XML 60 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1
INCOME TAXES (Table)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Domestic$300,200 $239,356 $266,140 
Foreign(1)
162,870 149,839 82,816 
$463,070 $389,195 $348,956 
(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 in 2021.
Schedule Of Provision For Income Taxes [Table Text Block]
The provision for income taxes for the years ended December 31 consists of:
(In thousands)202320222021
Current:
Federal$58,629 $65,047 $56,804 
State13,098 12,717 15,359 
Foreign36,791 34,520 22,034 
Total current108,518 112,284 94,197 
Deferred:
Federal(180)(11,413)(7,167)
State507 (4,442)(477)
Foreign(284)(1,582)(426)
Total deferred43 (17,437)(8,070)
Provision for income taxes$108,561 $94,847 $86,127 
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:
202320222021
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit2.3 1.7 3.7 
Foreign earnings(1)
1.3 0.7 0.2 
Foreign loss on sale— 0.2 — 
Foreign asset impairment (held for sale)— — 1.6 
Valuation allowance for foreign assets held for sale— — 0.2 
R&D tax credits(1.1)(1.1)(1.3)
Foreign-derived intangible income(1.2)(1.2)(1.4)
All other, net1.1 3.1 0.7 
Effective tax rate23.4 %24.4 %24.7 %
(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 that were classified as held for sale in 2021.
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)20232022
Deferred tax assets:
Capitalized R&D expenses $39,463 $23,785 
Operating lease liabilities32,041 34,977 
Inventories, net24,282 21,992 
Incentive compensation9,314 8,531 
Environmental reserves8,949 8,677 
Net operating loss8,348 9,096 
Legal reserves287 2,864 
Other30,130 40,965 
Total deferred tax assets152,814 150,887 
Deferred tax liabilities:
Goodwill amortization110,543 103,174 
Other intangible amortization53,551 59,966 
Pension and other postretirement assets37,870 29,053 
Operating lease right-of-use assets, net30,327 32,651 
Withholding taxes16,120 13,200 
Depreciation15,339 15,433 
Other8,160 7,256 
Total deferred tax liabilities271,910 260,733 
Valuation allowance4,892 5,664 
Net deferred tax liabilities$123,988 $115,510 
Deferred tax assets and liabilities are reflected on the Corporation’s Consolidated Balance Sheets as of December 31 as follows:
(In thousands)20232022
Net noncurrent deferred tax assets(1)
$8,331 $7,491 
Net noncurrent deferred tax liabilities132,319 123,001 
Net deferred tax liabilities$123,988 $115,510 
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)202320222021
Balance as of January 1,$17,371 $17,018 $15,585 
Additions for tax positions of prior periods2,387 3,004 2,877 
Reductions for tax positions of prior periods(2,419)(1,732)(1,861)
Additions for tax positions related to the current year1,744 1,068 655 
Settlements(1,195)(1,987)(238)
Balance as of December 31,$17,888 $17,371 $17,018 
Summary Of Open Tax Years [Table Text Block]
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2023:
United States (Federal)2020-present
United States (Various states)2012-present
United Kingdom2022-present
Canada2020-present