Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2014		2013		2012
	(Amounts in thousands)
Current:
U.S. federal	$	62,301	$	61,670	$	73,444
Non-U.S.	123,052		112,471		101,166
State and local	7,422		7,537		3,454
Total current	192,775		181,678		178,064
Deferred:
U.S. federal	1,270		8,771		(823		)
Non-U.S.	13,016		13,120		(17,268		)
State and local	1,244		1,132		793
Total deferred	15,530		23,023		(17,298		)
Total provision	$	208,305	$	204,701	$	160,766

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,
	2014			2013			2012
	(Amounts in millions)
Statutory federal income tax at 35%	$	256.6		$	242.6		$	214.0
Foreign impact, net	(58.7		)	(40.7		)	(50.6		)
State and local income taxes, net	8.7			8.7			4.2
Other	1.7			(5.9		)	(6.8		)
Total	$	208.3		$	204.7		$	160.8
Effective tax rate	28.4		%	29.5		%	26.3		%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2014			2013
	(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits	$	35,501		$	25,798
Net operating loss carryforwards	23,483			23,943
Compensation accruals	56,903			54,518
Inventories	51,528			56,487
Credit carryforwards	32,039			32,384
Warranty and accrued liabilities	13,913			20,626
Other	43,603			42,809
Total deferred tax assets	256,970			256,565
Valuation allowances	(15,378		)	(18,058		)
Net deferred tax assets	241,592			238,507
Deferred tax liabilities related to:
Property, plant and equipment	(30,077		)	(36,191		)
Goodwill and intangibles	(150,741		)	(138,635		)
Other	(2,182		)	(9,269		)
Total deferred tax liabilities	(183,000		)	(184,095		)
Deferred tax assets, net	$	58,592		$	54,412

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

	Year Ended December 31,
	2014		2013		2012
	(Amounts in thousands)
U.S.	$	230,896	$	231,179	$	220,684
Non-U.S.	502,294		461,842		390,881
Total	$	733,190	$	693,021	$	611,565

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):

	2014			2013			2012
Balance — January 1	$	59.3		$	59.1		$	93.8
Gross amount of increases (decreases) in unrecognized tax benefits resulting from tax positions taken:
During a prior year	2.7			3.9			(1.4		)
During the current period	7.2			8.9			10.3
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities	(3.9		)	(0.1		)	(21.0		)
Lapse of the applicable statute of limitations	(10.0		)	(11.5		)	(23.0		)
(Decreases) increases in unrecognized tax benefits relating to foreign currency translation adjustments	(3.8		)	(1.0		)	0.4
Balance — December 31	$	51.5		$	59.3		$	59.1