Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Data from Continuing Operations

For each of the years ended December 31, 2019, 2018, and 2017 the tax data related to continuing operations is as follows:

	2019			2018			2017
Income components:
United States	$	143.9		$	114.4		$	89.2
International	270.5			276.6			220.2
Income from continuing operations before income tax	414.4			391.0			309.4
Income tax expense components:
Current income tax expense:
United States – federal	9.4			6.3			7.7
United States – state and local	0.5			7.9			1.3
International	49.1			58.2			38.6
Total current income tax expense	59.0			72.4			47.6
Deferred income tax expense (benefit) components:
United States – federal	10.1			7.4			105.9
United States – state and local	1.5			(0.2		)	4.4
International	19.3			(21.9		)	36.7
Total deferred income tax expense (benefit)	30.9			(14.7		)	147.0
Income tax expense	$	89.9		$	57.7		$	194.6
Effective income tax rate	21.7		%	14.8		%	62.9		%

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, 2019, 2018, and 2017:

	2019		2018		2017
Tax provision at U.S. statutory rate	21.0	%	21.0	%	35.0	%
Foreign tax rate differential	2.8	%	3.7	%	(7.8	)%
U.S. permanent items	(2.1	)%	(0.2	)%	(2.2	)%
Tax on undistributed foreign earnings	1.8	%	(1.2	)%	(4.8	)%
Italy patent box	(1.2	)%	(1.0	)%	(0.8	)%
Italy patent box discrete benefit relating to prior years	—	%	—	%	(1.1	)%
State and local income tax	0.7	%	1.5	%	0.3	%
Valuation allowance on deferred tax assets	(0.5	)%	(2.4	)%	7.2	%
Audit settlements and unrecognized tax benefits	0.1	%	(0.3	)%	(0.8	)%
Tax exempt interest	—	%	(5.8	)%	(7.8	)%
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	%
Other adjustments	(0.9	)%	(0.4	)%	(1.2	)%
Effective income tax rate	21.7	%	14.8	%	62.9	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities include the following:

	2019			2018
Deferred Tax Assets:
Loss carryforwards	$	139.8		$	157.0
Asbestos	101.5			108.7
Employee benefits	59.4			64.9
Accruals	46.0			47.7
Other	23.0			24.7
Gross deferred tax assets	369.7			403.0
Less: Valuation allowance	129.8			141.0
Net deferred tax assets	$	239.9		$	262.0
Deferred Tax Liabilities:
Intangibles	$	(43.0	)	$	(43.5	)
Undistributed earnings	(33.8		)	(28.2		)
Accelerated depreciation	(26.9		)	(27.2		)
Investment	(0.2		)	(0.2		)
Total deferred tax liabilities	$	(103.9	)	$	(99.1	)
Net deferred tax assets	$	136.0		$	162.9

Deferred Taxes in Consolidated Balance Sheets

Deferred taxes are presented in the Consolidated Balance Sheets as follows:

	2019			2018
Non-current assets	$	138.1		$	164.5
Other non-current liabilities	(2.1		)	(1.6		)
Net deferred tax assets	$	136.0		$	162.9

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, 2016 to December 31, 2019.

	State			Foreign			Total
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
Change in assessment	—			5.6			5.6
Current year operations	(8.8		)	(8.0		)	(16.8		)
DTA valuation allowance - December 31, 2019	$	48.5		$	81.3		$	129.8

Attributes Available for Utilization

We have the following tax attributes available for utilization at December 31, 2019:

Attribute	Amount		First Year of Expiration
U.S. federal net operating losses	$	5.6	12/31/2027
U.S. state net operating losses	1,061.9		12/31/2021
U.S. federal tax credits	1.3		12/31/2021
U.S. state tax credits	1.1		12/31/2027
Foreign net operating losses(a)	338.7		12/31/2021

(a) Includes approximately $230.3 of net operating loss carryforwards in Luxembourg as of December 31, 2019.

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, 2019, 2018, and 2017 is as follows:

	2019			2018			2017
Unrecognized tax benefits – January 1	$	45.8		$	51.9		$	69.5
Additions for:
Current year tax positions	1.5			1.5			1.1
Prior year tax positions	0.3			—			—
Reductions for:
Prior year tax positions	(0.1		)	(0.2		)	(12.7		)
Expiration of statute of limitations	(1.2		)	(1.9		)	(5.8		)
Settlements	(0.1		)	(5.5		)	(0.2		)
Unrecognized tax benefits – December 31	$	46.2		$	45.8		$	51.9

Open Tax Years by Major Jurisdiction

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2019:

Jurisdiction	Earliest Open Year
China	2014
Czech Republic	2015
Germany	2010
Hong Kong	2007
India	2008
Italy	2009
Korea	2014
Luxembourg	2015
Mexico	2014
United States	2016