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INCOME TAXES (Table) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 300,200 |  |  | $ | 239,356 |  |  | $ | 266,140 |
Foreign(1) |  | 162,870 |  |  | 149,839 |  |  | 82,816 |
|  | $ | 463,070 |  |  | $ | 389,195 |  |  | $ | 348,956 |
(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany, as well as pre-tax impairment losses of $19 million in 2021.
Schedule Of Provision For Income Taxes [Table Text Block] | The provision for income taxes for the years ended December 31 consists of:
(In thousands) |  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | 58,629 |  |  | $ | 65,047 |  |  | $ | 56,804 |
State |  | 13,098 |  |  | 12,717 |  |  | 15,359 |
Foreign |  | 36,791 |  |  | 34,520 |  |  | 22,034 |
Total current |  | 108,518 |  |  | 112,284 |  |  | 94,197 |
Deferred: |  |  |  |  |  |
Federal |  | (180) |  |  | (11,413) |  |  | (7,167) |
State |  | 507 |  |  | (4,442) |  |  | (477) |
Foreign |  | (284) |  |  | (1,582) |  |  | (426) |
Total deferred |  | 43 |  |  | (17,437) |  |  | (8,070) |
Provision for income taxes |  | $ | 108,561 |  |  | $ | 94,847 |  |  | $ | 86,127 |
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:
|  | 2023 |  | 2022 |  | 2021
U.S. federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Add (deduct): |  |  |  |  |  |
State and local taxes, net of federal benefit |  | 2.3 |  |  | 1.7 |  |  | 3.7 |
Foreign earnings(1) |  | 1.3 |  |  | 0.7 |  |  | 0.2 |
Foreign loss on sale |  | — |  |  | 0.2 |  |  | — |
Foreign asset impairment (held for sale) |  | — |  |  | — |  |  | 1.6 |
Valuation allowance for foreign assets held for sale |  | — |  |  | — |  |  | 0.2 |
R&D tax credits |  | (1.1) |  |  | (1.1) |  |  | (1.3) |
Foreign-derived intangible income |  | (1.2) |  |  | (1.2) |  |  | (1.4) |
All other, net |  | 1.1 |  |  | 3.1 |  |  | 0.7 |
Effective tax rate |  | 23.4 | % |  | 24.4 | % |  | 24.7 | %
(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 that were classified as held for sale in 2021.
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) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Capitalized R&D expenses |  | $ | 39,463 |  |  | $ | 23,785 |
Operating lease liabilities |  | 32,041 |  |  | 34,977 |
Inventories, net |  | 24,282 |  |  | 21,992 |
Incentive compensation |  | 9,314 |  |  | 8,531 |
Environmental reserves |  | 8,949 |  |  | 8,677 |
Net operating loss |  | 8,348 |  |  | 9,096 |
Legal reserves |  | 287 |  |  | 2,864 |
Other |  | 30,130 |  |  | 40,965 |
Total deferred tax assets |  | 152,814 |  |  | 150,887 |
Deferred tax liabilities: |  |  |  |
Goodwill amortization |  | 110,543 |  |  | 103,174 |
Other intangible amortization |  | 53,551 |  |  | 59,966 |
Pension and other postretirement assets |  | 37,870 |  |  | 29,053 |
Operating lease right-of-use assets, net |  | 30,327 |  |  | 32,651 |
Withholding taxes |  | 16,120 |  |  | 13,200 |
Depreciation |  | 15,339 |  |  | 15,433 |
Other |  | 8,160 |  |  | 7,256 |
Total deferred tax liabilities |  | 271,910 |  |  | 260,733 |
Valuation allowance |  | 4,892 |  |  | 5,664 |
Net deferred tax liabilities |  | $ | 123,988 |  |  | $ | 115,510 |
Deferred tax assets and liabilities are reflected on the Corporation’s Consolidated Balance Sheets as of December 31 as follows:
(In thousands) |  | 2023 |  | 2022
Net noncurrent deferred tax assets(1) |  | $ | 8,331 |  |  | $ | 7,491 |
Net noncurrent deferred tax liabilities |  | 132,319 |  |  | 123,001 |
Net deferred tax liabilities |  | $ | 123,988 |  |  | $ | 115,510 |
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) |  | 2023 |  | 2022 |  | 2021
Balance as of January 1, |  | $ | 17,371 |  |  | $ | 17,018 |  |  | $ | 15,585 |
Additions for tax positions of prior periods |  | 2,387 |  |  | 3,004 |  |  | 2,877 |
Reductions for tax positions of prior periods |  | (2,419) |  |  | (1,732) |  |  | (1,861) |
Additions for tax positions related to the current year |  | 1,744 |  |  | 1,068 |  |  | 655 |
Settlements |  | (1,195) |  |  | (1,987) |  |  | (238) |
Balance as of December 31, |  | $ | 17,888 |  |  | $ | 17,371 |  |  | $ | 17,018 |
Summary Of Open Tax Years [Table Text Block] | The following describes the open tax years, by major tax jurisdiction, as of December 31, 2023:
United States (Federal) | 2020 | - | present
United States (Various states) | 2012 | - | present
United Kingdom | 2022 | - | present
Canada | 2020 | - | present

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