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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Tax Data from Continuing Operations | For each of the years ended December 31, 2020, 2019, and 2018 the tax data related to continuing operations is as follows:
| 2020 |  | 2019 |  | 2018
Income components: |  |  |  |  |
United States | $ | (124.3) |  |  | $ | 143.9 |  |  | $ | 114.4 |
International | 209.5 |  |  | 270.5 |  |  | 276.6 |
Income from continuing operations before income tax | 85.2 |  |  | 414.4 |  |  | 391.0 |
Income tax expense components: |  |  |  |  |
Current income tax expense: |  |  |  |  |
United States – federal | 9.9 |  |  | 9.4 |  |  | 6.3 |
United States – state and local | (1.5) |  |  | 0.5 |  |  | 7.9 |
International | 50.8 |  |  | 49.1 |  |  | 58.2 |
Total current income tax expense | 59.2 |  |  | 59.0 |  |  | 72.4 |
Deferred income tax (benefit) expense components: |  |  |  |  |
United States – federal | (36.6) |  |  | 10.1 |  |  | 7.4 |
United States – state and local | (4.8) |  |  | 1.5 |  |  | (0.2) |
International | (2.5) |  |  | 19.3 |  |  | (21.9) |
Total deferred income tax (benefit) expense | (43.9) |  |  | 30.9 |  |  | (14.7) |
Income tax expense | $ | 15.3 |  |  | $ | 89.9 |  |  | $ | 57.7 |
Effective income tax rate | 18.0 | % |  | 21.7 | % |  | 14.8 | %
Reconciliation of Tax Provision for Continuing Operations | A reconciliation of the income tax expense for continuing operations from the U.S. statutory income tax rate to the effective income tax rate is as follows for each of the years ended December 31, 2020, 2019, and 2018:
| 2020 |  | 2019 |  | 2018
Tax provision at U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax on undistributed foreign earnings | 7.4 | % |  | 1.8 | % |  | (1.2) | %
Pension settlement AOCI expense | 5.9 | % |  | — | % |  | — | %
Italy patent box | (5.6) | % |  | (1.2) | % |  | (1.0) | %
Audit settlements and unrecognized tax benefits | (5.4) | % |  | 0.1 | % |  | (0.3) | %
Excess tax benefits on stock-based compensation | (3.6) | % |  | (1.1) | % |  | (0.6) | %
State and local income tax | (2.4) | % |  | 0.7 | % |  | 1.5 | %
Foreign tax rate differential | 1.6 | % |  | 2.8 | % |  | 3.7 | %
Valuation allowance on deferred tax assets | 1.5 | % |  | (0.5) | % |  | (2.4) | %
U.S. tax on foreign earnings | (0.2) | % |  | — | % |  | 0.5 | %
U.S. permanent items | (0.1) | % |  | (1.0) | % |  | 0.4 | %
Tax exempt interest | — | % |  | — | % |  | (5.8) | %
One-time tax on foreign earnings - Tax Act | — | % |  | — | % |  | (1.0) | %
Federal deferred taxes remeasurement - Tax Act | — | % |  | — | % |  | 0.4 | %
Other adjustments | (2.1) | % |  | (0.9) | % |  | (0.4) | %
Effective income tax rate | 18.0 | % |  | 21.7 | % |  | 14.8 | %
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities include the following:
| 2020 |  | 2019
Deferred Tax Assets: |  |  |
Loss carryforwards | $ | 128.6 |  |  | $ | 139.8 |
Asbestos | 116.7 |  |  | 101.5 |
Employee benefits | 64.7 |  |  | 59.4 |
Accruals | 59.3 |  |  | 46.0 |
Credit carryforwards | 3.4 |  |  | 2.5 |
Other | 27.0 |  |  | 20.5 |
Gross deferred tax assets | 399.7 |  |  | 369.7 |
Less: Valuation allowance | 123.0 |  |  | 129.8 |
Net deferred tax assets | $ | 276.7 |  |  | $ | 239.9 |
Deferred Tax Liabilities: |  |  |
Intangibles | $ | (40.9) |  |  | $ | (43.0) |
Undistributed earnings | (49.2) |  |  | (33.8) |
Accelerated depreciation | (30.3) |  |  | (26.9) |
Investment | 0.5 |  |  | (0.2) |
Total deferred tax liabilities | $ | (119.9) |  |  | $ | (103.9) |
Net deferred tax assets | $ | 156.8 |  |  | $ | 136.0 |
Deferred Taxes in Consolidated Balance Sheets | Deferred taxes are presented in the Consolidated Balance Sheets as follows:
| 2020 |  | 2019
Non-current assets | $ | 158.3 |  |  | $ | 138.1 |
Other non-current liabilities | (1.5) |  |  | (2.1) |
Net deferred tax assets | $ | 156.8 |  |  | $ | 136.0 |
Deferred Tax Asset Valuation Allowance Rollforward [Table Text Block] | The table included below provides a rollforward of our valuation allowance on net deferred income tax assets from December 31, 2017 to December 31, 2020.
|  |  | State |  | Foreign |  | Total
DTA valuation allowance - December 31, 2017 |  |  | $ | 72.4 |  |  | $ | 97.6 |  |  | $ | 170.0 |
Change in assessment |  |  | — |  |  | (22.9) |  |  | (22.9) |
Current year operations |  |  | (15.1) |  |  | 9.0 |  |  | (6.1) |
DTA valuation allowance - December 31, 2018 |  |  | $ | 57.3 |  |  | $ | 83.7 |  |  | $ | 141.0 |
Change in assessment |  |  | — |  |  | 5.6 |  |  | 5.6 |
Current year operations |  |  | (8.8) |  |  | (8.0) |  |  | (16.8) |
DTA valuation allowance - December 31, 2019 |  |  | $ | 48.5 |  |  | $ | 81.3 |  |  | $ | 129.8 |
Change in assessment |  |  | — |  |  | (6.2) |  |  | (6.2) |
Current year operations |  |  | (8.1) |  |  | 7.5 |  |  | (0.6) |
DTA valuation allowance - December 31, 2020 |  |  | $ | 40.4 |  |  | $ | 82.6 |  |  | $ | 123.0 |
Attributes Available for Utilization | We have the following tax attributes available for utilization at December 31, 2020:
Attribute | Amount |  | First Year of Expiration
U.S. federal net operating losses | $ | 2.9 |  |  | 12/31/2037
U.S. state net operating losses | 915.7 |  |  | 12/31/2021
U.S. federal tax credits | 2.0 |  |  | 12/31/2029
U.S. state tax credits | 1.4 |  |  | 12/31/2027
Foreign net operating losses(a) | 332.1 |  |  | 12/31/2021
(a) Includes approximately $224.9 of net operating loss carryforwards in Luxembourg as of December 31, 2020.
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for each of the years ended December 31, 2020, 2019, and 2018 is as follows:
| 2020 |  | 2019 |  | 2018
Unrecognized tax benefits – January 1 | $ | 46.2 |  |  | $ | 45.8 |  |  | $ | 51.9 |
Additions for: |  |  |  |  |
Current year tax positions | 0.9 |  |  | 1.5 |  |  | 1.5 |
Prior year tax positions | 0.3 |  |  | 0.3 |  |  | — |
Reductions for: |  |  |  |  |
Prior year tax positions | — |  |  | (0.1) |  |  | (0.2) |
Expiration of statute of limitations | (4.7) |  |  | (1.2) |  |  | (1.9) |
Settlements | (1.2) |  |  | (0.1) |  |  | (5.5) |
Unrecognized tax benefits – December 31 | $ | 41.5 |  |  | $ | 46.2 |  |  | $ | 45.8 |
Open Tax Years by Major Jurisdiction | The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2020:
Jurisdiction | Earliest Open Year
China | 2015
Czech Republic | 2014
Germany | 2014
Hong Kong | 2007
India | 2010
Italy | 2014
Korea | 2014
Luxembourg | 2015
Mexico | 2014
United States | 2017

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