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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Taxes Our income before taxes is as follows:
(in millions) For year ended December 31,202220212020
U.S. operations$133.6 $342.1 $124.9 
Non-U.S. operations429.4 160.7 99.6 
Total$563.0 $502.8 $224.5 
As of December 31, 2022, we have made the following determinations with regard to our non-U.S. earnings:
(in millions)Permanently reinvestedNot permanently reinvested
Amount of earnings$425.5 $1,454.3 
Associated taxNA *$15.3 
* Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $425.5 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 Our provision (benefit) for income taxes consists of: 
(in millions) For the year ended December 31,202220212020
Current:
U.S. federal tax$80.7 $39.0 $11.3 
U.S. state and local tax8.4 3.7 1.6 
Non-U.S. tax90.4 34.2 12.4 
Total current179.5 76.9 25.3 
Deferred:
U.S. federal tax9.2 (8.2)16.5 
U.S. state and local tax(13.7)(1.9)(0.1)
Non-U.S. tax(13.1)0.6 1.7 
Total deferred(17.6)(9.5)18.1 
Total provision for income taxes *$161.9 $67.4 $43.4 
* Included in the above amounts are excess tax benefits from share-based compensation of $3.0 million $5.5 million and $0.6 million in 2022, 2021 and 2020, respectively, which were reflected as reductions in our provision for income taxes in 2022, 2021 and 2020.
Schedule Of Deferred Tax Assets And Liabilities A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
For the year ended December 31,202220212020
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
Increase (reduction) from:
Income taxed at non-U.S. rates(2.3)%0.2 %(3.1)%
Non-U.S. income inclusion, net of tax credits2.0 %(1.5)%2.3 %
State and local taxes, net of federal benefit(1.1)%0.2 %0.5 %
U.S. research and development tax credit(0.8)%(0.5)%(2.3)%
U.S. deduction for foreign - derived intangible income(1.3)%(1.0)%(0.5)%
Deferred tax asset related to the sale of a subsidiary3.7 %(4.1)%— %
Nondeductible loss due to Asbestos Divestiture6.4 %— %— %
Other1.2 %(0.9)%1.4 %
Effective tax rate28.8 %13.4 %19.3 %
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate
The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:
(in millions) December 31,20222021
Deferred tax assets:
Asbestos-related liabilities$— $138.9 
Tax loss and credit carryforwards97.7 111.2 
Inventories31.9 29.3 
Deferred tax asset related to the sale of a subsidiary— 20.6 
Capitalized Research and Development 17.8 — 
Pension and Post Retirement Benefits8.4 24.1 
Accrued Bonuses and Stock Based Compensation10.2 10.4 
Other32.4 25.5 
Total$198.4 $360.0 
Less: valuation allowance99.7 141.5 
Total deferred tax assets, net of valuation allowance$98.7 $218.5 
Deferred tax liabilities:
Basis difference in fixed assets$(39.3)$(47.4)
Basis difference in intangible assets(198.2)(208.2)
Deferred Tax on Non-U.S. Unremitted Earnings(15.3)(14.3)
Other— (7.8)
Total deferred tax liabilities$(252.8)$(277.7)
Net deferred tax asset (liability)$(154.1)$(59.2)
Balance sheet classification:
Long-term deferred tax assets8.3 17.7 
Long-term deferred tax liability(162.4)(76.9)
Net deferred tax asset (liability)$(154.1)$(59.2)
Summary Of Tax Loss And Tax Credit Carryforwards As of December 31, 2022, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions)
Year of expiration		U.S.
Federal
Tax
Credits		U.S.
Federal
Tax
Losses		U.S.
State
Tax
Credits		U.S.
State
Tax
Losses		Non- U.S.
Tax
Losses		Total
2023-2027$— $— $2.7 $111.2 $4.2 
After 20274.8 0.7 0.9 760.7 3.7 
Indefinite— — 20.8 10.5 117.5 
Total tax carryforwards$4.8 $0.7 $24.4 $882.4 $125.4 
Deferred tax asset on tax carryforwards$4.8 $0.1 $19.3 $44.2 $29.4 $97.8 
Valuation allowance on tax carryforwards(4.8)(0.1)(19.0)(42.8)(24.7)(91.4)
Net deferred tax asset on tax carryforwards$— $— $0.3 $1.4 $4.7 $6.4 
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)202220212020
Balance of liability as of January 1,$31.6 $34.0 $39.8 
Increase as a result of tax positions taken during a prior year— 0.7 5.4 
Decrease as a result of tax positions taken during a prior year(0.6)(0.3)(0.4)
Increase as a result of tax positions taken during the current year3.1 2.6 1.8 
Decrease as a result of settlements with taxing authorities— (0.8)(2.5)
Reduction as a result of a lapse of the statute of limitations(5.9)(4.6)(10.1)
Balance of liability as of December 31,$28.2 $31.6 $34.0 
Summary of Income Tax Examinations With few exceptions, the years for which we filed returns that are open to examination are as follows:
JurisdictionYear
U.S. federal    2019 - 2021
U.S. state and local    2016 - 2021
Non-U.S.    2016 - 2021