Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2015			2014		2013
	(Amounts in thousands)
Current:
U.S. federal	$	62,032		$	62,301	$	61,670
Non-U.S.	78,489			123,052		112,471
State and local	4,947			7,422		7,537
Total current	145,468			192,775		181,678
Deferred:
U.S. federal	(3,509		)	1,270		8,771
Non-U.S.	5,543			13,016		13,120
State and local	1,420			1,244		1,132
Total deferred	3,454			15,530		23,023
Total provision	$	148,922		$	208,305	$	204,701

Schedule of Reconciliation Statutory Corporate Rate to Provision for Income Taxes

The provision for income taxes differs from the statutory corporate rate due to the following:

	Year Ended December 31,
	2015			2014			2013
	(Amounts in millions)
Statutory federal income tax at 35%	$	147.8		$	256.6		$	242.6
Foreign impact, net	(25.1		)	(57.1		)	(42.5		)
Change in valuation allowance	11.6			(1.6		)	1.8
State and local income taxes, net	6.4			8.7			8.7
Other	8.2			1.7			(5.9		)
Total	$	148.9		$	208.3		$	204.7
Effective tax rate	35.3		%	28.4		%	29.5		%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the consolidated deferred tax assets and liabilities were:

	December 31,
	2015			2014
	(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits	$	36,845		$	35,501
Net operating loss carryforwards	29,473			23,483
Compensation accruals	36,695			56,903
Inventories	49,660			51,528
Credit carryforwards	50,380			32,039
Warranty and accrued liabilities	30,897			13,913
Other	41,089			43,603
Total deferred tax assets	275,039			256,970
Valuation allowances	(24,725		)	(15,378		)
Net deferred tax assets	250,314			241,592
Deferred tax liabilities related to:
Property, plant and equipment	(43,348		)	(30,077		)
Goodwill and intangibles	(175,748		)	(150,741		)
Other	(972		)	(2,182		)
Total deferred tax liabilities	(220,068		)	(183,000		)
Deferred tax assets, net	$	30,246		$	58,592

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

	Year Ended December 31,
	2015		2014		2013
	(Amounts in thousands)
U.S.	$	217,398	$	230,896	$	231,179
Non-U.S.	204,798		502,294		461,842
Total	$	422,196	$	733,190	$	693,021

Reconciliation of Unrecognized Tax Benefits

A tabular reconciliation of the total gross amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):

	2015			2014			2013
Balance — January 1	$	51.5		$	59.3		$	59.1
Gross amount of increases in unrecognized tax benefits resulting from tax positions taken:
During a prior year	9.8			2.7			3.9
During the current period	8.6			7.2			8.9
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities	(1.1		)	(3.9		)	(0.1		)
Lapse of the applicable statute of limitations	(7.4		)	(10.0		)	(11.5		)
Decreases in unrecognized tax benefits relating to foreign currency translation adjustments	(5.3		)	(3.8		)	(1.0		)
Balance — December 31	$	56.1		$	51.5		$	59.3