Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2016			2015			2014
	(Amounts in thousands)
Current:
U.S. federal	$	20,569		$	62,032		$	62,301
Non-U.S.	75,227			78,489			123,052
State and local	2,612			4,947			7,422
Total current	98,408			145,468			192,775
Deferred:
U.S. federal	22,249			(3,509		)	1,270
Non-U.S.	(47,671		)	5,543			13,016
State and local	2,300			1,420			1,244
Total deferred	(23,122		)	3,454			15,530
Total provision	$	75,286		$	148,922		$	208,305

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,
	2016			2015			2014
	(Amounts in millions)
Statutory federal income tax at 35%	$	78.2		$	147.8		$	256.6
Foreign impact, net	(15.6		)	(25.1		)	(57.1		)
Change in valuation allowance	10.1			11.6			(1.6		)
State and local income taxes, net	4.9			6.4			8.7
Other	(2.3		)	8.2			1.7
Total	$	75.3		$	148.9		$	208.3
Effective tax rate	33.7		%	35.3		%	28.4		%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2016			2015
	(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits	$	39,644		$	36,845
Net operating loss carryforwards	48,180			29,473
Compensation accruals	30,299			36,695
Inventories	43,111			49,660
Credit carryforwards	64,251			50,380
Warranty and accrued liabilities	35,039			30,897
Other	61,621			41,089
Total deferred tax assets	322,145			275,039
Valuation allowances	(32,116		)	(24,725		)
Net deferred tax assets	290,029			250,314
Deferred tax liabilities related to:
Property, plant and equipment	(47,616		)	(43,348		)
Goodwill and intangibles	(176,935		)	(175,748		)
Other	(716		)	(972		)
Total deferred tax liabilities	(225,267		)	(220,068		)
Deferred tax assets, net	$	64,762		$	30,246

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

	Year Ended December 31,
	2016		2015		2014
	(Amounts in thousands)
U.S.	$	169,333	$	217,398	$	230,896
Non-U.S.	54,090		204,798		502,294
Total	$	223,423	$	422,196	$	733,190

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):

	2016			2015			2014
Balance — January 1	$	56.1		$	51.5		$	59.3
Gross amount of increases in unrecognized tax benefits resulting from tax positions taken:
During a prior year	1.9			9.8			2.7
During the current period	14.3			8.6			7.2
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities	(4.0		)	(1.1		)	(3.9		)
Lapse of the applicable statute of limitations	(7.3		)	(7.4		)	(10.0		)
Decreases in unrecognized tax benefits relating to foreign currency translation adjustments	(1.7		)	(5.3		)	(3.8		)
Balance — December 31	$	59.3		$	56.1		$	51.5