Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Expected Useful Lives of Property, Plant and Equipment Recorded at Cost and Depreciated or Amortized

Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the following expected useful lives:



Land improvements		10 to 20 years
Buildings		10 to 40 years
Machinery and equipment		5 to 14 years
Molds, cores and rings		2 to 10 years

Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:



(Number of shares and dollar amounts in thousands except per share amounts)
	2017		2016		2015
Numerator
Numerator for basic and diluted earnings per share - income from continuing operations available to common stockholders	$	95,400	$	248,381	$	212,766
Denominator
Denominator for basic earnings per share - weighted average shares outstanding	52,206		54,480		57,012
Effect of dilutive securities - stock options and other stock units	467		610		611
Denominator for diluted earnings per share - adjusted weighted average shares outstanding	52,673		55,090		57,623
Earnings per share:
Basic	$	1.83	$	4.56	$	3.73
Diluted	$	1.81	$	4.51	$	3.69

Summary of Activity in Product Warranty Liabilities

The following table summarizes the activity in the Company’s product warranty liabilities which are recorded in Accrued liabilities and Other long-term liabilities on the Company’s Consolidated Balance Sheets:



	2017		2016		2015
Reserve at beginning of year	10,634		12,339		14,005
Additions	10,310		8,349		9,122
Payments	(8,851	)	(10,054	)	(10,788	)
Reserve at December 31	12,093		10,634		12,339