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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Income Tax Data from Continuing Operations For each of the years ended December 31, 2017, 2016, and 2015 the tax data related to continuing operations is as follows:
 
2017

 
2016

 
2015

Income components:
 
 
 
 
 
United States
$
89.2

 
$
87.5

 
$
159.3

International
220.2

 
170.9

 
223.0

Income from continuing operations before income tax
309.4

 
258.4

 
382.3

Income tax expense components:
 
 
 
 
 
Current income tax expense (benefit):
 
 
 
 
 
United States – federal
7.7

 
4.3

 
(8.5
)
United States – state and local
1.3

 
(0.3
)
 
0.1

International
38.6

 
51.1

 
52.9

Total current income tax expense
47.6


55.1


44.5

Deferred income tax expense components:

 
 
 
 
United States – federal
105.9

 
26.4

 
31.9

United States – state and local
4.4

 
(2.1
)
 
6.0

International
36.7

 
(3.4
)
 
(12.3
)
Total deferred income tax expense
147.0


20.9


25.6

Income tax expense
$
194.6

 
$
76.0

 
$
70.1

Effective income tax rate
62.9
%
 
29.4
%
 
18.3
%
Reconciliation of Tax Provision for Continuing Operations A reconciliation of the income tax expense 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, 2017, 2016, and 2015:
 
2017

 
2016

 
2015

Tax provision at U.S. statutory rate
35.0
 %
 
35.0
 %
 
35.0
 %
Federal deferred taxes remeasurement - Tax Act
27.8
 %
 
—
 %
 
—
 %
One-time tax on foreign earnings - Tax Act
18.8
 %
 
—
 %
 
—
 %
Foreign tax rate differential
(8.6
)%
 
(3.5
)%
 
(4.7
)%
Tax exempt interest
(7.8
)%
 
(5.2
)%
 
(6.7
)%
Valuation allowance on deferred tax assets
7.2
 %
 
1.4
 %
 
3.3
 %
Tax on undistributed foreign earnings
(4.8
)%
 
4.9
 %
 
(5.6
)%
U.S. permanent items
(2.2
)%
 
(1.9
)%
 
(1.0
)%
Italy patent box prior year benefit
(1.1
)%
 
—
 %
 
—
 %
Audit settlements and unrecognized tax benefits
(0.8
)%
 
(5.2
)%
 
(5.0
)%
U.S. tax on foreign earnings
0.3
 %
 
4.7
 %
 
3.8
 %
State and local income tax
0.3
 %
 
(0.1
)%
 
1.0
 %
Foreign tax holiday
—
 %
 
—
 %
 
(1.1
)%
Other adjustments
(1.2
)%
 
(0.7
)%
 
(0.7
)%
Effective income tax rate
62.9
 %
 
29.4
 %
 
18.3
 %
Deferred Tax Assets and Liabilities Deferred tax assets and liabilities include the following:
 
2017

 
2016

Deferred Tax Assets:
 
 
 
Loss carryforwards
$
165.5

 
$
112.3

Asbestos
118.7

 
209.8

Employee benefits
70.8

 
98.9

Accruals
51.3

 
74.8

Credit carryforwards
5.7

 
50.7

Other
23.1

 
21.2

Gross deferred tax assets
435.1

 
567.7

Less: Valuation allowance
170.0

 
113.3

Net deferred tax assets
$
265.1

 
$
454.4

Deferred Tax Liabilities:
 
 
 
Intangibles
$
(45.4
)
 
$
(68.3
)
Undistributed earnings
(39.0
)
 
(52.3
)
Accelerated depreciation
(31.8
)
 
(36.5
)
Investment
(0.2
)
 
(0.4
)
Total deferred tax liabilities
$
(116.4
)
 
$
(157.5
)
Net deferred tax assets
$
148.7

 
$
296.9
Deferred Taxes in Consolidated Balance Sheets Deferred taxes are presented in the Consolidated Balance Sheets as follows:
 
2017

 
2016

Non-current assets
$
149.9

 
$
297.4

Other non-current liabilities
(1.2
)
 
(0.5
)
Net deferred tax assets
$
148.7

 
$
296.9
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, 2014 to December 31, 2017.
 
Federal

 
State

 
Foreign

 
Total

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

  Current year operations
—

 
26.5

 
30.2

 
56.7

DTA valuation allowance - December 31, 2017
$
—

 
$
72.4

 
$
97.6

 
$
170.0
Attributes Available for Utilization We have the following tax attributes available for utilization at December 31, 2017:
Attribute
Amount

 
First Year of Expiration
U.S. federal net operating losses
$
0.1

 
12/31/2033
U.S. state net operating losses
$
1,326.2

 
12/31/2018
U.S. federal tax credits
$
0.2

 
12/31/2021
U.S. state tax credits
$
5.5

 
12/31/2020
Foreign net operating losses(a)
$
350.0

 
12/31/2018
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, 2017, 2016, and 2015 is as follows:
 
2017

 
2016

 
2015

 Unrecognized tax benefits – January 1
$
69.5

 
$
87.6

 
$
160.1

 Additions for:
 
 
 
 
 
 Current year tax positions
1.1

 
1.2

 
3.4

 Prior year tax positions
—

 
0.2

 
1.8

 Assumed in acquisition
—

 
0.2

 
1.9

 Reductions for:
 
 
 
 
 
 Prior year tax positions
(12.7
)
 
(3.8
)
 
(56.6
)
 Expiration of statute of limitations
(5.8
)
 
(5.0
)
 
(4.0
)
 Settlements
(0.2
)
 
(10.9
)
 
(19.0
)
 Unrecognized tax benefits – December 31
$
51.9

 
$
69.5

 
$
87.6
Open Tax Years by Major Jurisdiction The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2017:
Jurisdiction
Earliest Open Year
China
2012
Czech Republic
2011
Germany
2010
Italy
2005
Korea
2012
Luxembourg
2012
Mexico
2012
United States
2014