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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Components of Earnings From Continuing Operations Before Income Taxes
The components of earnings from continuing operations before income taxes are as follows:
 
Year Ended December 31
 
2019
 
2018
 
2017
Domestic
$
195.5

 
$
149.1

 
$
188.6

Foreign
234.6

 
235.3

 
243.4

 
$
430.1

 
$
384.4

 
$
432.0
Income Tax Expense From Continuing Operations
Income tax expense from continuing operations is comprised of the following components:
 
Year Ended December 31
 
2019
 
2018
 
2017
Current
 
 
 
 
 
Federal
$
34.6

 
$
21.2

 
$
76.0

State and local
5.3

 
4.9

 
3.8

Foreign
48.7

 
55.6

 
43.2

 
88.6

 
81.7

 
123.0

Deferred
 
 
 
 
 
Federal
7.5

 
8.8

 
5.8

State and local
.6

 
(12.0
)
 
(2.6
)
Foreign
(.5
)
 
(.2
)
 
12.2

 
7.6

 
(3.4
)
 
15.4

 
$
96.2

 
$
78.3

 
$
138.4
Schedule of Income Tax Expense From Continuing Operations Percentage Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from these statutory federal income tax rates as follows:
 
Year Ended December 31
 
2019
 
2018
 
2017
Statutory federal income tax rate
21.0
 %
 
21.0
 %
 
35.0
 %
Increases (decreases) in rate resulting from:
 
 
 
 
 
State taxes, net of federal benefit
1.4

 
.9

 
1.0

Tax effect of foreign operations
(1.6
)
 
(.7
)
 
(8.8
)
Global intangible low-taxed income
2.2

 
.7

 
—

Current and deferred foreign withholding taxes
1.2

 
3.8

 
3.5

Deemed repatriation of foreign earnings
—

 
(.3
)
 
15.6

Deferred tax revaluation
(.1
)
 
(.1
)
 
(6.0
)
Stock-based compensation
(1.1
)
 
(.8
)
 
(2.0
)
Tax benefit for outside basis in subsidiary
—

 
—

 
(1.8
)
Change in valuation allowance
.4

 
(2.0
)
 
(.4
)
Change in uncertain tax positions, net
(.3
)
 
(.3
)
 
(.6
)
Domestic production activities deduction
—

 
—

 
(1.2
)
Other permanent differences, net
(.3
)
 
(1.4
)
 
(1.6
)
Other, net
(.4
)
 
(.4
)
 
(.7
)
Effective tax rate
22.4
 %
 
20.4
 %
 
32.0
 %
Reconciliation of Gross Unrecognized Tax Benefits A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows:
 
2019
 
2018
 
2017
Gross unrecognized tax benefits, January 1
$
8.2

 
$
10.1

 
$
12.1

Gross increases—tax positions in prior periods
—

 
—

 
.1

Gross decreases—tax positions in prior periods
(.4
)
 
(.5
)
 
(.4
)
Gross increases—current period tax positions
.7

 
1.3

 
1.5

Change due to exchange rate fluctuations
—

 
(.2
)
 
.3

Settlements
—

 
—

 
(.9
)
Lapse of statute of limitations
(2.1
)
 
(2.5
)
 
(2.6
)
Gross unrecognized tax benefits, December 31
6.4

 
8.2

 
10.1

Interest
1.9

 
2.4

 
3.0

Penalties
.3

 
.4

 
.5

Total gross unrecognized tax benefits, December 31
$
8.6

 
$
11.0

 
$
13.6
Deferred Tax Assets or Liabilities
Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows:
 
December 31
 
2019
 
2018
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Property, plant and equipment
$
19.1

 
$
(84.8
)
 
$
19.7

 
$
(67.8
)
Inventories
2.3

 
(13.2
)
 
2.1

 
(10.3
)
Accrued expenses
59.9

 
(4.2
)
 
60.3

 
(.1
)
Net operating losses and other tax carryforwards
31.9

 
—

 
27.2

 
—

Pension cost and other post-retirement benefits
18.2

 
(.7
)
 
13.4

 
(.6
)
Intangible assets
.3

 
(199.5
)
 
.4

 
(84.6
)
Derivative financial instruments
3.0

 
(1.7
)
 
5.0

 
(1.3
)
Tax on undistributed earnings (primarily from Canada and China)
—

 
(16.8
)
 
—

 
(18.8
)
Uncertain tax positions
1.4

 
—

 
2.4

 
—

Other
5.2

 
(6.3
)
 
6.9

 
(6.1
)
Gross deferred tax assets (liabilities)
141.3

 
(327.2
)
 
137.4

 
(189.6
)
Valuation allowance
(16.8
)
 
—

 
(13.2
)
 
—

Total deferred taxes
$
124.5

 
$
(327.2
)
 
$
124.2

 
$
(189.6
)
Net deferred tax liability
 
 
$
(202.7
)
 
 
 
$
(65.4
)
Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets
Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows:
 
December 31
 
2019
 
2018
Sundry
$
11.5

 
$
20.2

Deferred income taxes
(214.2
)
 
(85.6
)
 
$
(202.7
)
 
$
(65.4
)