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Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Disclosure | TAXES The sources of the Company’s earnings before taxes were as follows for the years ended December 31:
| 2016 |  | 2015 |  | 2014
United States | $ | 37,363 |  |  | $ | 20,992 |  |  | $ | 33,157 |
Non-United States | 466,830 |  |  | 442,432 |  |  | 411,847 |
Earnings before taxes | $ | 504,193 |  |  | $ | 463,424 |  |  | $ | 445,004 |
The provisions for taxes consist of:
| Current |  | Deferred |  | Total
Year ended December 31, 2016: |  |  |  |  |
United States federal | $ | 20,116 |  |  | $ | (4,817 | ) |  | $ | 15,299 |
State and local | 2,947 |  |  | 1,149 |  |  | 4,096 |
Non-United States | 94,882 |  |  | 5,546 |  |  | 100,428 |
Total | $ | 117,945 |  |  | $ | 1,878 |  |  | $ | 119,823 |
Year ended December 31, 2015: |  |  |  |  |  |  |  |
United States federal | $ | 11,071 |  |  | $ | 3,029 |  |  | $ | 14,100 |
State and local | 2,164 |  |  | 617 |  |  | 2,781 |
Non-United States | 90,232 |  |  | 3,491 |  |  | 93,723 |
Total | $ | 103,467 |  |  | $ | 7,137 |  |  | $ | 110,604 |
Year ended December 31, 2014: |  |  |  |  |  |  |  |
United States federal | $ | — |  |  | $ | 5,676 |  |  | $ | 5,676 |
State and local | 1,372 |  |  | 527 |  |  | 1,899 |
Non-United States | 90,029 |  |  | 9,159 |  |  | 99,188 |
Total | $ | 91,401 |  |  | $ | 15,362 |  |  | $ | 106,763 |
The provisions for tax expense for the years ended December 31, 2016, 2015, and 2014 differed from the amounts computed by applying the United States federal income tax rate of 35% to the earnings before taxes as a result of the following:
| 2016 |  | 2015 |  | 2014
Expected tax | $ | 176,467 |  |  | $ | 162,198 |  |  | $ | 155,751 |
United States state and local income taxes, net of federal income tax benefit | 3,064 |  |  | 2,551 |  |  | 1,899 |
Change in valuation allowance | — |  |  | (1,098 | ) |  | (172 | )
Non-United States income taxes at other than a 35% rate | (65,917 | ) |  | (54,798 | ) |  | (51,360 | )
Other, net | 6,209 |  |  | 1,751 |  |  | 645 |
Total provision for taxes | $ | 119,823 |  |  | $ | 110,604 |  |  | $ | 106,763 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below at December 31:
| 2016 |  | 2015
Deferred tax assets: |  |  |  |  |
Inventory | $ | 17,612 |  |  | $ | 14,491 |
Accrued and other liabilities | 93,379 |  |  | 89,605 |
Accrued post-retirement benefit and pension costs | 72,004 |  |  | 59,175 |
Net operating loss and tax credit carryforwards | 15,844 |  |  | 32,818 |
Other | 10,326 |  |  | 9,778 |
Total deferred tax assets | 209,165 |  |  | 205,867 |
Less valuation allowance | (10,730 | ) |  | (25,435 | )
Total deferred tax assets less valuation allowance | 198,435 |  |  | 180,432 |
Deferred tax liabilities: |  |  |  |  |
Inventory | 3,741 |  |  | 3,946 |
Property, plant, and equipment | 56,718 |  |  | 57,373 |
Rainin intangibles amortization | 77,295 |  |  | 71,388 |
Prepaid post-retirement benefit and pension costs | 36,741 |  |  | 30,884 |
International earnings | 19,575 |  |  | 14,998 |
Unrealized currency gains | 34,720 |  |  | 19,768 |
Total deferred tax liabilities | 228,790 |  |  | 198,357 |
Net deferred tax (liability) asset | $ | (30,355 | ) |  | $ | (17,925 | )
A reconciliation of the beginning and end amounts of unrecognized tax benefits is as follows:
| 2016 |  | 2015
Unrecognized tax benefits at beginning of year | $ | 15,259 |  |  | $ | 16,864 |
Increases related to current tax positions | 7,824 |  |  | 2,676 |
Increases (decreases) related to prior year tax positions | (885 | ) |  | 186 |
Decreases relating to taxing authority settlements | (794 | ) |  | (1,102 | )
Decreases resulting from a lapse of the applicable statute of limitations | (896 | ) |  | (2,764 | )
Other, net | (268 | ) |  | (601 | )
Unrecognized tax benefits at end of year | $ | 20,240 |  |  | $ | 15,259 |
Included in the balance of unrecognized tax benefits at December 31, 2016 and 2015 were $16.6 million and $12.0 million, respectively, of tax benefits that if recognized would reduce the Company’s effective tax rate. The Company recognizes accrued amounts of interest and penalties related to its uncertain tax positions as part of its income tax expense within its consolidated statement of operations. The amount of accrued interest and penalties included within other non-current liabilities within the Company’s consolidated balance sheet as of December 31, 2016 and 2015 was $2.2 million and $1.9 million, respectively. The Company believes that it is reasonably possible that the unrecognized tax benefit balance could change over the next twelve months, primarily related to potential disputes raised by the taxing authorities over income and expense recognition. The Company does not expect a change would have a material impact on its financial position, results of operations, or cash flows. The Company has recorded valuation allowances related to certain of its deferred income tax assets due to the uncertainty of the ultimate realization of future benefits from such assets. The potential decrease or increase of the valuation allowance in the near term is dependent on the future ability of the Company to realize the deferred tax assets that are affected by the future profitability of operations in various worldwide jurisdictions. The $14.7 million decrease in the total valuation allowance during 2016 is primarily attributable to changes in the foreign tax credit carryforward and foreign currency fluctuation. The deferred tax assets and valuation allowance as of December 31, 2016 do not include certain deferred tax assets that arose directly from (or the use of which was postponed by) tax deductions related to equity compensation in excess of compensation expense recorded. With the adoption of ASU 2016-09 in the first quarter of 2017, deferred tax assets will be recorded for previously unrecognized excess tax benefits outstanding at December 31, 2016 which we expect to be offset by a valuation allowance. At December 31, 2016, the Company has various U.S. state net operating losses and various foreign net operating losses that have various expiration periods. The Company plans to repatriate earnings from China, Switzerland, Germany, the United Kingdom, and certain other countries in future years and believes that there will be no additional cost associated with the repatriation of such foreign earnings other than withholding taxes. All other undistributed earnings are considered to be permanently reinvested on which no U.S. deferred income taxes or foreign withholding taxes have been provided. It is not practicable to estimate the amount of deferred tax liability related to these undistributed earnings due to the complexity of the calculation and the uncertainty regarding assumptions necessary to compute the tax. As of December 31, 2016, we had an immaterial amount of cash and cash equivalents in foreign subsidiaries where undistributed earnings are considered permanently reinvested. Accordingly, we believe the impact associated with not repatriating our undistributed foreign earnings will not have a material effect on our liquidity. As of December 31, 2016, the major jurisdictions for which the Company is subject to examinations are Germany for years after 2013, the United States after 2013, France after 2012, Switzerland after 2012, the United Kingdom after 2014, and China after 2013. Additionally, the Company is currently under examination in various taxing jurisdictions in which it conducts business operations. While the Company has not yet received any material assessments from these taxing authorities, the Company believes that adequate amounts of taxes and related interest and penalties have been provided for any adverse adjustments as a result of these examinations and that the ultimate outcome of these examinations will not result in a material impact on the Company’s consolidated results of operations or financial position.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + 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)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: 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=65882285&loc=d3e32639-109319 Reference 5: 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=65882285&loc=d3e32537-109319 + Details
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