Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018		2017
Domestic	$	448,301	$	344,793	$	544,900
Foreign	394,708		380,585		330,915
Total	$	843,009	$	725,378	$	875,815

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, 2019, 2018 and 2017 is comprised of the following:


	Years Ended December 31,
	2019		2018		2017
Current:
U.S. federal	$	71,069	$	47,445	$	188,559
State and local	16,709		14,120		18,857
Foreign	102,284		86,523		43,228
Total current	190,062		148,088		250,644
Deferred:
U.S. federal	(6,033)		876		(121,879)
State and local	1,770		626		(1,247)
Foreign	(20,708)		(15,357)		1,634
Total deferred	(24,971)		(13,855)		(121,492)
Total expense	$	165,091	$	134,233	$	129,152

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,
	2019		2018		2017
U.S. federal income tax rate	21.0	%	21.0	%	35.0	%
State and local taxes, net of federal income tax benefit	1.7		1.6		1.0
Foreign operations tax effect	(1.3)		(1.1)		(6.2)
SAB 118	—		(0.6)		—
Domestic manufacturing deduction	—		—		(1.7)
Foreign tax credits	(0.1)		(0.3)		0.1

Share awards	(1.7)		(2.0)		(1.0)
Changes in tax law	—		—		(6.7)
Disposition of businesses	1.2		—		(4.6)
Other	(1.2)		(0.1)		(1.2)
Effective tax rate from continuing operations	19.6	%	18.5	%	14.7	%

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

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


	December 31, 2019		December 31, 2018
Deferred Tax Assets:
Accrued compensation, principally postretirement and other employee benefits	$	62,547	$	72,795
Accrued expenses, principally for state income taxes, interest and warranty	29,736		30,159
Net operating loss and other carryforwards	269,599		290,629
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes	17,671		19,228
Accounts receivable, principally due to allowance for doubtful accounts	3,409		3,379
Accrued insurance	2,001		1,897

Long-term liabilities, principally warranty, environmental and exit costs	3,305		4,183

Total gross deferred tax assets	388,268		422,270
Valuation allowance	(244,153)		(264,398)
Total deferred tax assets, net of valuation allowances	144,115		157,872
Deferred Tax Liabilities:
Intangible assets, principally due to different tax and financial reporting bases and amortization lives	$	(364,843)	$	(394,851)
Property, plant and equipment, principally due to differences in depreciation	(56,401)		(49,380)
Other liabilities	(18,434)		(23,533)
Total gross deferred tax liabilities	(439,678)		(467,764)
Net deferred tax liability	$	(295,563)	$	(309,892)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	26,473	$	29,433

Deferred income taxes	(322,036)		(339,325)
	$	(295,563)	$	(309,892)

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, 2017	$	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	93,461
Additions based on tax positions related to the current year	4,493
Additions for tax positions of prior years	6,668
Reductions for tax positions of prior years	(9,217)
Cash settlements	(922)
Lapse of statutes	(11,269)
Unrecognized tax benefits at December 31, 2019 ⁽¹⁾	$	83,214

⁽¹⁾If recognized, the net amount of potential tax benefits that would impact the Company’s effective tax rate is $75.5 million. During the years ended December 31, 2019, 2018 and 2017, the Company recorded (income) expense of $(0.6) million, $2.4 million and $(0.5) 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 $17.8 million at December 31, 2019 and $18.8 million at December 31, 2018, which are not included in the above table.