Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before Tax From U.S. and Non-U.S. Operations

Geographic sources of income before income taxes consists of the following:

(in millions)	2022		2021		2020
Continuing operations:
U.S. domestic	$	1,102.0	$	417.3	$	353.3
Foreign	93.6		65.2		50.9
Income from continuing operations before income taxes	1,195.6		482.5		404.2
Discontinued operations:
U.S. domestic	(11.8)		(117.2)		(21.8)
Foreign	6.4		127.1		13.5
(Loss) income from discontinued operations before income taxes	(5.4)		9.9		(8.3)
Total income before income taxes	$	1,190.2	$	492.4	$	395.9

Summary of Provision for Income Taxes From Continuing Operations

The provision for income taxes from continuing operations consists of the following:

(in millions)	2022		2021		2020
Current provision:
Federal and state	$	283.4	$	74.7	$	86.0
Foreign	18.8		22.8		18.6
Total current provision	302.2		97.5		104.6
Deferred provision (benefit):
Federal and state	(27.3)		7.2		(14.8)
Foreign	(4.5)		(9.2)		(11.3)
Total deferred benefit	(31.8)		(2.0)		(26.1)
Total provision for income taxes	$	270.4	$	95.5	$	78.5

Schedule of Reconciliation of Taxes from Continuing Operations Computed at the Statutory Rate to the Tax Provision

A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:

(in millions, except percentages)	2022			2021			2020
Taxes at U.S. statutory rate	$	251.1		$	101.3		$	84.9
State and local taxes, net of federal income tax benefit	39.7			14.8			11.5
Equity compensation windfall	(6.0)			(13.7)			(2.1)
Change in unrecognized tax benefit	(2.7)			(10.0)			(11.5)
Tax credits	(6.7)			(4.7)			(4.3)
Other, net	(5.0)			7.8			—
Provision for income taxes	$	270.4		$	95.5		$	78.5
Effective income tax rate on continuing operations	22.6		%	19.8		%	19.4		%

Schedule of Deferred Tax Assets (Liabilities)

(in millions)	December 31, 2022		December 31, 2021
Employee benefits	$	32.4	$	35.3
U.S. federal tax attributes	20.9		34.5
Deferred revenue	29.5		27.2
Capitalized research and development costs	26.6		—
Lease liabilities	15.9		19.1
U.S. state tax attributes	13.4		17.6
Inventory reserves	7.2		6.9
Warranty reserves	5.3		4.9
Non-U.S. tax attributes	6.7		6.7
Allowance for credit losses	4.4		4.4
Other, net	12.2		9.9
Gross deferred assets	174.5		166.5
Valuation allowances	(33.1)		(29.7)
Deferred tax assets after valuation allowances	141.4		136.8
Intangibles	(432.5)		(458.1)
Property, plant and equipment	(61.1)		(60.7)
Right of use assets	(14.5)		(17.5)
Undistributed foreign earnings	(6.9)		(10.4)
Gross deferred liabilities	(515.0)		(546.7)
Net deferred tax liabilities	$	(373.6)	$	(409.9)

Schedule of Deferred Tax Assets and (Liabilities) Included in the Balance Sheet

Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:

(in millions)	December 31, 2022		December 31, 2021
Other long-term assets	$	0.2	$	0.4
Other long-term liabilities	(373.8)		(410.3)
Net deferred tax liabilities	$	(373.6)	$	(409.9)

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Before Estimated Interest and Penalties)

A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:

(in millions)	2022		2021		2020
Balance as of January 1	$	16.2	$	24.3	$	35.7
Additions based on tax positions related to current year	0.9		1.4		0.4
Reductions due to statute of limitations	(3.0)		(9.1)		(10.8)
Adjustments related to acquired uncertain tax positions	—		—		(0.8)
Adjustments for tax positions of prior years	0.2		(0.2)		—
Reductions due to settlements	(0.2)		—		—
Adjustments due to foreign exchange rates	0.2		(0.2)		(0.2)
Balance as of December 31	$	14.3	$	16.2	$	24.3