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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income from continuing operations

Income from continuing operations for the three years ended December 31 was as follows:

	2019				2018				2017
U.S. operations	$	50.1			$	23.9			$	7.5
Foreign operations	3.9				11.9				(8.8		)
Total	$	54.0			$	35.8			$	(1.3	)

Income tax expense (benefit)

Income tax expense (benefit) for the three years ended December 31 was as follows:

	2019				2018				2017
Current:
Federal	$	9.6			$	3.7			$	2.6
Foreign	5.6				7.0				8.7
State	2.1				1.0				0.8
	$	17.3			$	11.7			$	12.1
Deferred:
Federal	$	(2.4	)		$	(3.1	)		$	1.6
Foreign	(6.7		)		(6.0		)		(8.7		)
State	(0.1		)		(0.3		)		(0.1		)
	$	(9.2	)		$	(9.4	)		$	(7.2	)
Total:
Federal	$	7.2			$	0.6			$	4.2
Foreign	(1.1		)		1.0				—
State	2.0				0.7				0.7
Total Income Tax Expense	$	8.1			$	2.3			$	4.9

Effective tax rate reconciliation

Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31 as follows:

	2019			2018			2017
Tax at statutory rate	21.0	%		21.0	%		35.0	%
(Decreases) increases in the tax rate from:
State and local taxes, net of federal benefit	1.9			1.4			(21.1	)
Effect of foreign operations	3.5			(4.3	)		(70.8	)
Transaction costs	0.1			(4.2	)		(226.3	)
Effect of 2017 deferred rate change	—			(1.0	)		(154.3	)
Transition Tax	—			(1.0	)		(28.0	)
Effect of changes in valuation allowances	(9.7	)		6.6			(126.5	)
Domestic production activities deduction	(0.3	)		0.4			28.3
Executive compensation over $1 million	2.5			1.0			(3.6	)
Share-based payments	(2.0	)		(5.7	)		90.4
Research & Development credit	(1.9	)		(3.6	)		82.9
Other, net	—			(4.2	)		13.8
Effective income tax rate	15.1	%		6.4	%		(380.2	)%

Deferred tax assets and liabilities

Deferred tax assets and liabilities were comprised of the following as of December 31:

	2019				2018
Deferred Tax Assets:
Inventory costing and valuation methods	$	4.6			$	3.3
Employee wages and benefits, principally due to accruals for financial reporting purposes	13.7				11.7
Warranty reserves accrued for financial reporting purposes	2.5				2.6
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals	1.9				1.7
Operating lease liability	11.4				—
Tax loss carryforwards	6.6				7.8
Tax credit carryforwards	3.2				4.7
Other	3.2				4.7
Gross Deferred Tax Assets	$	47.1			$	36.5
Less: valuation allowance	(6.2		)		(11.5		)
Total Net Deferred Tax Assets	$	40.9			$	25.0
Deferred Tax Liabilities:
Lease Right of Use Assets	11.4				—
Property, Plant and Equipment, principally due to differences in depreciation and related gains	10.2				9.9
Goodwill and Intangible Assets	43.4				45.6
Total Deferred Tax Liabilities	$	65.0			$	55.5
Net Deferred Tax Liabilities	$	(24.1	)		$	(30.5	)

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2019				2018
Balance at January 1	$	5.6			$	2.2
Increases as a result of tax positions taken during a prior period	0.1				0.1
Increases as a result of tax positions taken during the current year	0.5				0.4
Increase related to prior period tax positions of acquired entities	2.5				3.8
Decreases relating to settlement with tax authorities	(0.1		)		—
Reductions as a result of a lapse of the applicable statute of limitations	(1.0		)		(1.3		)
Increases as a result of foreign currency fluctuations	(0.1		)		0.4
Balance at December 31	$	7.5			$	5.6

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