INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block]

Earnings before income taxes for the years ended December 31 consist of:

(In thousands)	2022		2021		2020
Domestic	$	239,356	$	271,694	$	212,613
Foreign(1)	149,839		82,816		50,438
	$	389,195	$	354,510	$	263,051

(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany, as well as pre-tax impairment losses of $19 million and $33 million in 2021 and 2020, respectively.

Schedule Of Provision For Income Taxes [Table Text Block]

The provision for income taxes for the years ended December 31 consists of:

(In thousands)	2022		2021		2020
Current:
Federal	$	65,047	$	57,910	$	36,793
State	12,717		15,477		11,882
Foreign	34,520		22,034		21,841
Total current	112,284		95,421		70,516
Deferred:
Federal	(11,413)		(7,167)		1,043
State	(4,442)		(477)		(527)
Foreign	(1,582)		(426)		(9,373)
Total deferred	(17,437)		(8,070)		(8,857)
Provision for income taxes	$	94,847	$	87,351	$	61,659

Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]

The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:

	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Add (deduct):
State and local taxes, net of federal benefit	1.7		3.6		3.7
Foreign earnings(1)	0.7		0.2		(0.9)
Foreign loss on sale	0.2		—		—
Foreign asset impairment (held for sale)	—		1.6		1.2
Valuation allowance for foreign assets held for sale	—		0.2		1.3
R&D tax credits	(1.1)		(1.3)		(0.9)
Foreign-derived intangible income	(1.2)		(1.4)		(2.8)
All other, net	3.1		0.7		0.8
Effective tax rate	24.4	%	24.6	%	23.4	%

(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.

Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]

The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:

(In thousands)	2022		2021
Deferred tax assets:
Operating lease liabilities	$	34,977	$	32,868
Capitalized R&D expenses	23,785		—
Inventories, net	21,992		17,237
Net operating loss	9,096		5,384
Environmental reserves	8,677		9,262
Incentive compensation	8,531		6,936
Legal reserves	2,864		6,991
Other	40,965		32,665
Total deferred tax assets	150,887		111,343
Deferred tax liabilities:
Goodwill amortization	103,174		98,947
Operating lease right-of-use assets, net	32,651		30,911
Other intangible amortization	59,966		59,056
Depreciation	15,433		13,694
Withholding taxes	13,200		12,776
Pension and other postretirement assets	29,053		29,385
Other	7,256		7,149
Total deferred tax liabilities	260,733		251,918
Valuation allowance	5,664		2,625
Net deferred tax liabilities	$	115,510	$	143,200

Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:

(In thousands)	2022		2021
Net noncurrent deferred tax assets	$	7,491	$	4,149
Net noncurrent deferred tax liabilities	123,001		147,349
Net deferred tax liabilities	$	115,510	$	143,200

Summary Of Unrecognized Tax Benefits [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In thousands)	2022		2021		2020
Balance as of January 1,	$	17,018	$	15,585	$	12,676
Additions for tax positions of prior periods	3,004		2,877		1,497
Reductions for tax positions of prior periods	(1,732)		(1,861)		(615)
Additions for tax positions related to the current year	1,068		655		2,041
Settlements	(1,987)		(238)		(14)
Balance as of December 31,	$	17,371	$	17,018	$	15,585

Summary Of Open Tax Years [Table Text Block]

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

United States (Federal)	2017	-	present
United States (Various states)	2011	-	present
United Kingdom	2021	-	present
Canada	2019	-	present