
Provision at the U.S. statutory rate of 21%	$	129.3	$	117.6	$	93.5
Increase (reduction) in tax expense resulting from:
State income tax, net of federal income tax benefit	14.6		12.1		10.8
Tax credits, net of unrecognized tax benefits	(8.0)		(9.3)		(7.8)
Change in unrecognized tax benefits	0.2		0.2		0.2
Change in valuation allowance	—		—		7.8
Foreign taxes at rates other than U.S. statutory rate	(47.4)		(43.6)		(33.6)
Deemed inclusions	10.0		7.7		9.2
Global intangible low-taxed income	23.9		18.8		10.3
Change in rates from the Tax Act & other law changes	0.1		0.1		0.7
Excess tax benefits from stock-based compensation	(0.6)		(5.7)		(4.2)
Miscellaneous other	(3.4)		(1.8)		1.2
Total provision for income taxes	$	118.7	$	96.1	$	88.1

Summary of deferred tax assets (liabilities)

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

	As of December 31,
	2022		2021
Gross deferred tax assets:
Warranties	$	34.9	$	32.9
Loss carryforwards (foreign, U.S. and state)	29.6		28.5
Post-retirement and pension benefits	10.2		15.6
Inventory reserves	9.3		7.1
Receivables allowance	6.0		4.5
Compensation liabilities	5.9		9.5
Legal reserves	10.5		12.1
Tax credits, net of federal effect	11.9		11.5
Research and development capitalization	17.9		—
Other	7.1		9.6
Total deferred tax assets	143.3		131.3
Valuation allowance	(37.9)		(37.3)
Total deferred tax assets, net of valuation allowance	105.4		94.0
Gross deferred tax liabilities:
Depreciation	(58.9)		(58.7)
Intangibles	(15.6)		(15.5)
Insurance liabilities	(1.4)		(1.4)
Other	(2.0)		(7.1)
Total deferred tax liabilities	(77.9)		(82.7)
Net deferred tax assets	$	27.5	$	11.3