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Income Taxes (Tables)

12 Months Ended

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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