Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2019			2018			2017
	(Amounts in thousands)
Current:
U.S. federal	$	22,001		$	5,150		$	59,292
Foreign	61,976			36,897			22,442
State and local	4,506			2,647			5,537
Total current	88,483			44,694			87,271
Deferred:
U.S. federal	2,933			11,242			135,294
Foreign	(12,243		)	(4,585		)	34,626
State and local	897			(127		)	1,488
Total deferred	(8,413		)	6,530			171,408
Total provision	$	80,070		$	51,224		$	258,679

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,
	2019			2018			2017
	(Amounts in millions)
Statutory federal income tax at 21% (21% for 2018 and 35% for 2017)	$	71.8		$	37.0		$	92.1
Foreign impact, net	4.5			(5.9		)	(36.4		)
Impact of U.S. Tax Reform Act	—			(5.7		)	115.3
Change in valuation allowances	0.3			15.7			73.6
State and local income taxes, net	5.4			3.7			4.9
Other, net	(1.9		)	6.4			9.2
Total	$	80.1		$	51.2		$	258.7
Effective tax rate	23.4		%	29.1		%	98.4		%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2019			2018
	(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits	$	25,214		$	26,496
Net operating loss carryforwards	101,193			92,630
Compensation accruals	24,685			25,993
Inventories	33,773			25,553
Credit and capital loss carryforwards	131,744			16,056
Warranty and accrued liabilities	7,042			2,763
Bad debt reserve	30,884			28,194
Other	25,339			32,253
Total deferred tax assets	379,874			249,938
Valuation allowances	(266,414		)	(133,929		)
Net deferred tax assets	113,460			116,009
Deferred tax liabilities related to:
Property, plant and equipment	(26,545		)	(18,773		)
Goodwill and intangibles	(114,567		)	(123,692		)
Foreign undistributed earnings taxes	(67,930		)	(70,331		)
Other	(12,623		)	(17,935		)
Total deferred tax liabilities	(221,665		)	(230,731		)
Deferred tax liabilities, net	$	(108,205	)	$	(114,722	)

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

	Year Ended December 31,
	2019		2018		2017
	(Amounts in thousands)
U.S.	$	129,917	$	88,674	$	102,372
Foreign	211,933		87,600		160,635
Total	$	341,850	$	176,274	$	263,007

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):

	2019			2018			2017
Balance — January 1	$	41.2		$	51.5		$	59.3
Gross amount of increase (decrease) in unrecognized tax benefits resulting from tax positions taken:
During a prior year	8.8			(6.6		)	(3.5		)
During the current period	6.3			4.0			5.5
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities	(11.4		)	(2.7		)	(10.8		)
Lapse of the applicable statute of limitations	(3.2		)	(3.7		)	(3.1		)
(Decrease) increase in unrecognized tax benefits relating to foreign currency translation adjustments	(1.1		)	(1.3		)	4.1
Balance — December 31	$	40.6		$	41.2		$	51.5