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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of income tax provision (benefits) from continuing operations | The components of Interest expense, net in our Consolidated Statements of Operations were as follows (in millions):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Interest expense, net of capitalized interest | $ | 39.8 |  |  | $ | 26.0 |  |  | $ | 29.7 |
Less: Interest income | 1.1 |  |  | 1.0 |  |  | 1.4 |
Interest expense, net | $ | 38.7 |  |  | $ | 25.0 |  |  | $ | 28.3 |
Our Provision for income taxes from continuing operations consisted of the following (in millions):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 104.0 |  |  | $ | 72.0 |  |  | $ | 61.7 |
State | 21.6 |  |  | 17.0 |  |  | 14.1 |
Foreign | 7.8 |  |  | 13.4 |  |  | 4.8 |
Total current | 133.4 |  |  | 102.4 |  |  | 80.6 |
Deferred: |  |  |  |  |
Federal | (13.9) |  |  | (2.6) |  |  | (0.7) |
State | (3.1) |  |  | (1.5) |  |  | 1.1 |
Foreign | 2.3 |  |  | (2.2) |  |  | 7.1 |
Total deferred | (14.7) |  |  | (6.3) |  |  | 7.5 |
Total provision for income taxes | $ | 118.7 |  |  | $ | 96.1 |  |  | $ | 88.1 |
Income from continuing operations before income taxes | Income from continuing operations before income taxes was comprised of the following (in millions):
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Domestic | $ | 340.2 |  |  | $ | 307.8 |  |  | $ | 268.4 |
Foreign | 275.6 |  |  | 252.3 |  |  | 176.8 |
Total | $ | 615.8 |  |  | $ | 560.1 |  |  | $ | 445.2 |
Summary of difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement provision for taxes |
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Provision at the U.S. statutory rate of 21% | $ | 129.3 |  |  | $ | 117.6 |  |  | $ | 93.5 |
Increase (reduction) in tax expense resulting from: |  |  |  |  |
State income tax, net of federal income tax benefit | 14.6 |  |  | 12.1 |  |  | 10.8 |
Tax credits, net of unrecognized tax benefits | (8.0) |  |  | (9.3) |  |  | (7.8) |
Change in unrecognized tax benefits | 0.2 |  |  | 0.2 |  |  | 0.2 |
Change in valuation allowance | — |  |  | — |  |  | 7.8 |
Foreign taxes at rates other than U.S. statutory rate | (47.4) |  |  | (43.6) |  |  | (33.6) |
Deemed inclusions | 10.0 |  |  | 7.7 |  |  | 9.2 |
Global intangible low-taxed income | 23.9 |  |  | 18.8 |  |  | 10.3 |
Change in rates from the Tax Act & other law changes | 0.1 |  |  | 0.1 |  |  | 0.7 |
Excess tax benefits from stock-based compensation | (0.6) |  |  | (5.7) |  |  | (4.2) |
Miscellaneous other | (3.4) |  |  | (1.8) |  |  | 1.2 |
Total provision for income taxes | $ | 118.7 |  |  | $ | 96.1 |  |  | $ | 88.1 |
Summary of deferred tax assets (liabilities) | Deferred tax assets (liabilities) were comprised of the following (in millions):
| As of December 31,
| 2022 |  | 2021
Gross deferred tax assets: |  |  |
Warranties | $ | 34.9 |  |  | $ | 32.9 |
Loss carryforwards (foreign, U.S. and state) | 29.6 |  |  | 28.5 |
Post-retirement and pension benefits | 10.2 |  |  | 15.6 |
Inventory reserves | 9.3 |  |  | 7.1 |
Receivables allowance | 6.0 |  |  | 4.5 |
Compensation liabilities | 5.9 |  |  | 9.5 |
Legal reserves | 10.5 |  |  | 12.1 |
Tax credits, net of federal effect | 11.9 |  |  | 11.5 |
Research and development capitalization | 17.9 |  |  | — |
Other | 7.1 |  |  | 9.6 |
Total deferred tax assets | 143.3 |  |  | 131.3 |
Valuation allowance | (37.9) |  |  | (37.3) |
Total deferred tax assets, net of valuation allowance | 105.4 |  |  | 94.0 |
Gross deferred tax liabilities: |  |  |
Depreciation | (58.9) |  |  | (58.7) |
Intangibles | (15.6) |  |  | (15.5) |
Insurance liabilities | (1.4) |  |  | (1.4) |
Other | (2.0) |  |  | (7.1) |
Total deferred tax liabilities | (77.9) |  |  | (82.7) |
Net deferred tax assets | $ | 27.5 |  |  | $ | 11.3 |

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