Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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	2023			2022			2021
Income (loss) components:
United States	$	164.6		$	155.7		$	199.4
International	354.9			306.1			309.7
Income from continuing operations before income tax	519.5			461.8			509.1
Income tax expense (benefit) components:
Current income tax expense (benefit):
United States – federal	41.3			32.6			21.1
United States – state and local	5.5			1.2			2.6
International	85.6			54.4			50.2
Total current income tax expense	132.4			88.2			73.9
Deferred income tax expense (benefit) components:
United States – federal	(14.1)			(0.2)			96.9
United States – state and local	(2.7)			3.1			15.5
International	(10.8)			—			3.3
Total deferred income tax expense (benefit)	(27.6)			2.9			115.7
Income tax expense	$	104.8		$	91.1		$	189.6
Effective income tax rate	20.2		%	19.7		%	37.2		%

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	2023		2022		2021
Tax provision at U.S. statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax	0.9	%	1.1	%	0.6	%
U.S. tax on foreign earnings	1.3	%	0.6	%	0.1	%
Italy patent box	(1.1)	%	(1.2)	%	(1.3)	%
Foreign-Derived Intangible Income ("FDII")	(1.2)	%	(1.1)	%	(0.5)	%
Excess tax benefits on stock-based compensation	(0.2)	%	(0.5)	%	(0.6)	%
Audit settlements and unrecognized tax benefits	2.7	%	(0.2)	%	(1.0)	%
Valuation allowance on deferred tax assets	(3.1)	%	(0.2)	%	(0.4)	%
Tax on undistributed foreign earnings	0.3	%	(0.1)	%	0.8	%
Asbestos divestiture	—	%	—	%	18.9	%
Foreign tax rate differential	1.6	%	—	%	(0.2)	%
Amended tax return	(1.0)	%	—	%	—	%
Other adjustments	(1.0)	%	0.3	%	(0.2)	%
Effective income tax rate	20.2	%	19.7	%	37.2	%

Deferred Tax Assets and Liabilities

eferred tax assets and liabilities.

As of December 31	2023		2022
Deferred Tax Assets:
Loss carryforwards	$	97.0	$	119.1
Inventory	24.1		20.5
Accruals	27.1		26.0
Employee benefits	39.0		34.1
Research and expenditures capitalization	17.8		10.2
Credit carryforwards	11.1		2.8
Other	30.2		25.2
Gross deferred tax assets	246.3		237.9
Less: Valuation allowance	73.3		102.4
Net deferred tax assets	$	173.0	$	135.5
Deferred Tax Liabilities:
Intangibles	$	(45.3)	$	(42.2)
Undistributed earnings	(46.2)		(34.8)
Accelerated depreciation	(24.1)		(24.3)
Total deferred tax liabilities	$	(115.6)	$	(101.3)
Net deferred tax assets	$	57.4	$	34.2

Deferred Taxes in Consolidated Balance Sheets

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

As of December 31	2023		2022
Other non-current assets	$	76.0	$	54.7
Other non-current liabilities	(18.6)		(20.5)
Net deferred tax assets	$	57.4	$	34.2

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, 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
Change in assessment	(23.1)		(16.4)		(39.5)
Current year operations	(0.8)		11.2		10.4
DTA valuation allowance as of December 31, 2023	$	15.6	$	57.7	$	73.3

Attributes Available for Utilization

We have the following tax attributes available for utilization at December 31, 2023:

Attribute	Amount		First Year of Expiration
U.S. state net operating losses	$	312.6	12/31/2024
U.S. federal tax credits	8.4		12/31/2029
U.S. state tax credits	2.3		12/31/2027
Foreign net operating losses(a)	305.7		12/31/2024

(a)Includes approximately $223.0 of net operating loss carryforwards in Luxembourg as of December 31, 2023.

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	2023		2022		2021
Unrecognized tax benefits – January 1	$	6.7	$	7.6	$	41.5
Additions for:
Current year tax positions	1.4		1.7		0.6
Prior year tax positions	0.5		0.3		0.1
Reductions for:
Prior year tax positions	(0.6)		(0.1)		(5.5)
Expiration of statute of limitations	(2.3)		(2.8)		(19.7)
Settlements	—		—		(9.4)
Unrecognized tax benefits – December 31	$	5.7	$	6.7	$	7.6

Open Tax Years by Major Jurisdiction

The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2023:

Jurisdiction	Earliest Open Year
China	2018
Czechia	2014
Germany	2017
Hong Kong	2020
India	2013
Italy	2016
Japan	2022
Korea	2023
Luxembourg	2017
Mexico	2016
United States	2020