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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Components of income tax expense (benefit) |
| Year Ended December 31,
(millions of dollars) | 2017 |  | 2016 |  | 2015
Earnings before income taxes: |  |  |  |  |
U.S. | $ | 203.0 |  |  | $ | 27.5 |  |  | $ | 74.2 |
Non-U.S. | 860.6 |  |  | 915.2 |  |  | 801.2 |
Total | $ | 1,063.6 |  |  | $ | 942.7 |  |  | $ | 875.4 |
Provision for income taxes: |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Federal | $ | 36.4 |  |  | $ | 37.4 |  |  | $ | 32.5 |
State | 4.6 |  |  | 6.1 |  |  | (4.3 | )
Foreign | 247.4 |  |  | 251.7 |  |  | 228.3 |
Total current | 288.4 |  |  | 295.2 |  |  | 256.5 |
Deferred: |  |  |  |  |
Federal | 323.7 |  |  | 23.5 |  |  | 13.8 |
State | 2.1 |  |  | (0.8 | ) |  | 1.7 |
Foreign | (33.9 | ) |  | (11.9 | ) |  | (10.5 | )
Total deferred | 291.9 |  |  | 10.8 |  |  | 5.0 |
Total provision for income taxes | $ | 580.3 |  |  | $ | 306.0 |  |  | $ | 261.5 |
Effective Income Tax Rate Reconciliation |
| Year Ended December 31,
(millions of dollars) | 2017 |  | 2016 |  | 2015
Income taxes at U.S. statutory rate of 35% | $ | 372.3 |  |  | $ | 330.0 |  |  | $ | 306.4 |
Increases (decreases) resulting from: |  |  |  |  |  |  |  |
State taxes, net of federal benefit | 2.3 |  |  | 1.8 |  |  | 7.3 |
U.S. tax on non-U.S. earnings | 226.0 |  |  | 40.7 |  |  | 31.5 |
Affiliates' earnings | (17.9 | ) |  | (15.0 | ) |  | (14.0 | )
Foreign rate differentials | (100.2 | ) |  | (93.3 | ) |  | (92.6 | )
Tax holidays | (31.0 | ) |  | (25.5 | ) |  | (21.2 | )
Withholding taxes | 24.9 |  |  | 13.3 |  |  | 7.8 |
Tax credits | (24.2 | ) |  | (3.2 | ) |  | (3.2 | )
Reserve adjustments, settlements and claims | 8.0 |  |  | 11.6 |  |  | 19.4 |
Valuation allowance adjustments | 12.2 |  |  | (2.7 | ) |  | 8.3 |
Non-deductible transaction costs | 10.9 |  |  | 8.3 |  |  | 8.1 |
Provision to return and other one-time tax adjustments | (1.9 | ) |  | 0.3 |  |  | (5.1 | )
Impact of transactions | 4.0 |  |  | 16.3 |  |  | 11.6 |
Currency | 0.7 |  |  | 10.0 |  |  | 0.1 |
Other foreign taxes | 8.1 |  |  | 12.9 |  |  | 9.0 |
Partnership income | 3.3 |  |  | 3.4 |  |  | 3.1 |
Revaluation of U.S. deferred taxes | 63.7 |  |  | — |  |  | — |
Other | 19.1 |  |  | (2.9 | ) |  | (15.0 | )
Provision for income taxes, as reported | $ | 580.3 |  |  | $ | 306.0 |  |  | $ | 261.5 |
Reconciliation of the total gross unrecognized tax benefits |
(millions of dollars) | 2017 |  | 2016
Balance, January 1 | $ | 91.1 |  |  | $ | 127.3 |
Additions based on tax positions related to current year | 16.8 |  |  | 16.1 |
Additions/(reductions) for tax positions of prior years | (2.4 | ) |  | 1.6 |
Reductions for closure of tax audits and settlements | (19.9 | ) |  | (45.7 | )
Reductions for lapse in statute of limitations | (0.8 | ) |  | (5.0 | )
Translation adjustment | 7.2 |  |  | (3.2 | )
Balance, December 31 | $ | 92.0 |  |  | $ | 91.1 |
Tax jurisdiction |
Tax jurisdiction |  | Years no longer subject to audit |  | Tax jurisdiction |  | Years no longer subject to audit
U.S. Federal |  | 2013 and prior |  | Japan |  | 2015 and prior
China |  | 2011 and prior |  | Mexico |  | 2011 and prior
France |  | 2013 and prior |  | Poland |  | 2011 and prior
Germany |  | 2011 and prior |  | South Korea |  | 2011 and prior
Hungary |  | 2008 and prior |  |  |  |
Deferred Tax Assets (Liabilities) |
| December 31,
(millions of dollars) | 2017 |  | 2016
Deferred tax assets: |  |  |  |  |
Foreign tax credits | $ | — |  |  | $ | 139.5 |
Employee compensation | 26.4 |  |  | 41.3 |
Other comprehensive loss | 54.5 |  |  | 66.3 |
Research and development capitalization | 76.4 |  |  | 145.1 |
Net operating loss and capital loss carryforwards | 74.6 |  |  | 71.5 |
Pension and other postretirement benefits | 19.1 |  |  | 38.8 |
Asbestos-related | 167.1 |  |  | 263.0 |
Other | 146.6 |  |  | 128.9 |
Total deferred tax assets | $ | 564.7 |  |  | $ | 894.4 |
Valuation allowance | (95.9 | ) |  | (71.2 | )
Net deferred tax asset | $ | 468.8 |  |  | $ | 823.2 |
Deferred tax liabilities: |  |  |  |  |
Goodwill and intangible assets | (193.9 | ) |  | (251.3 | )
Fixed assets | (104.6 | ) |  | (147.1 | )
Unremitted foreign earnings | (98.5 | ) |  | (38.5 | )
Other | (12.0 | ) |  | (16.5 | )
Total deferred tax liabilities | $ | (409.0 | ) |  | $ | (453.4 | )
Net deferred taxes | $ | 59.8 |  |  | $ | 369.8 |

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- 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
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- 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
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