Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Data from Continuing Operations

The following table displays information regarding income tax expense (benefit) from continuing operations.

For the Year Ended December 31	2021			2020			2019
Income (loss) components:
United States	$	199.4		$	(124.3)		$	143.9
International	309.7			209.5			270.5
Income from continuing operations before income tax	509.1			85.2			414.4
Income tax expense (benefit) components:
Current income tax expense (benefit):
United States – federal	21.1			9.9			9.4
United States – state and local	2.6			(1.5)			0.5
International	50.2			50.8			49.1
Total current income tax expense	73.9			59.2			59.0
Deferred income tax expense (benefit) components:
United States – federal	96.9			(36.6)			10.1
United States – state and local	15.5			(4.8)			1.5
International	3.3			(2.5)			19.3
Total deferred income tax expense (benefit)	115.7			(43.9)			30.9
Income tax expense	$	189.6		$	15.3		$	89.9
Effective income tax rate	37.2		%	18.0		%	21.7		%

Reconciliation of Tax Provision for Continuing Operations

The following table includes a reconciliation of the U.S. statutory tax rate to our effective income tax rate related to income from continuing operations.

For the Year Ended December 31	2021		2020		2019
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Asbestos divestiture	18.9	%	—	%	—	%
Tax on undistributed foreign earnings	0.8	%	7.4	%	1.8	%
Pension settlement AOCI expense	—	%	5.9	%	—	%
Italy patent box	(1.3)	%	(5.6)	%	(1.2)	%
Audit settlements and unrecognized tax benefits	(1.0)	%	(5.4)	%	0.1	%
Excess tax benefits on stock-based compensation	(0.6)	%	(3.6)	%	(1.1)	%
State and local income tax	0.6	%	(2.4)	%	0.7	%
Foreign tax rate differential	(0.2)	%	1.6	%	2.8	%
Valuation allowance on deferred tax assets	(0.4)	%	1.5	%	(0.5)	%
U.S. tax on foreign earnings	0.1	%	(0.2)	%	—	%
U.S. permanent items	(0.1)	%	(0.1)	%	(1.0)	%
Other adjustments	(0.6)	%	(2.1)	%	(0.9)	%
Effective income tax rate	37.2	%	18.0	%	21.7	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities include the following:

As of December 31	2021		2020
Deferred Tax Assets:
Loss carryforwards	$	121.3	$	128.6
Asbestos	—		116.7
Employee benefits	60.1		64.7
Accruals	32.0		36.8
Inventory	22.7		22.5
Credit carryforwards	6.2		3.4
Investment	1.7		0.5
Other	20.9		27.0
Gross deferred tax assets	264.9		400.2
Less: Valuation allowance	108.8		123.0
Net deferred tax assets	$	156.1	$	277.2
Deferred Tax Liabilities:
Intangibles	$	(38.0)	$	(40.9)
Undistributed earnings	(46.5)		(49.2)
Accelerated depreciation	(27.3)		(30.3)
Total deferred tax liabilities	$	(111.8)	$	(120.4)
Net deferred tax assets	$	44.3	$	156.8

Deferred Taxes in Consolidated Balance Sheets

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

As of December 31	2021		2020
Non-current assets	$	63.4	$	158.3
Other non-current liabilities	(19.1)		(1.5)
Net deferred tax assets	$	44.3	$	156.8

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.

	State		Foreign		Total
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
Change in assessment	—		(6.2)		(6.2)
Current year operations	(8.1)		7.5		(0.6)
DTA valuation allowance - December 31, 2020	$	40.4	$	82.6	$	123.0
Change in assessment	—		(1.9)		(1.9)
Current year operations	(4.7)		(7.6)		(12.3)
DTA valuation allowance - December 31, 2021	$	35.7	$	73.1	$	108.8

Attributes Available for Utilization

We have the following tax attributes available for utilization at December 31, 2021:

Attribute	Amount		First Year of Expiration
U.S. federal net operating losses	$	2.3	12/31/2037
U.S. state net operating losses	520.4		12/31/2022
U.S. federal tax credits	5.3		12/31/2029
U.S. state tax credits	0.9		12/31/2027
Foreign net operating losses(a)	310.8		12/31/2022

(a) Includes approximately $208.8 of net operating loss carryforwards in Luxembourg as of December 31, 2021.

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

The following table displays a rollforward of our unrecognized tax benefits.

For the Year Ended December 31	2021		2020		2019
Unrecognized tax benefits – January 1	$	41.5	$	46.2	$	45.8
Additions for:
Current year tax positions	0.6		0.9		1.5
Prior year tax positions	0.1		0.3		0.3
Reductions for:
Prior year tax positions	(5.5)		—		(0.1)
Expiration of statute of limitations	(19.7)		(4.7)		(1.2)
Settlements	(9.4)		(1.2)		(0.1)
Unrecognized tax benefits – December 31	$	7.6	$	41.5	$	46.2

Open Tax Years by Major Jurisdiction

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2021:

Jurisdiction	Earliest Open Year
China	2016
Czech Republic	2018
Germany	2017
Hong Kong	2020
India	2013
Italy	2014
Korea	2016
Luxembourg	2016
Mexico	2016
United States	2018