Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of significant components of the Company's deferred income tax liabilities and assets

	December 31,
	2019		2018
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	18.8	$	16.2
Intangibles		32.1		33.8
Goodwill		21.0		17.4
Foreign earnings		3.9		5.1
Operating lease ROU assets		10.3		—
Other		4.9		3.2
Total deferred tax liabilities		91.0		75.7
Deferred income tax assets:
Accrued expenses		7.8		7.0
Product liability		6.3		6.0
Operating lease liabilities		10.4		—
Stock based compensation		5.4		4.8
Foreign tax credits		32.7		33.5
Net operating loss carry forward		6.4		6.1
Inventory reserves		5.2		6.0
Other		9.5		5.3
Total deferred tax assets		83.7		68.7
Less: valuation allowance		(28.6)		(29.9)
Net deferred tax assets		55.1		38.8
Net deferred tax liabilities	$	(35.9)	$	(36.9)

Schedule of pre-tax income upon which provision for income taxes from continuing operations is based

	Year Ended December 31,
	2019		2018		2017
	(in millions)
Domestic	$	119.9	$	103.2	$	80.3
Foreign		64.0		71.4		62.8
	$	183.9	$	174.6	$	143.1

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2019		2018		2017
	(in millions)
Current tax expense:
Federal	$	18.7	$	24.7	$	42.1
Foreign		25.5		29.0		17.3
State		6.4		7.7		4.2
		50.6		61.4		63.6
Deferred tax expense (benefit):
Federal		2.5		(3.2)		4.0
Foreign		(2.1)		(7.7)		8.5
State		1.4		(1.9)		5.9
		1.8		(12.8)		18.4
Deferred tax remeasurement of the 2017 Tax Act		—		(2.0)		(12.0)
	$	52.4	$	46.6	$	70.0

Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations

	Year Ended December 31,
	2019		2018		2017
	(in millions)
Computed expected federal income expense	$	38.6	$	36.6	$	50.1
State income taxes, net of federal tax benefit		6.3		5.3		2.7
Foreign tax rate differential		4.2		2.7		(6.7)
Impact of the 2017 Tax Act		—		(3.7)		25.1
Unrecognized tax benefits, net		0.7		3.2		—
Other, net		2.6		2.5		(1.2)
	$	52.4	$	46.6	$	70.0

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2019	$	10.2
Increases related to prior year tax positions		0.6
Decreases due to lapse in statutes		(1.3)
Currency movement		(0.2)
Balance at December 31, 2019	$	9.3