XML 53 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Tax From U.S. and Non-U.S. Operations

Geographic sources of income before income taxes consists of the following:

(in millions)						2023						2022						2021
Continuing operations:
U.S. domestic						$	924.1					$	1,099.5					$	465.2
Foreign						6.3						24.2						24.7
Income from continuing operations before income taxes						930.4						1,123.7						489.9
Discontinued operations:
U.S. domestic						(121.9)						(9.3)						(165.1)
Foreign						143.6						75.9						167.6
Income from discontinued operations before income taxes						21.7						66.6						2.5
Total income before income taxes						$	952.1					$	1,190.3					$	492.4

Schedule of Provision for Income Taxes From Continuing Operations

The provision for income taxes from continuing operations consists of the following:

(in millions)						2023						2022						2021
Current provision:
Federal and state						$	235.2					$	280.1					$	99.8
Foreign						4.5						8.4						7.4
Total current provision						239.7						288.5						107.2
Deferred (benefit) provision:
Federal and state						(20.2)						(19.1)						0.4
Foreign						(8.0)						(3.7)						(3.3)
Total deferred (benefit) provision						(28.2)						(22.8)						(2.9)
Total provision for income taxes						$	211.5					$	265.7					$	104.3

Schedule of Reconciliation of Taxes from Continuing Operations Computed at the Statutory Rate to the Tax Provision

A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:

(in millions, except percentages)						2023						2022						2021
Taxes at U.S. statutory rate						$	195.4					$	236.0					$	102.9
State and local taxes, net of federal income tax benefit						31.4						39.5						16.1
Equity compensation windfall						(3.3)						(4.6)						(10.8)
Change in unrecognized tax benefit						(2.3)						(1.9)						(7.5)
Other, net						(9.7)						(3.3)						3.6
Provision for income taxes						$	211.5					$	265.7					$	104.3
Effective income tax rate on continuing operations						22.7		%				23.6		%				21.3		%

Schedule of Deferred Tax Assets (Liabilities)

(in millions)						December 31, 2023						December 31, 2022
Employee benefits						$	33.6					$	25.2
Deferred revenue						32.8						27.6
Capitalized research and development costs						20.6						16.6
U.S. state tax attributes						13.7						13.2
Lease liabilities						13.3						13.7
Non-U.S. tax attributes						10.6						3.8
Warranty reserves						5.7						7.2
U.S. federal tax attributes						5.2						15.2
Other, net						14.9						15.4
Gross deferred assets						150.4						137.9
Valuation allowances						(15.1)						(23.7)
Deferred tax assets after valuation allowances						135.3						114.2
Intangibles						(314.1)						(354.3)
Property, plant and equipment						(46.8)						(47.4)
Right of use assets						(12.2)						(12.3)
Undistributed foreign earnings						(5.8)						(5.7)
Gross deferred liabilities						(378.9)						(419.7)
Net deferred tax liabilities						$	(243.6)					$	(305.5)

Schedule of Deferred Tax Assets and (Liabilities) Included in the Balance Sheet

Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:

(in millions)						December 31, 2023						December 31, 2022
Other long-term assets						$	0.7					$	1.5
Other long-term liabilities						(244.3)						(307.0)
Net deferred tax liabilities						$	(243.6)					$	(305.5)

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Before Estimated Interest and Penalties)

A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:

(in millions)						2023						2022						2021
Balance as of January 1						$	6.4					$	7.3					$	13.1
Additions based on tax positions related to current year						3.3						0.9						0.7
Reductions due to statute of limitations						(2.7)						(1.8)						(6.5)
Adjustments for tax positions of prior years						—						0.2						—
Reductions due to settlements						(0.2)						(0.2)						—
Adjustments due to foreign exchange rates						0.5						—						—
Balance as of December 31						$	7.3					$	6.4					$	7.3

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position by balance sheet location, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

No definition available.

+ Details

Name:	csl_ScheduleOfDeferredTaxAssetsAndLiabilitiesByBalanceSheetLocationTableTextBlock
Namespace Prefix:	csl_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration