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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | r Provision for income taxes from continuing operations consisted of the following (in millions):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 61.7 |  |  | $ | 55.9 |  |  | $ | 59.5 |
State | 14.1 |  |  | 14.2 |  |  | 17.8 |
Foreign | 4.8 |  |  | 9.3 |  |  | 4.6 |
Total current | 80.6 |  |  | 79.4 |  |  | 81.9 |
Deferred: |  |  |  |  |
Federal | (0.7) |  |  | 15.0 |  |  | 23.2 |
State | 1.1 |  |  | 3.9 |  |  | 1.0 |
Foreign | 7.1 |  |  | 0.8 |  |  | 1.5 |
Total deferred | 7.5 |  |  | 19.7 |  |  | 25.7 |
Total provision for income taxes | $ | 88.1 |  |  | $ | 99.1 |  |  | $ | 107.6 |
Income from continuing operations before income taxes was comprised of the following (in millions):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Domestic | $ | 268.4 |  |  | $ | 383.2 |  |  | $ | 428.7 |
Foreign | 176.8 |  |  | 124.7 |  |  | 39.2 |
Total | $ | 445.2 |  |  | $ | 507.9 |  |  | $ | 467.9 |
The difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement Provision for income taxes is summarized as follows (in millions):
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Provision at the U.S. statutory rate of 21% | $ | 93.5 |  |  | $ | 106.7 |  |  | $ | 98.3 |
Increase (reduction) in tax expense resulting from: |  |  |  |  |
State income tax, net of federal income tax benefit | 10.8 |  |  | 13.2 |  |  | 15.5 |
Tax credits, net of unrecognized tax benefits | (7.8) |  |  | (13.8) |  |  | (2.5) |
Change in unrecognized tax benefits | 0.2 |  |  | 3.1 |  |  | 0.4 |
Change in valuation allowance | 7.8 |  |  | 1.9 |  |  | 5.0 |
Foreign taxes at rates other than U.S. statutory rate | (33.6) |  |  | (20.7) |  |  | (3.2) |
Deemed inclusions | 9.2 |  |  | 8.3 |  |  | 3.9 |
Global intangible low-taxed income | 10.3 |  |  | 9.5 |  |  | 0.7 |
Change in rates from the Tax Act & other law changes | 0.7 |  |  | (0.8) |  |  | 1.9 |
Excess tax benefits from stock-based compensation | (4.2) |  |  | (10.9) |  |  | (10.5) |
Miscellaneous other | 1.2 |  |  | 2.6 |  |  | (1.9) |
Total provision for income taxes | $ | 88.1 |  |  | $ | 99.1 |  |  | $ | 107.6 |
Deferred income taxes reflect the tax consequences on future years of temporary differences between the tax basis of assets and liabilities and their financial reporting basis and depending on the classification of the asset or liability generating the deferred tax. The deferred tax provision for the periods shown represents the effect of changes in the amounts of temporary differences during those periods. Deferred tax assets (liabilities) were comprised of the following (in millions):
| As of December 31,
| 2020 |  | 2019
Gross deferred tax assets: |  |  |
Warranties | $ | 29.2 |  |  | $ | 27.8 |
Loss carryforwards (foreign, U.S. and state) | 26.8 |  |  | 23.2 |
Post-retirement and pension benefits | 24.8 |  |  | 22.4 |
Inventory reserves | 7.3 |  |  | 5.6 |
Receivables allowance | 3.8 |  |  | 3.1 |
Compensation liabilities | 10.2 |  |  | 6.2 |
Insurance liabilities | — |  |  | 1.6 |
Legal reserves | 10.1 |  |  | 8.5 |
Tax credits, net of federal effect | 11.1 |  |  | 11.4 |
Other | 8.0 |  |  | 7.1 |
Total deferred tax assets | 131.3 |  |  | 116.9 |
Valuation allowance | (37.0) |  |  | (24.9) |
Total deferred tax assets, net of valuation allowance | 94.3 |  |  | 92.0 |
Gross deferred tax liabilities: |  |  |
Depreciation | (58.7) |  |  | (52.5) |
Intangibles | (15.2) |  |  | (15.1) |
Insurance liabilities | (1.0) |  |  | — |
Other | (6.2) |  |  | (2.9) |
Total deferred tax liabilities | (81.1) |  |  | (70.5) |
Net deferred tax assets | $ | 13.2 |  |  | $ | 21.5 |
As of December 31, 2020 and 2019, we had zero and $0.1 million in tax-effected state net operating loss carryforwards, respectively, and $18.6 million and $14.9 million in tax-effected foreign net operating loss carryforwards, respectively. The deferred tax asset valuation allowance relates primarily to the operating loss carryforwards in European tax jurisdictions. The remainder of the valuation allowance relates to state tax credits. In assessing whether a deferred tax asset will be realized, we consider whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. We consider the reversal of existing taxable temporary differences, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, we believe it is more likely than not we will realize the benefits of these deductible differences, net of the existing valuation allowances, as of December 31, 2020. No provision was made for income taxes which may become payable upon distribution of our foreign subsidiaries’ earnings. An actual repatriation in the future from our non-U.S. subsidiaries could still be subject to foreign withholding taxes and U.S. state taxes, but we expect any amounts to be immaterial. We are currently under examination for our U.S. federal income taxes for 2020 and 2019 and are subject to examination by numerous other taxing authorities in the U.S. and foreign jurisdictions. We are generally no longer subject to U.S., state and local or non-U.S. income tax examinations by taxing authorities for years before 2013.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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