Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017		2016		2015
Domestic	$	620,908	$	420,546	$	530,268
Foreign	352,935		268,786		270,342
Total	$	973,843	$	689,332	$	800,610

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, 2017, 2016 and 2015 is comprised of the following:



	Years Ended December 31,
	2017			2016			2015
Current:
U.S. federal	$	277,979		$	139,117		$	115,130
State and local	24,444			21,213			11,706
Foreign	47,152			85,273			79,982
Total current	349,575			245,603			206,818
Deferred:
U.S. federal	(187,365		)	(14,438		)	19,238
State and local	(3,514		)	(1,232		)	(3,433		)
Foreign	3,482			(49,493		)	(17,894		)
Total deferred	(187,397		)	(65,163		)	(2,089		)
Total expense	$	162,178		$	180,440		$	204,729

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,
	2017		2016		2015
U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of federal income tax benefit	1.3		1.9		1.6
Foreign operations tax effect	(6.5	)	(7.1	)	(4.3	)
Domestic manufacturing deduction	(2.0	)	(2.2	)	(3.0	)
Foreign tax credits	—		(0.1	)	(2.4	)
Changes in tax law	(5.6	)	(1.4	)	—
Disposition of businesses	(3.8	)	(0.6	)	—
Other ⁽¹⁾	(1.7	)	0.7		(1.3	)
Effective tax rate from continuing operations	16.7	%	26.2	%	25.6	%

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, 2017			December 31, 2016
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	69,428		$	121,909
Accrued expenses, principally for state income taxes, interest and warranty	21,251			40,256
Net operating loss and other carryforwards	269,892			325,721
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	11,640			15,730
Accounts receivable, principally due to allowance for doubtful accounts	6,747			8,337
Accrued insurance	1,264			6,483
Long-term liabilities, principally warranty, environmental and exit costs	7,107			5,273
Other assets	(23,396		)	(18,872		)
Total gross deferred tax assets	363,933			504,837
Valuation allowance	(238,668		)	(289,642		)
Total deferred tax assets, net of valuation allowances	125,265			215,195
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	(488,012		)	(814,242		)
Property, plant and equipment, principally due to differences in depreciation	(47,549		)	(74,713		)
Accounts receivable	(4,654		)	(10,086		)
Total gross deferred tax liabilities	(540,215		)	(899,041		)
Net deferred tax liability	$	(414,950	)	$	(683,846	)

Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges	$	23,891		$	26,327
Deferred income taxes	(438,841		)	(710,173		)
	$	(414,950	)	$	(683,846	)

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:



	Total
Unrecognized tax benefits at January 1, 2015	$	77,089
Additions based on tax positions related to the current year	17,131
Additions for tax positions of prior years	2,900
Reductions for tax positions of prior years ⁽¹⁾	(17,135		)
Cash settlements	(1,153		)
Lapse of statutes	(12,744		)
Unrecognized tax benefits at December 31, 2015	66,088
Additions based on tax positions related to the current year	7,929
Additions for tax positions of prior years	9,076
Reductions for tax positions of prior years	(3,067		)
Cash settlements	(3,106		)
Lapse of statutes	(6,605		)
Unrecognized tax benefits at December 31, 2016	70,315
Additions based on tax positions related to the current year	14,466
Additions for tax positions of prior years	4,105
Reductions for tax positions of prior years	(9,653		)
Cash settlements	(954		)
Lapse of statutes	(10,245		)
Unrecognized tax benefits at December 31, 2017 ⁽²⁾	$	68,034


(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 $59.2 million. During the years ended December 31, 2017, 2016 and 2015, the Company recorded expense (income) of $(0.5) million, $0.7 million and $(4.3) 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 $16.5 million at December 31, 2017 and $14.6 million at December 31, 2016, which are not included in the above table.