Remaining authorized repurchase amount

  
11.    Commitments and Contingencies  
Warranty costs are provided for at the time of sale. The warranty provision is based on historical costs and adjusted for specific known claims. A rollforward of the warranty reserve is as follows:  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
|   | (In millions) |
| Beginning balance at January 1 | $ | 7.4  |  |  | $ | 5.6  |  |  | $ | 5.3  |  |
| Provision for warranties | 3.4  |  |  | 3.0  |  |  | 3.4  |  |
| Claim settlements | (3.8) |  |  | (2.7) |  |  | (3.1) |  |
| Other adjustments, including acquisitions, divestitures and currency translation | 0.6  |  |  | 1.5  |  |  | —  |  |
| Ending balance at December 31 | $ | 7.6  |  |  | $ | 7.4  |  |  | $ | 5.6  |  |

  
The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings arising in the ordinary course of business. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.   
12.    Common and Preferred Stock  
On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorizations of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. There were no share repurchases during 2021. During 2020, the Company repurchased a total of 0.9 million shares at a cost of $110.3 million. As of December 31, 2021, the amount of share repurchase authorization remaining was $712.0 million.  
At December 31, 2021 and 2020, the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and five million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at December 31, 2021 or 2020.  
13.    Income Taxes  
Pretax income for 2021, 2020 and 2019 was taxed in the following jurisdictions:  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
|   | (In millions) |
| U.S. | $ | 350.2  |  |  | $ | 296.3  |  |  | $ | 377.2  |  |
| Foreign | 229.6  |  |  | 174.0  |  |  | 155.7  |  |
| Total | $ | 579.8  |  |  | $ | 470.3  |  |  | $ | 532.9  |  |

  
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