Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015		2014
Domestic	$	420,546	$	530,268	$	789,689
Foreign	268,786		270,342		304,518
Total	$	689,332	$	800,610	$	1,094,207

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, 2016, 2015 and 2014 is comprised of the following:



	Years Ended December 31,
	2016			2015			2014
Current:
U.S. federal	$	139,117		$	115,130		$	231,939
State and local	21,213			11,706			8,434
Foreign	85,273			79,982			97,037
Total current	245,603			206,818			337,410
Deferred:
U.S. federal	(14,438		)	19,238			7,386
State and local	(1,232		)	(3,433		)	11,250
Foreign	(49,493		)	(17,894		)	(39,979		)
Total deferred	(65,163		)	(2,089		)	(21,343		)
Total expense	$	180,440		$	204,729		$	316,067

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

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



	Years Ended December 31,
	2016		2015		2014
U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of federal income tax benefit	1.9		1.6		1.3
Foreign operations tax effect	(7.1	)	(4.3	)	(3.7	)
Research and experimentation tax credits	(0.6	)	(0.4	)	(0.3	)
Domestic manufacturing deduction	(2.2	)	(3.0	)	(3.0	)
Foreign tax credits	(0.1	)	(2.4	)	0.4
Branch income (losses)	0.3		(0.2	)	(0.7	)
Release of valuation allowance	—		—		(0.6	)
Other	(1.0	)	(0.7	)	0.5
Effective tax rate from continuing operations	26.2	%	25.6	%	28.9	%

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, 2016			December 31, 2015
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	121,909		$	133,000
Accrued expenses, principally for state income taxes, interest and warranty	40,256			42,213
Net operating loss and other carryforwards	325,721			210,396
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	15,730			12,329
Accounts receivable, principally due to allowance for doubtful accounts	8,337			4,937
Accrued insurance	6,483			4,365
Long-term liabilities, principally warranty, environmental and exit cost	5,273			4,509
Other assets	(18,872		)	(36,576		)
Total gross deferred tax assets	504,837			375,173
Valuation allowance	(289,642		)	(171,365		)
Total deferred tax assets, net of valuation allowances	215,195			203,808
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	(814,242		)	(699,876		)
Property, plant and equipment, principally due to differences in depreciation	(74,713		)	(56,872		)
Accounts receivable	(10,086		)	(8,236		)
Total gross deferred tax liabilities	(899,041		)	(764,984		)
Net deferred tax liability	$	(683,846	)	$	(561,176	)

Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges	$	26,327		$	14,533
Deferred income taxes	(710,173		)	(575,709		)
	$	(683,846	)	$	(561,176	)

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, 2014	$	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				10,722				77,089
Additions based on tax positions related to the current year	17,131				—				17,131
Additions for tax positions of prior years	2,900				—				2,900
Reductions for tax positions of prior years ⁽¹⁾	(17,135		)		—				(17,135		)
Settlements	(1,153		)		—				(1,153		)
Lapse of statutes	(12,744		)		—				(12,744		)
Unrecognized tax benefits at December 31, 2015	55,366				10,722				66,088
Additions based on tax positions related to the current year	7,929				—				7,929
Additions for tax positions of prior years	9,076				—				9,076
Reductions for tax positions of prior years	(3,067		)		—				(3,067		)
Settlements	(3,106		)		—				(3,106		)
Lapse of statutes	(6,605		)		—				(6,605		)
Unrecognized tax benefits at December 31, 2016	$	59,593		⁽²⁾	$	10,722		⁽³⁾	$	70,315


⁽¹⁾	The settlement of certain income tax examinations of 2011 and 2012 tax years (in the year ended December 31, 2015) resulted in a significant decrease in unrecognized tax benefits.

⁽²⁾

If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $55.3 million. During the years ended December 31, 2016, 2015 and 2014, the Company recorded expense (income) of $0.7 million, $(4.3) million and $(1.3) million, respectively, as a component of provision for income taxes related to the accrued interest and penalties on unrecognized tax benefits. The Company had accrued interest and penalties of $14.6 million at December 31, 2016 and $13.9 million at December 31, 2015, which are not included in the above table.


⁽³⁾	The Company had recorded $10.7 million of unrecognized tax benefits related to operations previously classified as discontinued operations. Upon disposal of the discontinued operations, these unrecognized tax benefits were transferred to continuing operations. If recognized, the potential tax benefits will be recorded in continuing operations.