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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Earnings From Continuing Operations Before Income Taxes | The components of earnings before income taxes are as follows:
| Year Ended December 31
| 2022 |  | 2021 |  | 2020
Domestic | $ | 163.6 |  |  | $ | 249.7 |  |  | $ | 115.3 |
Foreign | 240.0 |  |  | 272.4 |  |  | 212.6 |
Earnings before income taxes | $ | 403.6 |  |  | $ | 522.1 |  |  | $ | 327.9 |
Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following components:
| Year Ended December 31
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | 48.3 |  |  | $ | 57.0 |  |  | $ | 36.9 |
State and local | 7.9 |  |  | 11.5 |  |  | 7.8 |
Foreign | 53.2 |  |  | 59.5 |  |  | 51.0 |
Total current | 109.4 |  |  | 128.0 |  |  | 95.7 |
Deferred |  |  |  |  |
Federal | (14.1) |  |  | (9.3) |  |  | (15.0) |
State and local | (2.0) |  |  | (2.3) |  |  | (2.6) |
Foreign | .4 |  |  | 3.1 |  |  | (3.3) |
Total deferred | (15.7) |  |  | (8.5) |  |  | (20.9) |
Total income taxes | $ | 93.7 |  |  | $ | 119.5 |  |  | $ | 74.8 |
Schedule of Income Tax Expense (Benefit) From Continuing Operations Percentage | Income tax expense (benefit), as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows:
| Year Ended December 31
| 2022 |  | 2021 |  | 2020
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decreases) in rate resulting from: |  |  |  |  |
State taxes, net of federal benefit | .9 |  |  | 1.5 |  |  | .8 |
Tax effect of foreign operations | (.5) |  |  | (.9) |  |  | (2.2) |
Global intangible low-taxed income (GILTI) | .6 |  |  | .5 |  |  | (.3) |
Current and deferred foreign withholding taxes | 2.6 |  |  | 2.3 |  |  | 2.7 |
Stock-based compensation | (.1) |  |  | (.5) |  |  | (.6) |
Change in valuation allowance | (.1) |  |  | — |  |  | .8 |
Change in uncertain tax positions, net | — |  |  | — |  |  | .6 |
Goodwill impairment | — |  |  | — |  |  | 1.6 |
Other permanent differences, net | (1.0) |  |  | (.8) |  |  | (1.3) |
Other, net | (.2) |  |  | (.2) |  |  | (.3) |
Effective tax rate | 23.2 | % |  | 22.9 | % |  | 22.8 | %
Deferred Income Tax Assets and 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
| 2022 |  | 2021
| Assets |  | Liabilities |  | Assets |  | Liabilities
Property, plant and equipment | $ | 15.0 |  |  | $ | (80.2) |  |  | $ | 16.8 |  |  | $ | (79.3) |
Inventories | 6.6 |  |  | (6.5) |  |  | 3.0 |  |  | (13.1) |
Accrued expenses | 52.6 |  |  | (.9) |  |  | 65.5 |  |  | (10.2) |
Net operating losses and other tax carryforwards | 25.6 |  |  | — |  |  | 29.1 |  |  | — |
Pension cost and other post-retirement benefits | 7.5 |  |  | (.8) |  |  | 14.6 |  |  | (.7) |
Intangible assets | .1 |  |  | (204.5) |  |  | .2 |  |  | (200.0) |
Derivative financial instruments | .6 |  |  | (3.8) |  |  | 1.2 |  |  | (4.4) |
Tax on undistributed earnings (primarily from Canada and China) | — |  |  | (17.0) |  |  | — |  |  | (16.0) |
Uncertain tax positions | .8 |  |  | — |  |  | .9 |  |  | — |
Other | 11.8 |  |  | (5.6) |  |  | 5.5 |  |  | (5.7) |
Gross deferred tax assets (liabilities) | 120.6 |  |  | (319.3) |  |  | 136.8 |  |  | (329.4) |
Valuation allowance | (15.7) |  |  | — |  |  | (16.2) |  |  | — |
Total deferred taxes | $ | 104.9 |  |  | $ | (319.3) |  |  | $ | 120.6 |  |  | $ | (329.4) |
Net deferred tax liability |  |  | $ | (214.4) |  |  |  |  | $ | (208.8) |
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
| 2022 |  | 2021
Sundry | $ | 8.3 |  |  | $ | 8.6 |
Deferred income taxes | (222.7) |  |  | (217.4) |
Net deferred tax liability | $ | (214.4) |  |  | $ | (208.8) |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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