XML 104 R42.htm IDEA: XBRL DOCUMENT
v3.10.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Components of Income from Operations before Provision for Income Taxes | The components of the income from operations before provision for income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below:
|  | For the year ended December 31,
In thousands |  | 2017 |  | 2016 |  | 2015
Domestic |  | $ | 140,325 |  |  | $ | 276,218 |  |  | $ | 461,394 |
Foreign |  | 211,738 |  |  | 136,619 |  |  | 123,974 |
Income from operations before income taxes |  | $ | 352,063 |  |  | $ | 412,837 |  |  | $ | 585,368 |
Consolidated Provision for Income Taxes | The consolidated provision for income taxes included in the Statement of Income consisted of the following:
|  | For the year ended December 31,
In thousands |  | 2017 |  | 2016 |  | 2015
Current taxes |  |  |  |  |  |
Federal |  | $ | 86,157 |  |  | $ | 72,317 |  |  | $ | 141,245 |
State |  | 3,644 |  |  | 9,953 |  |  | 16,072 |
Foreign |  | 67,395 |  |  | 27,391 |  |  | 24,442 |
|  | 157,196 |  |  | 109,661 |  |  | 181,759 |
Deferred taxes |  |  |  |  |  |
Federal |  | (22,863 | ) |  | 11,013 |  |  | 9,606 |
State |  | (1,024 | ) |  | 1,953 |  |  | 770 |
Foreign |  | (43,536 | ) |  | (23,194 | ) |  | (5,395 | )
|  | (67,423 | ) |  | (10,228 | ) |  | 4,981 |
Total provision |  | $ | 89,773 |  |  | $ | 99,433 |  |  | $ | 186,740 |
Reconciliation of Income Tax Rate | A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below:
|  | For the year ended December 31,
In thousands |  | 2017 |  | 2016 |  | 2015
U.S. federal statutory rate |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State taxes |  | 0.4 | % |  | 2.1 | % |  | 2.0 | %
Tax reserves |  | — | % |  | (0.2 | )% |  | (0.4 | )%
Foreign |  | (8.3 | )% |  | (4.3 | )% |  | (2.1 | )%
Research and development credit |  | (0.8 | )% |  | (1.0 | )% |  | (0.4 | )%
Manufacturing deduction |  | (1.1 | )% |  | (1.8 | )% |  | (2.3 | )%
France tax rate change |  | (6.5 | )% |  | (6.5 | )% |  | — | %
U.S. tax rate change |  | (7.9 | )% |  | — | % |  | — | %
U.S. tax reform provision |  | 15.6 | % |  | — | % |  | — | %
Transaction costs related to acquisitions |  | — | % |  | 1.5 | % |  | — | %
Other, net |  | (0.9 | )% |  | (0.7 | )% |  | 0.1 | %
Effective rate |  | 25.5 | % |  | 24.1 | % |  | 31.9 | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows:
|  | December 31,
In thousands |  | 2017 |  | 2016
Deferred income tax assets: |  |  |  |
Accrued expenses and reserves |  | $ | 10,961 |  |  | $ | 26,117 |
Warranty reserve |  | 20,211 |  |  | 24,131 |
Deferred compensation/employee benefits |  | 18,353 |  |  | 25,755 |
Pension and postretirement obligations |  | 21,637 |  |  | 25,595 |
Inventory |  | 19,620 |  |  | 22,579 |
Net operating loss carry forwards |  | 65,671 |  |  | 59,416 |
Tax credit carry forwards |  | 1,921 |  |  | 621 |
Other |  | 13,053 |  |  | 2,317 |
Gross deferred income tax assets |  | 171,427 |  |  | 186,531 |
Valuation allowance |  | 25,683 |  |  | 21,418 |
Total deferred income tax assets |  | 145,744 |  |  | 165,113 |
Deferred income tax liabilities: |  |  |  |
Property, plant & equipment |  | 37,015 |  |  | 47,321 |
Intangibles |  | 288,141 |  |  | 359,312 |
Total deferred income tax liabilities |  | 325,156 |  |  | 406,633 |
Net deferred income tax liability |  | $ | (179,412 | ) |  | $ | (241,520 | )
Liability for Income Taxes Associated with Uncertain Tax Positions | A reconciliation of the beginning and ending amount of the liability for income taxes associated with unrecognized tax benefits follows:
In thousands |  | 2017 |  | 2016 |  | 2015
Gross liability for unrecognized tax benefits at beginning of year |  | $ | 8,423 |  |  | $ | 10,557 |  |  | $ | 12,596 |
Gross increases - unrecognized tax benefits in prior periods |  | 2,466 |  |  | 6 |  |  | — |
Gross increases - current period unrecognized tax benefits |  | — |  |  | — |  |  | 1,682 |
Gross decreases - unrecognized tax benefits in prior periods |  | — |  |  | — |  |  | — |
Gross decreases - audit settlement during year |  | (3,979 | ) |  | — |  |  | (3,027 | )
Gross decreases - expiration of audit statute of limitations |  | — |  |  | (2,140 | ) |  | (694 | )
Gross liability for unrecognized tax benefits at end of year |  | $ | 6,910 |  |  | $ | 8,423 |  |  | $ | 10,557 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration