Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018		2017		2016
Domestic	$	344,793	$	544,900	$	423,006
Foreign	380,585		330,915		261,638
Total	$	725,378	$	875,815	$	684,644

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, 2018, 2017 and 2016 is comprised of the following:


	Years Ended December 31,
	2018		2017		2016
Current:
U.S. federal	$	47,445	$	188,559	$	113,591
State and local	14,120		18,857		17,037
Foreign	86,523		43,228		81,034
Total current	148,088		250,644		211,662
Deferred:
U.S. federal	876		(121,879)		15,355
State and local	626		(1,247)		1,428
Foreign	(15,357)		1,634		(45,929)
Total deferred	(13,855)		(121,492)		(29,146)
Total expense	$	134,233	$	129,152	$	182,516

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,
	2018		2017		2016
U.S. federal income tax rate	21.0	%	35.0	%	35.0	%
State and local taxes, net of federal income tax benefit	1.6		1.0		1.8
Foreign operations tax effect	(1.1)		(6.2)		(6.8)
SAB 118	(0.6)		—		—
Domestic manufacturing deduction	—		(1.7)		(1.7)
Foreign tax credits	(0.3)		0.1		(0.2)

Stock options	(2.0)		(1.0)		—
Changes in tax law	—		(6.7)		(1.4)
Disposition of businesses	—		(4.6)		—
Other	(0.1)		(1.2)		—
Effective tax rate from continuing operations	18.5	%	14.7	%	26.7	%

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, 2018		December 31, 2017
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	72,795	$	63,463
Accrued expenses, principally for state income taxes, interest and warranty	30,159		20,400
Net operating loss and other carryforwards	290,629		268,131
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	19,228		11,659
Accounts receivable, principally due to allowance for doubtful accounts	5,083		6,426
Accrued insurance	1,897		1,264

Long-term liabilities, principally warranty, environmental and exit costs	4,183		5,920
Other assets	(23,533)		(15,467)
Total gross deferred tax assets	400,441		361,796
Valuation allowance	(264,398)		(238,236)
Total deferred tax assets, net of valuation allowances	136,043		123,560
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	(394,851)		(406,197)
Property, plant and equipment, principally due to differences in depreciation	(49,380)		(37,783)
Accounts receivable	(1,704)		(4,654)
Total gross deferred tax liabilities	(445,935)		(448,634)
Net deferred tax liability	$	(309,892)	$	(325,074)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	29,433	$	23,127

Deferred income taxes	(339,325)		(348,201)
	$	(309,892)	$	(325,074)

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, 2016	$	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	68,034
Additions based on tax positions related to the current year	15,580
Additions for tax positions of prior years	29,637
Reductions for tax positions of prior years	(5,226)
Cash settlements	(7,345)
Lapse of statutes	(7,219)
Unrecognized tax benefits at December 31, 2018 ⁽¹⁾	$	93,461

⁽¹⁾If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $85.4 million. During the years ended December 31, 2018, 2017 and 2016, the Company recorded expense (income) of $2.4 million, $(0.5) million and $0.7 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 $18.8 million at December 31, 2018 and $16.5 million at December 31, 2017, which are not included in the above table.