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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule Of Income Before Taxes | Our income before taxes is as follows:
(in millions) For year ended December 31, |  | 2021 |  | 2020 |  | 2019
U.S. operations |  | $ | 316.5 |  |  | $ | 102.2 |  |  | $ | 37.2 |
Non-U.S. operations |  | 160.7 |  |  | 99.6 |  |  | 106.7 |
Total |  | $ | 477.2 |  |  | $ | 201.8 |  |  | $ | 143.9 |
As of December 31, 2021, we have made the following determinations with regard to our non-U.S. earnings:
(in millions) |  | Permanently reinvested |  | Not permanently reinvested
Amount of earnings |  | $ | 333.2 |  |  | $ | 1,294 |
Associated tax |  | NA * |  | $ | 14.3 |
* Determination of U.S. income taxes and non-U.S. withholding taxes due upon repatriation of this $333.2 million of earnings is not practicable because the amount of such taxes depends upon circumstances existing in numerous taxing jurisdictions at the time the remittance occurs.
Schedule Of Provision For Income Taxes | Our provision (benefit) for income taxes consists of:
(in millions) For the year ended December 31, |  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
U.S. federal tax |  | $ | 34.5 |  |  | $ | 8.6 |  |  | $ | 28.5 |
U.S. state and local tax |  | 3.4 |  |  | 1.6 |  |  | 2.1 |
Non-U.S. tax |  | 34.2 |  |  | 12.4 |  |  | 29.0 |
Total current |  | 72.1 |  |  | 22.6 |  |  | 59.6 |
Deferred: |  |  |  |  |  |
U.S. federal tax |  | 12.2 |  |  | 14.9 |  |  | (28.8) |
U.S. state and local tax |  | (2.0) |  |  | (0.6) |  |  | 2.2 |
Non-U.S. tax |  | 0.6 |  |  | 1.7 |  |  | (1.7) |
Total deferred |  | 10.8 |  |  | 16.0 |  |  | (28.3) |
Total provision for income taxes * |  | $ | 82.9 |  |  | $ | 38.6 |  |  | $ | 31.3 |
* Included in the above amounts are excess tax benefits from share-based compensation of $5.4 millions $0.4 millions and $3.6 millions in 2021, 2020 and 2019, respectively, which were reflected as reductions in our provision for income taxes in 2021, 2020 and 2019.
Schedule Of Deferred Tax Assets And Liabilities | A reconciliation of the statutory U.S. federal tax rate to our effective tax rate is as follows:
For the year ended December 31, |  | 2021 |  | 2020 |  | 2019
Statutory U.S. federal tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (reduction) from: |  |  |  |  |  |
Income taxed at non-U.S. rates |  | 0.2 | % |  | (3.4) | % |  | 3.1 | %
Non-U.S. income inclusion, net of tax credits |  | (1.6) | % |  | 2.5 | % |  | 4.0 | %
State and local taxes, net of federal benefit |  | 0.2 | % |  | 0.3 | % |  | 2.3 | %
U.S. research and development tax credit |  | (0.6) | % |  | (2.5) | % |  | (2.0) | %
U.S. deduction for foreign - derived intangible income |  | (1.0) | % |  | (0.4) | % |  | (5.7) | %
Other |  | (0.8) | % |  | 1.6 | % |  | (1.0) | %
Effective tax rate |  | 17.4 | % |  | 19.1 | % |  | 21.7 | %
Reconciliation Of The Statutory U.S. Federal Rate To The Effective Tax Rate | The components of deferred tax assets and liabilities included in our Consolidated Balance Sheets are as follows:
(in millions) December 31, |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Asbestos-related liabilities |  | $ | 138.9 |  |  | $ | 150.3 |
Tax loss and credit carryforwards |  | 111.2 |  |  | 124.5 |
Pension and post-retirement benefits |  | 24.1 |  |  | 66.0 |
Inventories |  | 28.7 |  |  | 29.5 |
Other |  | 34.9 |  |  | 40.2 |
Total |  | $ | 337.8 |  |  | $ | 410.5 |
Less: valuation allowance |  | 141.5 |  |  | 153.4 |
Total deferred tax assets, net of valuation allowance |  | $ | 196.3 |  |  | $ | 257.1 |
Deferred tax liabilities: |  |  |  |
Basis difference in fixed assets |  | $ | (42.9) |  |  | $ | (55.6) |
Basis difference in intangible assets |  | (185.9) |  |  | (191.4) |
Other |  | (20.9) |  |  | (22.7) |
Total deferred tax liabilities |  | $ | (249.7) |  |  | $ | (269.7) |
Net deferred tax asset (liability) |  | $ | (53.4) |  |  | $ | (12.6) |
Balance sheet classification: |  |  |  |
Long-term deferred tax assets |  | 17.7 |  |  | 41.0 |
Long-term deferred tax liability |  | (71.1) |  |  | (53.6) |
Net deferred tax asset (liability) |  | $ | (53.4) |  |  | $ | (12.6) |
Summary Of Tax Loss And Tax Credit Carryforwards | As of December 31, 2021, we had U.S. federal, U.S. state and non-U.S. tax loss and credit carryforwards that will expire, if unused, as follows:
(in millions) Year of expiration |  | U.S. Federal Tax Credits |  | U.S. Federal Tax Losses |  | U.S. State Tax Credits |  | U.S. State Tax Losses |  | Non- U.S. Tax Losses |  | Total
2022-2026 |  | $ | — |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 114.3 |  |  | $ | 5.3 |  |  |
After 2026 |  | 3.8 |  |  | 0.7 |  |  | 1.7 |  |  | 764.2 |  |  | 5.8 |  |  |
Indefinite |  | — |  |  | — |  |  | 22.0 |  |  | 9.5 |  |  | 184.8 |  |  |
Total tax carryforwards |  | $ | 3.8 |  |  | $ | 0.7 |  |  | $ | 26.4 |  |  | $ | 888.0 |  |  | $ | 195.9 |  |  |
Deferred tax asset on tax carryforwards |  | $ | 3.8 |  |  | $ | 0.2 |  |  | $ | 21.1 |  |  | $ | 43.9 |  |  | $ | 42.2 |  |  | $ | 111.2 |
Valuation allowance on tax carryforwards |  | (3.8) |  |  | (0.2) |  |  | (20.3) |  |  | (42.2) |  |  | (39.9) |  |  | (106.4) |
Net deferred tax asset on tax carryforwards |  | $ | — |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 1.7 |  |  | $ | 2.3 |  |  | $ | 4.8 |
Schedule Of Gross Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of our gross unrecognized tax benefits, excluding interest and penalties, is as follows:
(in millions) |  | 2021 |  | 2020 |  | 2019
Balance of liability as of January 1, |  | $ | 34.0 |  |  | $ | 39.8 |  |  | $ | 42.0 |
Increase as a result of tax positions taken during a prior year |  | 0.7 |  |  | 5.4 |  |  | 1.1 |
Decrease as a result of tax positions taken during a prior year |  | (0.3) |  |  | (0.4) |  |  | (0.5) |
Increase as a result of tax positions taken during the current year |  | 2.6 |  |  | 1.8 |  |  | 3.2 |
Decrease as a result of settlements with taxing authorities |  | (0.8) |  |  | (2.5) |  |  | — |
Reduction as a result of a lapse of the statute of limitations |  | (4.6) |  |  | (10.1) |  |  | (6.0) |
Balance of liability as of December 31, |  | $ | 31.6 |  |  | $ | 34.0 |  |  | $ | 39.8 |

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