Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2013		2012			2011
	(Amounts in thousands)
Current:
U.S. federal	$	61,670	$	73,444		$	42,596
Non-U.S.	112,471		101,166			95,677
State and local	7,537		3,454			6,567
Total current	181,678		178,064			144,840
Deferred:
U.S. federal	8,771		(823		)	19,086
Non-U.S.	13,120		(17,268		)	(11,918		)
State and local	1,132		793			6,516
Total deferred	23,023		(17,298		)	13,684
Total provision	$	204,701	$	160,766		$	158,524

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,
	2013			2012			2011
	(Amounts in millions)
Statutory federal income tax at 35%	$	242.6		$	214.0		$	205.7
Foreign impact, net	(40.7		)	(50.6		)	(55.0		)
State and local income taxes, net	8.7			4.2			13.1
Other	(5.9		)	(6.8		)	(5.3		)
Total	$	204.7		$	160.8		$	158.5
Effective tax rate	29.5		%	26.3		%	27.0		%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2013			2012
	(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits	$	25,798		$	47,112
Net operating loss carryforwards	23,943			28,801
Compensation accruals	54,518			53,307
Inventories	56,487			60,556
Credit carryforwards	32,384			35,384
Warranty and accrued liabilities	20,626			24,263
Other	42,809			36,965
Total deferred tax assets	256,565			286,388
Valuation allowances	(18,058		)	(17,975		)
Net deferred tax assets	238,507			268,413
Deferred tax liabilities related to:
Property, plant and equipment	(36,191		)	(27,246		)
Goodwill and intangibles	(138,635		)	(128,227		)
Other	(9,269		)	(8,299		)
Total deferred tax liabilities	(184,095		)	(163,772		)
Deferred tax assets, net	$	54,412		$	104,641

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

	Year Ended December 31,
	2013		2012		2011
	(Amounts in thousands)
U.S.	$	231,179	$	220,684	$	247,684
Non-U.S.	461,842		390,881		340,071
Total	$	693,021	$	611,565	$	587,755

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):

	2013			2012			2011
Balance — January 1	$	59.1		$	93.8		$	104.6
Gross amount of increases (decreases) in unrecognized tax benefits resulting from tax positions taken:
During a prior year	3.9			(1.4		)	1.0
During the current period	8.9			10.3			8.8
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities	(0.1		)	(21.0		)	(9.8		)
Lapse of the applicable statute of limitations	(11.5		)	(23.0		)	(8.3		)
(Decreases) increases in unrecognized tax benefits relating to foreign currency translation adjustments	(1.0		)	0.4			(2.5		)
Balance — December 31	$	59.3		$	59.1		$	93.8