Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations [Table Text Block]

Income taxes have been based on the following components of “Earnings before provision for income taxes and discontinued operations” in the Consolidated Statements of Earnings:



	Years Ended December 31,
	2014		2013		2012
Domestic	$	789,689	$	714,723	$	640,896
Foreign	304,518		331,263		290,169
	$	1,094,207	$	1,045,986	$	931,065

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense (benefit) relating to continuing operations for the years ended December 31, 2014, 2013, and 2012 is comprised of the following:



	Years Ended December 31,
	2014			2013			2012
Current:
U.S. Federal	$	231,939		$	114,218		$	196,622
State and local	8,434			17,468			(1,590		)
Foreign	97,037			89,702			84,723
Total current	337,410			221,388			279,755
Deferred:
U.S. Federal	$	7,386		$	35,315		$	20,149
State and local	11,250			(4,556		)	(2,262		)
Foreign	(39,979		)	(3,688		)	(16,652		)
Total deferred	(21,343		)	27,071			1,235
Total expense	$	316,067		$	248,459		$	280,990

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Differences between the effective income tax rate and the U.S. federal income statutory rate are as follows:



	Years Ended December 31,
	2014		2013		2012
U.S. Federal income tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of Federal income tax benefit	1.3		1.2		1.3
Foreign operations tax effect	(3.7	)	(3.3	)	(3.2	)
R&E tax credits ⁽¹⁾	(0.3	)	(0.7	)	—
Domestic manufacturing deduction	(3.0	)	(2.2	)	(2.2	)
Foreign tax credits	0.4		0.3		0.3
Branch losses	(0.7	)	(0.2	)	—
Release of valuation allowance	(0.6	)	—		—
Resolution of tax contingencies	(0.5	)	(7.2	)	(1.8	)
Other, principally non-tax deductible items	1.0		0.9		0.8
Effective rate from continuing operations	28.9	%	23.8	%	30.2	%


(1)	On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, and this legislation retroactively extended the R&E tax credit for two years, from January 1, 2012 through December 31, 2013. Income tax expense for 2013 includes $4.8 million for the entire benefit of the R&E tax credit attributable to 2012.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to future deferred tax assets and liabilities are as follows:



	December 31, 2014			December 31, 2013
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	151,640		$	130,326
Accrued expenses, principally for state income taxes, interest, and warranty	45,262			43,700
Net operating loss and other carryforwards	190,298			70,821
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	13,285			14,068
Accounts receivable, principally due to allowance for doubtful accounts	4,323			4,507
Accrued insurance	5,529			4,353
Long-term liabilities, principally warranty, environmental, and exit costs	4,096			3,777
Other assets	(8,838		)	(11,957		)
Total gross deferred tax assets	405,595			259,595
Valuation allowance	(141,252		)	(14,063		)
Total deferred tax assets	$	264,343		$	245,532

Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	$	(694,602	)	$	(604,464	)
Plant and equipment, principally due to differences in depreciation	(55,012		)	(61,455		)
Accounts receivable	(6,481		)	(6,674		)
Total gross deferred tax liabilities	(756,095		)	(672,593		)
Net deferred tax liability	$	(491,752	)	$	(427,061	)

Classified as follows in the consolidated balance sheets:
Current deferred tax asset	$	63,276		$	60,101
Non-current deferred tax asset	10,107			5,642
Current deferred tax liability	(928		)	(953		)
Non-current deferred tax liability	(564,207		)	(491,851		)
	$	(491,752	)	$	(427,061	)

Schedule Of Unrecognized Tax Benefits [Table Text Block]

The following table is a reconciliation of the beginning and ending balances of the Company’s unrecognized tax benefits:



	Continuing				Discontinued			Total
Unrecognized tax benefits at January 1, 2012	$	134,773			$	54,268		$	189,041
Additions based on tax positions related to the current year	10,188				26			10,214
Additions for tax positions of prior years	4,128				3,470			7,598
Reductions for tax positions of prior years	(14,257		)		(25		)	(14,282		)
Settlements	(418		)		(85		)	(503		)
Lapse of statutes	(12,550		)		(3,429		)	(15,979		)
Unrecognized tax benefits at December 31, 2012	121,864				54,225			176,089
Additions based on tax positions related to the current year	9,056				1			9,057
Additions for tax positions of prior years	7,584				3,315			10,899
Reductions for tax positions of prior years ^(A)	(62,610		)		(40,240		)	(102,850		)
Settlements	(2,823		)		(2,523		)	(5,346		)
Lapse of statutes	(7,845		)		(1,564		)	(9,409		)
Unrecognized tax benefits at December 31, 2013	65,226				13,214			78,440
Additions based on tax positions related to the current year	11,751				14			11,765
Additions for tax positions of prior years	1,065				499			1,564
Reductions for tax positions of prior years	(5,782		)		(265		)	(6,047		)
Settlements	(843		)		(155		)	(998		)
Lapse of statutes	(5,050		)		(2,585		)	(7,635		)
Unrecognized tax benefits at December 31, 2014	$	66,367		^(B)	$	10,722		$	77,089


(A)	The settlement of certain income tax examinations of the 2009 and 2010 tax years resulted in a significant decrease in gross unrecognized tax benefits.

(B)

If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $48.8 million. During the years ended December 31, 2014, 2013, and 2012, the Company recorded potential interest and penalty expense (income) of $(1.3) million, $(5.5) million and $0.1 million, respectively, related to its unrecognized tax benefits as a component of provision for income taxes. The Company had accrued interest and penalties of $15.5 million at December 31, 2014 and $17.1 million at December 31, 2013, which are not included in the above table.