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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income from Operations before Provision for Income Taxes

The components of the income before income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below:

						For the year ended December 31,
In millions						2020						2019						2018
Domestic						$	78.0					$	117.9					$	145.1
Foreign						479.2						328.9						222.5
Income before income taxes						$	557.2					$	446.8					$	367.6

Consolidated Provision for Income Taxes

The consolidated provision for income taxes included in the Consolidated Statement of Income consisted of the following:

						For the year ended December 31,
In millions						2020						2019						2018
Current taxes
Federal						$	6.1					$	5.7					$	6.9
State						17.0						0.5						5.8
Foreign						92.4						141.4						68.5
						115.5						147.6						81.2
Deferred taxes
Federal						36.1						19.8						4.7
State						(1.4)						2.9						1.3
Foreign						(5.3)						(50.0)						(11.3)
						29.4						(27.3)						(5.3)
Total provision						$	144.9					$	120.3					$	75.9

Reconciliation of Income Tax Rate

A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below:

						For the year ended December 31,
In millions						2020						2019						2018
U.S. federal statutory rate						21.0		%				21.0		%				21.0		%
State taxes						2.6						0.7						1.6
Foreign						2.4						3.2						0.7
Research and development credit						(1.3)						(1.7)						(1.1)
U.S. tax rate change						—						—						(0.6)
U.S. tax reform provision (benefit)						1.3						2.0						(1.4)
Transaction costs related to acquisitions						—						1.0						—
Other, net						—						0.7						0.4
Effective rate						26.0		%				26.9		%				20.6		%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities were as follows:

						December 31,
In millions						2020						2019
Deferred income tax assets:
Accrued expenses and reserves						$	38.5					$	35.8
Warranty reserve						51.2						46.6
Deferred compensation/employee benefits						42.6						32.3
Right-of-use asset						70.0						63.1
Pension and postretirement obligations						26.4						28.1
Property, plant & equipment						47.8						—
Inventory						45.0						25.8
Net operating loss carry forwards						82.6						95.6
Other						46.6						18.8
Gross deferred income tax assets						450.7						346.1
Valuation allowance						41.7						58.0
Total deferred income tax assets						409.0						288.1
Deferred income tax liabilities:
Property, plant & equipment						—						42.7
Right-of-use liability						69.3						63.1
Intangibles						443.5						235.6
Total deferred income tax liabilities						512.8						341.4
Net deferred income tax liability						$	(103.8)					$	(53.3)

Liability for Income Taxes Associated with Uncertain Tax Positions

A reconciliation of the beginning and ending amount of the liability for income taxes associated with unrecognized tax benefits follows:

In millions						2020						2019						2018
Gross liability for unrecognized tax benefits at beginning of year						$	17.2					$	9.5					$	6.9
Gross increases - unrecognized tax benefits in prior periods						3.8						9.7						5.4
Gross decreases - audit settlement during year						(4.6)						—						—
Gross decreases - expiration of audit statute of limitations						—						(2.0)						(2.8)
Gross liability for unrecognized tax benefits at end of year						$	16.4					$	17.2					$	9.5

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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