Income Taxes - (Tables)

9 Months Ended

12 Months Ended

Sep. 27, 2019

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Earnings before income taxes for the years ended December 31 were as follows ($ in millions):

	2018		2017		2016
United States	$	201.8	$	254.9	$	273.5
International	99.3		131.8		128.2
Total	$	301.1	$	386.7	$	401.7

Summary Of Effective Income Tax Rate

The following table summarizes the Company’s effective tax rate:

	Nine-Month Period Ended
	September 27, 2019		September 28, 2018
Effective tax rate	19.6	%	22.9	%

The effective income tax rate for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows:

	Percentage of Pretax Earnings
	2018		2017		2016
Statutory federal income tax rate	21.0	%	35.0	%	35.0	%
Increase (decrease) in tax rate resulting from:
State income taxes (net of federal income tax benefit)	2.5		2.0		2.1
Foreign rate differential	1.7		(3.1	)	(3.3	)
Resolution and expiration of statutes of limitation of uncertain tax positions	(1.5	)	(1.5	)	2.7
Research and experimentation credits and other	(0.3	)	(0.6	)	(0.6	)
Release of valuation allowance on foreign losses	—		—		(3.6	)
TCJA – revaluation of U.S. deferred income taxes	—		(19.0	)	—
TCJA – Transition tax	—		9.3		—
Effective income tax rate	23.4	%	22.1	%	32.3	%

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for the years ended December 31 were as follows ($ in millions):

	2018			2017			2016
Current:
Federal U.S.	$	34.9		$	102.7		$	102.1
Non-U.S.	26.0			28.7			33.2
State and local	7.8			12.4			15.5
Deferred:
Federal U.S.	4.9			(70.9		)	(9.6		)
Non-U.S.	(4.3		)	12.5			(10.1		)
State and local	1.1			0.2			(1.4		)
Income tax provision	$	70.4		$	85.6		$	129.7

Schedule of Deferred Tax Assets and Liabilities

Noncurrent deferred tax assets and noncurrent deferred tax liabilities are included in other assets and other long-term liabilities, respectively, in the accompanying Combined Balance Sheets. Deferred income tax assets and liabilities as of December 31 were as follows ($ in millions):

	2018			2017
Deferred tax assets:
Allowance for doubtful accounts	$	0.6		$	1.1
Inventories	15.2			16.6
Pension benefits	15.5			17.2
Other accruals and prepayments	44.0			40.4
Stock-based compensation expense	5.4			4.7
Tax credit and loss carryforwards	141.3			155.4
Valuation allowances	(91.2		)	(92.2		)
Total deferred tax asset	130.8			143.2
Deferred tax liabilities:
Property, plant and equipment	(6.3		)	(1.2		)
Goodwill and other intangible assets	(326.2		)	(334.5		)
Total deferred tax liability	(332.5		)	(335.7		)
Net deferred tax liability	$	(201.7	)	$	(192.5	)

Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties, is as follows ($ in millions):

	2018			2017			2016
Unrecognized tax benefits, beginning of year	$	37.4		$	49.2		$	40.6
Additions based on tax positions related to the current year	0.7			0.6			1.5
Additions for tax positions of prior years	1.7			4.3			15.8
Lapse of statute of limitations	(5.6		)	(9.0		)	(4.7		)
Settlements	(5.9		)	(11.5		)	(2.0		)
Effect of foreign currency translation	(1.1		)	3.8			(2.0		)
Unrecognized tax benefits, end of year	$	27.2		$	37.4		$	49.2