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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | Income before income taxes for the three years ended December 31 was as follows:
| 2023 |  | 2022 |  | 2021
U.S. operations | $ | 94.2 |  |  | $ | 58.9 |  |  | $ | 47.5 |
Foreign operations | 29.6 |  |  | 20.6 |  |  | 26.6 |
Total | $ | 123.8 |  |  | $ | 79.5 |  |  | $ | 74.1 |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) for the three years ended December 31 was as follows:
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 28.7 |  |  | $ | 17.1 |  |  | $ | 11.1 |
Foreign | 8.5 |  |  | 7.9 |  |  | 11.2 |
State | 4.0 |  |  | 3.8 |  |  | 1.9 |
Total current | $ | 41.2 |  |  | $ | 28.8 |  |  | $ | 24.2 |
Deferred: |  |  |  |  |
Federal | $ | (8.7) |  |  | $ | (6.3) |  |  | $ | 0.6 |
Foreign | (17.3) |  |  | (8.5) |  |  | (15.5) |
State | (0.9) |  |  | (0.8) |  |  | (0.1) |
Total deferred | $ | (26.9) |  |  | $ | (15.6) |  |  | $ | (15.0) |
Total: |  |  |  |  |
Federal | $ | 20.0 |  |  | $ | 10.8 |  |  | $ | 11.7 |
Foreign | (8.8) |  |  | (0.6) |  |  | (4.3) |
State | 3.1 |  |  | 3.0 |  |  | 1.8 |
Total income tax expense | $ | 14.3 |  |  | $ | 13.2 |  |  | $ | 9.2 |
Schedule of Effective Income Tax Rate | Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31 as follows:
| 2023 |  | 2022 |  | 2021
Tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decreases) in the tax rate from: |  |  |  |  |
State and local taxes, net of federal benefit | 2.4 |  |  | 2.4 |  |  | 2.2 |
Effect of foreign operations | (10.9) |  |  | (4.9) |  |  | (6.3) |
Effect of changes in valuation allowances | (0.2) |  |  | (1.2) |  |  | (4.5) |
Excess tax benefits on share-based compensation | 1.0 |  |  | 1.1 |  |  | 1.8 |
Share-based payments | 0.1 |  |  | (0.4) |  |  | (0.9) |
Research and development credit | (1.3) |  |  | (1.5) |  |  | (1.4) |
Other, net | (0.5) |  |  | 0.1 |  |  | 0.6 |
Effective income tax rate | 11.6 | % |  | 16.6 | % |  | 12.5 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were comprised of the following as of December 31:
| 2023 |  | 2022
Deferred tax assets: |  |  |
Inventory | $ | 3.8 |  |  | $ | 4.1 |
Compensation and employee benefits | 13.2 |  |  | 11.4 |
Warranty reserves | 2.4 |  |  | 2.3 |
Allowance for doubtful accounts and deferred revenue | 2.7 |  |  | 2.3 |
Operating lease liabilities | 9.0 |  |  | 5.9 |
Tax loss carryforwards | 6.9 |  |  | 8.0 |
Tax credit carryforwards | 3.7 |  |  | 3.6 |
Capitalized research and development costs | 12.3 |  |  | 6.6 |
Goodwill and intangible assets | 4.5 |  |  | — |
Other | 1.2 |  |  | (0.9) |
Gross deferred tax assets | $ | 59.7 |  |  | $ | 43.3 |
Less: valuation allowance | (3.2) |  |  | (3.3) |
Total net deferred tax assets | $ | 56.5 |  |  | $ | 40.0 |
Deferred tax liabilities: |  |  |
Operating lease assets | $ | 9.5 |  |  | $ | 6.1 |
Fixed assets | 9.5 |  |  | 11.2 |
Goodwill and intangible assets | — |  |  | 13.8 |
Total deferred tax liabilities | $ | 19.0 |  |  | $ | 31.1 |
Net deferred tax assets | $ | 37.5 |  |  | $ | 8.9 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2023 |  | 2022
Beginning balance | $ | 4.2 |  |  | $ | 4.7 |
(Decreases) as a result of tax positions taken during a prior period | — |  |  | (0.1) |
Increases as a result of tax positions taken during the current year | 1.2 |  |  | 0.8 |
Decreases relating to settlement with tax authorities | (0.2) |  |  | — |
Decreases as a result of a lapse of the applicable statute of limitations | (1.1) |  |  | (1.0) |
Decreases as a result of foreign currency fluctuations | — |  |  | (0.2) |
Ending balance | $ | 4.1 |  |  | $ | 4.2 |

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