Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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	2022			2021			2020
Income (loss) components:
United States	$	155.7		$	199.4		$	(124.3)
International	306.1			309.7			209.5
Income from continuing operations before income tax	461.8			509.1			85.2
Income tax expense (benefit) components:
Current income tax expense (benefit):
United States – federal	32.6			21.1			9.9
United States – state and local	1.2			2.6			(1.5)
International	54.4			50.2			50.8
Total current income tax expense	88.2			73.9			59.2
Deferred income tax expense (benefit) components:
United States – federal	(0.2)			96.9			(36.6)
United States – state and local	3.1			15.5			(4.8)
International	—			3.3			(2.5)
Total deferred income tax expense (benefit)	2.9			115.7			(43.9)
Income tax expense	$	91.1		$	189.6		$	15.3
Effective income tax rate	19.7		%	37.2		%	18.0		%

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	2022		2021		2020
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	1.1	%	0.6	%	(2.4)	%
U.S. tax on foreign earnings	0.6	%	0.1	%	(0.2)	%
Italy patent box	(1.2)	%	(1.3)	%	(5.6)	%
U.S. permanent items	(0.5)	%	(0.1)	%	(0.1)	%
Excess tax benefits on stock-based compensation	(0.5)	%	(0.6)	%	(3.6)	%
Audit settlements and unrecognized tax benefits	(0.2)	%	(1.0)	%	(5.4)	%
Valuation allowance on deferred tax assets	(0.2)	%	(0.4)	%	1.5	%
Tax on undistributed foreign earnings	(0.1)	%	0.8	%	7.4	%
Asbestos divestiture	—	%	18.9	%	—	%
Foreign tax rate differential	—	%	(0.2)	%	1.6	%
Pension settlement AOCI expense	—	%	—	%	5.9	%
Other adjustments	(0.3)	%	(0.6)	%	(2.1)	%
Effective income tax rate	19.7	%	37.2	%	18.0	%

Deferred Tax Assets and Liabilities

eferred tax assets and liabilities.

As of December 31	2022		2021
Deferred Tax Assets:
Loss carryforwards	$	119.1	$	121.3
Inventory	20.5		22.7
Accruals	26.0		32.0
Employee benefits	34.1		60.1
Research and expenditures capitalization	10.2		—
Credit carryforwards	2.8		6.2
Investment	—		1.7
Other	25.2		20.9
Gross deferred tax assets	237.9		264.9
Less: Valuation allowance	102.4		108.8
Net deferred tax assets	$	135.5	$	156.1
Deferred Tax Liabilities:
Intangibles	$	(42.2)	$	(38.0)
Undistributed earnings	(34.8)		(46.5)
Accelerated depreciation	(24.3)		(27.3)
Total deferred tax liabilities	$	(101.3)	$	(111.8)
Net deferred tax assets	$	34.2	$	44.3

Deferred Taxes in Consolidated Balance Sheets

Deferred taxes included in our Consolidated Balance Sheets were as follows:

As of December 31	2022		2021
Other non-current assets	$	54.7	$	63.4
Other non-current liabilities	(20.5)		(19.1)
Net deferred tax assets	$	34.2	$	44.3

Deferred Tax Asset Valuation Allowance Rollforward [Table Text Block]

The table below provides a rollforward of our valuation allowance on net deferred tax assets (DTA).

	State		Foreign		Total
DTA valuation allowance as of 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 as of 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 as of December 31, 2021	$	35.7	$	73.1	$	108.8
Change in assessment	—		(1.1)		(1.1)
Current year operations	3.8		(9.1)		(5.3)
DTA valuation allowance as of December 31, 2022	$	39.5	$	62.9	$	102.4

Attributes Available for Utilization

We have the following tax attributes available for utilization at December 31, 2022:

Attribute	Amount		First Year of Expiration
U.S. federal net operating losses(a)	$	1.6	N/A
U.S. state net operating losses	430.9		12/31/2023
U.S. federal tax credits	6.9		12/31/2029
U.S. state tax credits	2.4		12/31/2027
Foreign net operating losses(b)	299.8		12/31/2023

(a)U.S. federal net operating losses are carried forward indefinitely.

(b)Includes approximately $206.5 of net operating loss carryforwards in Luxembourg as of December 31, 2022.

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	2022		2021		2020
Unrecognized tax benefits – January 1	$	7.6	$	41.5	$	46.2
Additions for:
Current year tax positions	1.7		0.6		0.9
Prior year tax positions	0.3		0.1		0.3
Reductions for:
Prior year tax positions	(0.1)		(5.5)		—
Expiration of statute of limitations	(2.8)		(19.7)		(4.7)
Settlements	—		(9.4)		(1.2)
Unrecognized tax benefits – December 31	$	6.7	$	7.6	$	41.5

Open Tax Years by Major Jurisdiction

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2022:

Jurisdiction	Earliest Open Year
China	2016
Czech Republic	2014
Germany	2017
Hong Kong	2020
India	2013
Italy	2016
Japan	2017
Korea	2016
Luxembourg	2017
Mexico	2016
United States	2019