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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Before Income Taxes

The Company’s income before income taxes was generated from its United States and foreign operations as follows (in millions):

			For the Years Ended December 31,
			2020						2019						2018
United States			$	72.9					$	344.3					$	344.7
Foreign			68.5						63.5						84.5
Income before income taxes			$	141.4					$	407.8					$	429.2

Components of Provision for Income Taxes

Components of the Company’s provision for income taxes are as follows (in millions):

			For the Years Ended December 31,
			2020						2019						2018
Current:
Federal			$	56.5					$	46.4					$	39.0
State			13.4						18.2						3.8
Foreign			27.4						26.8						27.5
Deferred			(80.8)						(7.5)						23.6
Total provision for income taxes			$	16.5					$	83.9					$	93.9

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

Reconciliation of the Federal statutory income tax rate to the effective tax rate is as follows:

			For the Years Ended December 31,
			2020						2019						2018
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			0.4						2.3						1.9
Domestic manufacturing deduction			(2.6)						(2.1)						(1.4)
Research and development tax credit			(12.6)						(4.0)						(3.1)
Stock based compensation			(0.3)						0.2						(1.4)
Valuation allowance			1.7						0.5						0.2
Foreign tax rate differential			5.6						1.7						1.3
Other permanent differences			(1.6)						1.0						3.4
Effective income tax rate for continuing operations			11.6		%				20.6		%				21.9		%

Net Deferred Income Taxes

The net deferred income taxes consist of the following (in millions):

			As of December 31,
			2020						2019
Deferred income taxes:
Inventories			$	37.2					$	18.5
Accrued expenses			116.5						126.6
Cost in excess of net assets of businesses acquired			42.5						(35.2)
Property and equipment			(92.7)						(88.1)
Operating lease assets			(30.7)						(26.5)
Operating lease liabilities			30.9						27.1
Employee compensation and benefits			64.3						61.4
Net operating loss and other loss carryforwards			21.4						20.1
Valuation allowance			(16.1)						(14.6)
Total net deferred income tax asset			$	173.3					$	89.3

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in millions):

			For the Years Ended December 31,
			2020						2019
Balance at January 1,			$	24.4					$	25.5
Gross increases for tax positions of prior years			0.8						1.2
Gross increases for tax positions of current year			2.7						4.0
Decreases due to settlements and other prior year tax positions			(4.2)						(5.6)
Decreases for lapse of statute of limitations			(10.5)						(0.7)
Balance at December 31,			13.2						24.4
Reserves related to potential interest and penalties at December 31,			1.2						3.7
Unrecognized tax benefits at December 31,			$	14.4					$	28.1

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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 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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