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INCOME TAXES (Table)
 12 Months Ended
Dec. 31, 2021
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)202120202019
Domestic$271,694 $212,613 $273,036 
Foreign(1)
82,816 50,438 123,426 
$354,510 $263,051 $396,462 
(1) The Corporation recognized pre-tax impairment losses of $19 million in 2021 and $33 million in 2020 pertaining to its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
Schedule Of Provision For Income Taxes [Table Text Block] The provision for income taxes for the years ended December 31 consists of:
(In thousands)202120202019
Current:
Federal$57,910 $36,793 $14,195 
State15,477 11,882 3,766 
Foreign22,034 21,841 24,816 
Total current95,421 70,516 42,777 
Deferred:
Federal(7,167)1,043 38,647 
State(477)(527)6,632 
Foreign(426)(9,373)823 
Total deferred(8,070)(8,857)46,102 
Provision for income taxes$87,351 $61,659 $88,879 
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:
202120202019
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit3.6 3.7 2.4 
Foreign asset impairment (held for sale)1.6 1.2 — 
Valuation allowance for foreign assets held for sale0.2 1.3 — 
R&D tax credits(1.3)(0.9)(1.2)
Foreign earnings(1)
0.2 (0.9)1.4 
Foreign-derived intangible income(1.4)(2.8)(1.3)
All other, net0.7 0.8 0.1 
Effective tax rate24.6 %23.4 %22.4 %
(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)20212020
Deferred tax assets:
Operating lease liabilities$32,868 $33,371 
Inventories, net17,237 16,734 
Net operating loss5,384 5,518 
Environmental reserves9,262 8,698 
Incentive compensation6,936 8,102 
Pension and other postretirement liabilities— 13,533 
Legal reserves6,991 — 
Other32,665 33,401 
Total deferred tax assets111,343 119,357 
Deferred tax liabilities:
Goodwill amortization98,947 90,112 
Operating lease right-of-use assets, net30,911 31,292 
Other intangible amortization59,056 65,549 
Depreciation13,694 22,780 
Withholding taxes12,776 12,549 
Pension and other postretirement assets29,385 — 
Other7,149 8,757 
Total deferred tax liabilities251,918 231,039 
Valuation allowance2,625 1,240 
Net deferred tax liabilities$143,200 $112,922 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20212020
Net noncurrent deferred tax assets$4,149 $2,085 
Net noncurrent deferred tax liabilities147,349 115,007 
Net deferred tax liabilities$143,200 $112,922 
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)202120202019
Balance as of January 1,$15,585 $12,676 $13,563 
Additions for tax positions of prior periods2,877 1,497 581 
Reductions for tax positions of prior periods(1,861)(615)(2,184)
Additions for tax positions related to the current year655 2,041 936 
Settlements(238)(14)(220)
Balance as of December 31,$17,018 $15,585 $12,676 
Summary Of Open Tax Years [Table Text Block] The following describes the open tax years, by major tax jurisdiction, as of December 31, 2021:
United States (Federal)2018-present
United States (Various states)2010-present
United Kingdom2020-present
Canada2018-present