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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of income before tax from U.S. and non-U.S. operations | Geographic sources of income before income taxes consists of the following:
(in millions) |  | 2020 |  | 2019 |  | 2018
Continuing operations: |  |  |  |  |  |
U.S. domestic |  | $ | 353.3 |  |  | $ | 487.3 |  |  | $ | 382.8 |
Foreign |  | 50.9 |  |  | 87.8 |  |  | 64.1 |
Income from continuing operations before income taxes |  | 404.2 |  |  | 575.1 |  |  | 446.9 |
Discontinued operations: |  |  |  |  |  |
U.S. domestic |  | (21.8) |  |  | (4.4) |  |  | 269.2 |
Foreign |  | 13.5 |  |  | 22.8 |  |  | 29.9 |
Income from discontinued operations before income taxes |  | (8.3) |  |  | 18.4 |  |  | 299.1 |
Total income before income taxes |  | $ | 395.9 |  |  | $ | 593.5 |  |  | $ | 746.0 |
Summary of provision for income taxes from continuing operations | The provision for income taxes from continuing operations consists of the following:
(in millions) |  | 2020 |  | 2019 |  | 2018
Current provision: |  |  |  |  |  |
Federal and State |  | $ | 86.0 |  |  | $ | 108.5 |  |  | $ | 71.7 |
Foreign |  | 18.6 |  |  | 17.7 |  |  | 18.2 |
Total current provision |  | 104.6 |  |  | 126.2 |  |  | 89.9 |
Deferred benefit: |  |  |  |  |  |
Federal and State |  | (14.8) |  |  | (7.3) |  |  | 8.1 |
Foreign |  | (11.3) |  |  | (1.6) |  |  | (9.4) |
Total deferred benefit |  | (26.1) |  |  | (8.9) |  |  | (1.3) |
Total provision for income taxes |  | $ | 78.5 |  |  | $ | 117.3 |  |  | $ | 88.6 |
Schedule of reconciliation of taxes from continuing operations computed at the statutory rate to the tax provision | A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:
(in millions) |  | 2020 |  | 2019 |  | 2018
Taxes at U.S. statutory rate |  | $ | 84.9 |  |  | $ | 120.8 |  |  | $ | 93.8 |
State and local taxes, net of federal income tax benefit |  | 11.5 |  |  | 16.2 |  |  | 12.4 |
Foreign earnings taxed at different rates |  | 1.7 |  |  | (1.6) |  |  | (0.5) |
Change in unrecognized tax benefit |  | (11.5) |  |  | (3.1) |  |  | (7.6) |
Return to provision adjustments |  | (2.5) |  |  | (7.3) |  |  | (1.3) |
Tax credits |  | (4.3) |  |  | (4.5) |  |  | (2.5) |
Impact of U.S. tax reform |  | — |  |  | — |  |  | (3.3) |
Other, net |  | (1.3) |  |  | (3.2) |  |  | (2.4) |
Provision for income taxes |  | $ | 78.5 |  |  | $ | 117.3 |  |  | $ | 88.6 |
Effective income tax rate on continuing operations |  | 19.4 | % |  | 20.4 | % |  | 19.8 | %
Schedule of deferred tax assets (liabilities) |
(in millions) |  | December 31, 2020 |  | December 31, 2019
Employee benefits |  | $ | 37.3 |  |  | $ | 29.4 |
Deferred revenue |  | 24.4 |  |  | 22.9 |
Lease liabilities |  | 14.3 |  |  | 15.8 |
Deferred state tax attributes |  | 6.6 |  |  | 7.8 |
Inventory reserves |  | 6.4 |  |  | 6.6 |
Warranty reserves |  | 5.4 |  |  | 4.6 |
Foreign loss carryforwards |  | 5.3 |  |  | 4.4 |
Allowance for credit losses |  | 3.1 |  |  | 3.0 |
Federal tax credit carryovers |  | 3.3 |  |  | 2.4 |
Other, net |  | 8.1 |  |  | 4.8 |
Gross deferred assets |  | 114.2 |  |  | 101.7 |
Valuation allowances |  | (7.1) |  |  | (5.3) |
Deferred tax assets after valuation allowances |  | 107.1 |  |  | 96.4 |
Intangibles |  | (189.6) |  |  | (202.4) |
Property, plant and equipment |  | (52.5) |  |  | (50.6) |
Right of use assets |  | (12.9) |  |  | (14.5) |
Undistributed foreign earnings |  | (4.6) |  |  | (13.6) |
Gross deferred liabilities |  | (259.6) |  |  | (281.1) |
Net deferred tax liabilities |  | $ | (152.5) |  |  | $ | (184.7) |
Schedule of Deferred tax assets and (liabilities) included in the balance sheet | Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:
(in millions) |  | December 31, 2020 |  | December 31, 2019
Other long-term assets |  | $ | 3.5 |  |  | $ | 3.6 |
Other long-term liabilities |  | (156.0) |  |  | (188.3) |
Net deferred tax liabilities |  | $ | (152.5) |  |  | $ | (184.7) |
Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before estimated interest and penalties) | A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:
(in millions) |  | 2020 |  | 2019 |  | 2018
Balance as of January 1 |  | $ | 35.7 |  |  | $ | 27.1 |  |  | $ | 37.0 |
Additions based on tax positions related to current year |  | 0.4 |  |  | 0.3 |  |  | 3.3 |
Reductions due to statute of limitations |  | (10.8) |  |  | (4.8) |  |  | (11.8) |
Adjustments related to acquired uncertain tax positions |  | (0.8) |  |  | 11.6 |  |  | — |
Adjustments for tax positions of prior years |  | — |  |  | 1.8 |  |  | — |
Reductions due to settlements |  | — |  |  | (0.1) |  |  | (1.2) |
Adjustments due to foreign exchange rates |  | (0.2) |  |  | (0.2) |  |  | (0.2) |
Balance as of December 31 |  | $ | 24.3 |  |  | $ | 35.7 |  |  | $ | 27.1 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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