Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income before Income Tax, Domestic and Foreign

The following table presents components of income (loss) from continuing operations before income taxes for the years ended December 31:



	2014		2013			2012
Domestic	$	1,054	$	(171,878	)	$	(37,910	)
Foreign	169,535		52,071			148,805
Total	$	170,589	$	(119,807	)	$	110,895

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense (benefit) from continuing operations for the years ended December 31:



	2014			2013			2012
Current
U.S. federal	$	5,857		$	10,453		$	3,381
Foreign	61,414			59,481			39,185
State and local	723			3,231			2,006
Total current	67,994			73,165			44,572
Deferred
U.S. federal	(2,660		)	(20,180		)	(2,344		)
Foreign	(9,387		)	9,678			(13,159		)
State and local	(2,377		)	(5,948		)	(844		)
Total deferred	(14,424		)	(16,450		)	(16,347		)
Income tax expense	$	53,570		$	56,715		$	28,225

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) attributable to income (loss) from continuing operations differed from the amounts computed by applying the U.S. federal income tax rate of 35 percent to pretax income (loss) from continuing operations. The following table presents these differences for the years ended December 31:



	2014			2013			2012
Statutory tax expense (benefit)	$	59,706		$	(41,932	)	$	38,813
Brazil nontaxable incentive	(15,454		)	(7,849		)	(10,622		)
Valuation allowance	9,458			43,884			1,609
Brazil tax goodwill amortization	(1,509		)	(3,807		)	(4,802		)
Foreign tax rate differential	(14,853		)	(12,432		)	(14,332		)
Foreign subsidiary earnings	14,621			59,460			10,648
Accrual adjustments	2,243			5,755			494
Non-deductible goodwill	—			5,189			—
FCPA provision, nondeductible portion	—			5,412			2,939
Other	(642		)	3,035			3,478
Income tax expense	$	53,570		$	56,715		$	28,225

Summary of Income Tax Contingencies

Details of the unrecognized tax benefits are as follows:



	2014			2013
Balance at January 1	$	16,545		$	13,178
Increases related to prior year tax positions	314			1,489
Increases related to current year tax positions	694			2,864
Settlements	(2,499		)	—
Reduction due to lapse of applicable statute of limitations	(87		)	(986		)
Balance at December 31	$	14,967		$	16,545

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows:



	2014			2013
Deferred tax assets
Accrued expenses	$	56,652		$	56,704
Warranty accrual	35,601			25,943
Deferred compensation	15,751			14,839
Allowance for doubtful accounts	9,112			8,141
Inventories	14,057			11,253
Deferred revenue	12,460			14,795
Pension and post-retirement benefits	73,026			45,601
Tax credits	33,393			34,350
Net operating loss carryforwards	68,883			74,472
Capital loss carryforwards	—			2,295
State deferred taxes	17,393			13,489
Other	3,557			—
	339,885			301,882
Valuation allowance	(87,959		)	(87,773		)
Net deferred tax assets	$	251,926		$	214,109

Deferred tax liabilities
Property, plant and equipment	$	18,316		$	15,494
Goodwill and intangible assets	17,508			17,601
Partnership interest	13,105			13,170
Undistributed earnings	14,346			27,766
Other	—			1,130
Net deferred tax liabilities	63,275			75,161
Net deferred tax asset	$	188,651		$	138,948

Schedule of Deferred Income Taxes by Balance Sheet Account

Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows:



	2014			2013
Deferred income taxes - current assets	$	110,999		$	110,165
Deferred income taxes - long-term assets	86,544			39,461
Other current liabilities	(2,365		)	(1,528		)
Deferred income taxes - long-term liabilities	(6,527		)	(9,150		)
Net deferred tax asset	$	188,651		$	138,948