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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Taxes income before taxes is as follows:
(in millions) For year ended December 31,
 
2019
 
2018
 
2017
U.S. operations
 
$
64.0

 
$
296.4

 
$
270.1

Non-U.S. operations
 
106.7

 
115.0

 
97.4

Total
 
$
170.7

 
$
411.4

 
$
367.5


As of December 31, 2019, we have made the following determinations with regards to our non-U.S. earnings:
(in millions)
 
Permanently reinvested
 
Not permanently reinvested
Amount of earnings
 
$
265.6

 
$
1,238.8

Associated tax
 
NA *

 
$
8.7

* Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $266 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.
Schedule Of Provision For Income Taxes provision (benefit) for income taxes consists of: 
(in millions) For the year ended December 31,
 
2019
 
2018
 
2017
Current:
 
 
 
 
 
 
U.S. federal tax
 
$
31.0

 
$
9.3

 
$
58.4

U.S. state and local tax
 
2.2

 
4.9

 
5.0

Non-U.S. tax
 
29.0

 
14.0

 
29.3

Total current
 
62.2

 
28.2

 
92.7

Deferred:
 
 
 
 
 
 
U.S. federal tax
 
(26.4
)
 
35.7

 
99.2

U.S. state and local tax
 
3.0

 
2.0

 
0.1

Non-U.S. tax
 
(1.7
)
 
10.0

 
3.0

Total deferred
 
(25.1
)
 
47.7

 
102.3

Total provision for income taxes *
 
$
37.1

 
$
75.9

 
$
195.0
Schedule Of Deferred Tax Assets And Liabilities
A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
For the year ended December 31,
 
2019
 
2018
 
2017
Statutory U.S. federal tax rate
 
21.0
 %
 
21.0
 %
 
35.0
 %
Increase (reduction) from:
 
 
 
 
 
 
Income taxed at non-U.S. rates
 
2.6
 %
 
(0.2
)%
 
(0.5
)%
Non-U.S. income inclusion, net of tax credits
 
3.4
 %
 
(0.1
)%
 
(1.6
)%
State and local taxes, net of federal benefit
 
2.5
 %
 
1.4
 %
 
1.0
 %
U.S. research and development tax credit
 
(1.7
)%
 
(0.7
)%
 
(1.0
)%
U.S. domestic manufacturing deduction
 
—
 %
 
(0.3
)%
 
(1.6
)%
Effect of the enactment of the Tax Cuts and Jobs Act of 2017
 
—
 %
 
(0.8
)%
 
23.8
 %
U.S. deduction for foreign - derived intangible income
 
(5.1
)%
 
(1.1
)%
 
—
 %
Other
 
(1.0
)%
 
(0.8
)%
 
(2.0
)%
Effective tax rate
 
21.7
 %
 
18.4
 %
 
53.1
 %
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate
The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:
(in millions) December 31,
 
2019
 
2018
Deferred tax assets:
 
 
 
 
Asbestos-related liabilities
 
$
158.4

 
$
110.0

Tax loss and credit carryforwards
 
120.7

 
124.8

Pension and post-retirement benefits
 
56.9

 
50.2

Inventories
 
26.0

 
20.8

Other
 
46.6

 
35.8

Total
 
$
408.6

 
$
341.6

Less: valuation allowance
 
150.0

 
124.3

Total deferred tax assets, net of valuation allowance
 
$
258.6

 
$
217.3

Deferred tax liabilities:
 
 
 
 
Basis difference in fixed assets
 
$
(58.7
)
 
$
(53.7
)
Basis difference in intangible assets
 
(195.4
)
 
(176.0
)
Other
 
(25.2
)
 
(22.0
)
Total deferred tax liabilities
 
$
(279.3
)
 
$
(251.7
)
Net deferred tax asset (liability)
 
$
(20.7
)
 
$
(34.4
)
Balance sheet classification:
 
 
 
 
Long-term deferred tax assets
 
35.1

 
18.8

Long-term deferred tax liability
 
(55.8
)
 
(53.2
)
Net deferred tax asset (liability)
 
$
(20.7
)
 
$
(34.4
)
Summary Of Tax Loss And Tax Credit Carryforwards
As of December 31, 2019, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions)
Year of expiration
 
U.S.
Federal
Tax
Credits
 
U.S.
Federal
Tax
Losses
 
U.S.
State
Tax
Credits
 
U.S.
State
Tax
Losses
 
Non-
U.S.
Tax
Losses
 
Total
2020-2024
 
$
2.9

 
$
—

 
$
2.8

 
$
71.7

 
$
34.9

 
 
After 2024
 
2.7

 
0.8

 
2.7

 
810.8

 
4.9

 
 
Indefinite
 
—

 
—

 
22.1

 
3.6

 
201.3

 
 
Total tax carryforwards
 
$
5.6

 
$
0.8

 
$
27.6

 
$
886.1

 
$
241.1

 
 
Deferred tax asset on tax carryforwards
 
$
5.6

 
$
0.2

 
$
21.8

 
$
45.5

 
$
47.6

 
$
120.7

Valuation allowance on tax carryforwards
 
(5.5
)
 
(0.2
)
 
(20.1
)
 
(43.9
)
 
(45.5
)
 
(115.2
)
Net deferred tax asset on tax carryforwards
 
$
0.1

 
$
—

 
$
1.7

 
$
1.6

 
$
2.1

 
$
5.5
Schedule Of Gross Unrecognized Tax Benefits Reconciliation
A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in millions)
 
2019
 
2018
 
2017
Balance of liability as of January 1,
 
$
42.0

 
$
46.4

 
$
46.5

Increase as a result of tax positions taken during a prior year
 
1.1

 
4.6

 
2.5

Decrease as a result of tax positions taken during a prior year
 
(0.5
)
 
(1.5
)
 
(1.5
)
Increase as a result of tax positions taken during the current year
 
3.2

 
3.1

 
5.2

Decrease as a result of settlements with taxing authorities
 
—

 
(1.1
)
 
(0.3
)
Reduction as a result of a lapse of the statute of limitations
 
(6.0
)
 
(9.5
)
 
(6.0
)
Balance of liability as of December 31,
 
$
39.8

 
$
42.0

 
$
46.4