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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Income Tax Data from Continuing Operations For each of the years ended December 31, 2016, 2015, and 2014 the tax data related to continuing operations is as follows:
 
2016

 
2015

 
2014

Income components:
 
 
 
 
 
United States
$
87.5

 
$
159.3

 
$
44.5

International
170.9

 
223.0

 
217.5

Income from continuing operations before income tax
258.4

 
382.3

 
262.0

Income tax expense (benefit) components:
 
 
 
 
 
Current income tax expense (benefit):
 
 
 
 
 
United States – federal
4.3

 
(8.5
)
 
16.2

United States – state and local
(0.3
)
 
0.1

 
0.7

International
51.1

 
52.9

 
54.6

Total current income tax expense
55.1


44.5


71.5

Deferred income tax expense (benefit) components:

 
 
 
 
United States – federal
26.4

 
31.9

 
(0.6
)
United States – state and local
(2.1
)
 
6.0

 
5.1

International
(3.4
)
 
(12.3
)
 
(4.7
)
Total deferred income tax (benefit) expense
20.9


25.6


(0.2
)
Income tax expense
$
76.0

 
$
70.1

 
$
71.3

Effective income tax rate
29.4
%
 
18.3
%
 
27.2
%
Reconciliation of Tax Provision for Continuing Operations A reconciliation of the income tax expense (benefit) for continuing operations from the U.S. statutory income tax rate to the effective income tax rate is as follows for each of the years ended December 31, 2016, 2015, and 2014:
 
2016

 
2015

 
2014

Tax provision at U.S. statutory rate
35.0
 %
 
35.0
 %
 
35.0
 %
Tax exempt interest
(5.2
)%
 
(6.7
)%
 
(10.3
)%
Audit settlements & unrecognized tax benefits
(5.2
)%
 
(5.0
)%
 
0.9
 %
Tax on undistributed foreign earnings
4.9
 %
 
(5.6
)%
 
(8.1
)%
U.S. tax on foreign earnings
4.7
 %
 
3.8
 %
 
9.3
 %
Foreign tax rate differential
(3.5
)%
 
(3.6
)%
 
(6.2
)%
U.S. permanent items
(1.9
)%
 
(1.0
)%
 
(1.0
)%
Valuation allowance on deferred tax assets
1.4
 %
 
2.1
 %
 
8.6
 %
Other adjustments
(0.7
)%
 
(0.6
)%
 
(1.3
)%
State and local income tax
(0.1
)%
 
1.0
 %
 
1.6
 %
Foreign tax holiday
—
 %
 
(1.1
)%
 
(1.3
)%
Effective income tax rate
29.4
 %
 
18.3
 %
 
27.2
 %
Deferred Tax Assets and Liabilities Deferred tax assets and liabilities include the following:
 
2016

 
2015

Deferred Tax Assets:
 
 
 
Asbestos
$
209.8

 
$
228.7

Loss carryforwards
112.3

 
125.1

Employee benefits
98.9

 
110.4

Accruals
74.8

 
88.0

Credit carryforwards
50.7

 
34.5

Other
21.2

 
15.5

Gross deferred tax assets
567.7

 
602.2

Less: Valuation allowance
113.3

 
135.7

Net deferred tax assets
$
454.4

 
$
466.5

Deferred Tax Liabilities:
 
 
 
Intangibles
$
(68.3
)
 
$
(70.8
)
Undistributed earnings
(52.3
)
 
(39.6
)
Accelerated depreciation
(36.5
)
 
(31.0
)
Investment
(0.4
)
 
(0.5
)
Total deferred tax liabilities
$
(157.5
)
 
$
(141.9
)
Net deferred tax assets
$
296.9

 
$
324.6
Deferred Taxes in Consolidated Balance Sheets Deferred taxes are presented in the Consolidated Balance Sheets as follows:
 
2016

 
2015

Non-current assets
297.4

 
326.1

Other non-current liabilities
(0.5
)
 
(1.5
)
Net deferred tax assets
$
296.9

 
$
324.6
Deferred Tax Asset Valuation Allowance Rollforward [Table Text Block] The table included below provides a rollforward of our valuation allowance on net deferred income tax assets from December 31, 2013 to December 31, 2016.
 
Federal

 
State

 
Foreign

 
Total

DTA valuation allowance - December 31, 2013
$
—

 
$
44.7

 
$
90.6

 
$
135.3

  Change in assessment
—

 
—

 
2.5

 
2.5

  Current year operations
—

 
0.3

 
9.0

 
9.3

DTA valuation allowance - December 31, 2014
—

 
45.0

 
102.1

 
147.1

  Change in assessment
—

 
—

 
(7.4
)
 
(7.4
)
  Current year operations
—

 
(3.5
)
 
(0.5
)
 
(4.0
)
DTA valuation allowance - December 31, 2015
—

 
41.5

 
94.2

 
135.7

  Change in assessment
—

 
—

 
(0.3
)
 
(0.3
)
  Current year operations
—

 
4.4

 
(26.5
)
 
(22.1
)
DTA valuation allowance - December 31, 2016
$
—

 
$
45.9

 
$
67.4

 
$
113.3
Attributes Available for Utilization We have the following tax attributes available for utilization at December 31, 2016:
Attribute
Amount

 
First Year of Expiration
U.S. federal net operating losses
$
4.6

 
12/31/2033
U.S. state net operating losses
$
1,322.7

 
12/31/2017
U.S. federal tax credits
$
44.7

 
12/31/2021
U.S. state tax credits
$
6.0

 
12/31/2027
Foreign net operating losses
$
251.4

 
12/31/2017
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits for each of the years ended December 31, 2016, 2015, and 2014 is as follows:
 
2016

 
2015

 
2014

 Unrecognized tax benefits – January 1
$
87.6

 
$
160.1

 
$
161.2

 Additions for:
 
 
 
 
 
 Current year tax positions
1.2

 
3.4

 
2.8

 Prior year tax positions
0.2

 
1.8

 
2.4

 Assumed in acquisition
0.2

 
1.9

 
—

 Reductions for:
 
 
 
 
 
 Prior year tax positions
(3.8
)
 
(56.6
)
 
(2.8
)
 Settlements
(10.9
)
 
(19.0
)
 
(1.0
)
 Expiration of statute of limitations
(5.0
)
 
(4.0
)
 
(2.5
)
 Unrecognized tax benefits – December 31
$
69.5

 
$
87.6

 
$
160.1
Open Tax Years by Major Jurisdiction The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2016:
Jurisdiction
Earliest Open Year
China
2009
Czech
2013
Germany
2010
Italy
2005
Korea
2011
Luxembourg
2011
Mexico
2012
United States
2014