Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

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

	December 31,
	2021		2020
	(in millions)
Deferred income tax liabilities:
Excess tax over book depreciation	$	21.5	$	22.5
Intangibles		29.0		31.7
Goodwill		25.1		23.6
Foreign earnings		2.2		4.2
Operating lease ROU assets		8.6		11.0
Other		3.2		2.9
Total deferred tax liabilities		89.6		95.9
Deferred income tax assets:
Accrued expenses		10.7		7.8
Product liability		5.9		6.1
Operating lease liabilities		8.9		11.2
Stock based compensation		6.2		4.9
Foreign tax credits		13.8		34.4
Net operating loss carry forward		6.6		7.5
Capital loss carry forward		1.7		1.0
Inventory reserves		9.4		9.0
Other		9.6		9.4
Total deferred tax assets		72.8		91.3
Less: valuation allowance		(20.2)		(42.1)
Net deferred tax assets		52.6		49.2
Net deferred tax liabilities	$	(37.0)	$	(46.7)

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

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Domestic	$	139.6	$	96.8	$	119.9
Foreign		94.5		70.2		64.0
	$	234.1	$	167.0	$	183.9

Schedule of provision for income taxes from continuing operations

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Current tax expense:
Federal	$	32.0	$	13.4	$	18.7
Foreign		30.3		25.3		25.5
State		14.4		6.9		6.4
		76.7		45.6		50.6
Deferred tax expense (benefit):
Federal		(4.8)		14.8		2.5
Foreign		(2.4)		(6.7)		(2.1)
State		(1.1)		(1.0)		1.4
		(8.3)		7.1		1.8
	$	68.4	$	52.7	$	52.4

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

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Computed expected federal income expense	$	49.2	$	35.0	$	38.6
State income taxes, net of federal tax benefit		6.6		4.6		6.3
Foreign tax rate differential		4.3		2.7		4.2
Restructuring of manufacturing supply chain operations		29.3		—		—
Valuation allowance		(22.1)		12.9		—
GILTI HTE		—		(2.1)		—
Unrecognized tax benefits, net		2.0		(0.3)		0.7
Other, net		(0.9)		(0.1)		2.6
	$	68.4	$	52.7	$	52.4

Reconciliation of the beginning and ending amount of unrecognized tax benefits

	(in millions)
Balance at January 1, 2021	$	11.7
Increases related to prior year tax positions		1.1
Decreases related to prior year tax positions		(1.4)
Decreases due to lapse in statutes		(2.2)
Currency movement		(0.7)
Balance at December 31, 2021	$	8.5