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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Income Tax Data from Continuing Operations For each of the years ended December 31, 2018, 2017, and 2016 the tax data related to continuing operations is as follows:
 
2018

 
2017

 
2016

Income components:
 
 
 
 
 
United States
$
114.4

 
$
89.2

 
$
87.5

International
276.6

 
220.2

 
170.9

Income from continuing operations before income tax
391.0

 
309.4

 
258.4

Income tax expense components:
 
 
 
 
 
Current income tax expense (benefit):
 
 
 
 
 
United States – federal
6.3

 
7.7

 
4.3

United States – state and local
7.9

 
1.3

 
(0.3
)
International
58.2

 
38.6

 
51.1

Total current income tax expense
72.4


47.6


55.1

Deferred income tax expense components:

 
 
 
 
United States – federal
7.4

 
105.9

 
26.4

United States – state and local
(0.2
)
 
4.4

 
(2.1
)
International
(21.9
)
 
36.7

 
(3.4
)
Total deferred income tax expense
(14.7
)

147.0


20.9

Income tax expense
$
57.7

 
$
194.6

 
$
76.0

Effective income tax rate
14.8
%
 
62.9
%
 
29.4
%
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, 2018, 2017, and 2016:
 
2018

 
2017

 
2016

Tax provision at U.S. statutory rate
21.0
 %
 
35.0
 %
 
35.0
 %
Tax exempt interest
(5.8
)%
 
(7.8
)%
 
(5.2
)%
Foreign tax rate differential
2.7
 %
 
(8.6
)%
 
(3.5
)%
Valuation allowance on deferred tax assets
(2.4
)%
 
7.2
 %
 
1.4
 %
State and local income tax
1.5
 %
 
0.3
 %
 
(0.1
)%
Tax on undistributed foreign earnings
(1.2
)%
 
(4.8
)%
 
4.9
 %
One-time tax on foreign earnings - Tax Act
(1.0
)%
 
18.8
 %
 
—
 %
Federal deferred taxes remeasurement - Tax Act
0.4
 %
 
27.8
 %
 
—
 %
U.S. tax on foreign earnings
0.5
 %
 
0.3
 %
 
4.7
 %
Audit settlements and unrecognized tax benefits
(0.3
)%
 
(0.8
)%
 
(5.2
)%
U.S. permanent items
(0.2
)%
 
(2.2
)%
 
(1.9
)%
Italy patent box prior year benefit
—
 %
 
(1.1
)%
 
—
 %
Other adjustments
(0.4
)%
 
(1.2
)%
 
(0.7
)%
Effective income tax rate
14.8
 %
 
62.9
 %
 
29.4
 %
Deferred Tax Assets and Liabilities Deferred tax assets and liabilities include the following:
 
2018

 
2017

Deferred Tax Assets:
 
 
 
Loss carryforwards
$
157.0

 
$
165.5

Asbestos
108.7

 
118.7

Employee benefits
64.9

 
70.8

Accruals
47.7

 
51.3

Credit carryforwards
2.2

 
5.7

Other
22.5

 
23.1

Gross deferred tax assets
403.0

 
435.1

Less: Valuation allowance
141.0

 
170.0

Net deferred tax assets
$
262.0

 
$
265.1

Deferred Tax Liabilities:
 
 
 
Intangibles
$
(43.5
)
 
$
(45.4
)
Undistributed earnings
(28.2
)
 
(39.0
)
Accelerated depreciation
(27.2
)
 
(31.8
)
Investment
(0.2
)
 
(0.2
)
Total deferred tax liabilities
$
(99.1
)
 
$
(116.4
)
Net deferred tax assets
$
162.9

 
$
148.7
Deferred Taxes in Consolidated Balance Sheets Deferred taxes are presented in the Consolidated Balance Sheets as follows:
 
2018

 
2017

Non-current assets
$
164.5

 
$
149.9

Other non-current liabilities
(1.6
)
 
(1.2
)
Net deferred tax assets
$
162.9

 
$
148.7
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, 2015 to December 31, 2018.
 
Federal

 
State

 
Foreign

 
Total

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

  Change in assessment
—

 
—

 
—

 
—

  Current year operations
—

 
26.5

 
30.2

 
56.7

DTA valuation allowance - December 31, 2017
$
—

 
$
72.4

 
$
97.6

 
$
170.0

  Change in assessment
—

 
—

 
(22.9
)
 
(22.9
)
  Current year operations
—

 
(15.1
)
 
9.0

 
(6.1
)
DTA valuation allowance - December 31, 2018
$
—

 
$
57.3

 
$
83.7

 
$
141.0
Attributes Available for Utilization We have the following tax attributes available for utilization at December 31, 2018:
Attribute
Amount

 
First Year of Expiration
U.S. state net operating losses
$
1,203.6

 
12/31/2019
U.S. state tax credits
2.2

 
12/31/2020
Foreign net operating losses(a)
369.3

 
12/31/2019

(a) Includes approximately $265.9 of net operating loss carryforwards in Luxembourg as of December 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, 2018, 2017, and 2016 is as follows:
 
2018

 
2017

 
2016

 Unrecognized tax benefits – January 1
$
51.9

 
$
69.5

 
$
87.6

 Additions for:
 
 
 
 
 
 Current year tax positions
1.5

 
1.1

 
1.2

 Prior year tax positions
—

 
—

 
0.2

 Assumed in acquisition
—

 
—

 
0.2

 Reductions for:
 
 
 
 
 
 Prior year tax positions
(0.2
)
 
(12.7
)
 
(3.8
)
 Expiration of statute of limitations
(1.9
)
 
(5.8
)
 
(5.0
)
 Settlements
(5.5
)
 
(0.2
)
 
(10.9
)
 Unrecognized tax benefits – December 31
$
45.8

 
$
51.9

 
$
69.5
Open Tax Years by Major Jurisdiction The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2018:
Jurisdiction
Earliest Open Year
China
2013
Czech Republic
2011
Germany
2010
Hong Kong
2007
Italy
2005
Korea
2012
Luxembourg
2014
Mexico
2012
United States
2016