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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

			Year Ended December 31,
			2020						2019						2018
			(Amounts in thousands)
Current:
U.S. federal			$	40,234					$	22,001					$	12,079
Foreign			42,487						61,976						29,968
State and local			5,894						4,506						2,647
Total current			88,615						88,483						44,694
Deferred:
U.S. federal			(50,038)						(1,644)						6,567
Foreign			25,356						(12,243)						(4,585)
State and local			(3,902)						897						(126)
Total deferred			(28,584)						(12,990)						1,856
Total provision			$	60,031					$	75,493					$	46,550

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,
			2020						2019						2018
			(Amounts in millions)
Statutory federal income tax at 21%			$	39.2					$	67.7					$	32.9
Foreign impact, net			(1.3)						4.5						(5.9)
Impact of U.S. Tax Reform Act			—						—						(5.7)
Change in valuation allowances			26.9						0.3						15.7
State and local income taxes, net			2.0						5.4						3.7
Research and development credit			(5.2)						(5.4)						—
Other, net			(1.6)						3.0						5.9
Total			$	60.0					$	75.5					$	46.6
Effective tax rate			32.1		%				23.4		%				29.8		%

Schedule of Deferred Tax Assets and Liabilities

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

			December 31,
			2020						2019
			(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits			$	29,754					$	25,214
Net operating loss carryforwards			109,020						101,193
Compensation accruals			20,290						24,685
Inventories			36,402						34,846
Credit and capital loss carryforwards			136,956						131,744
Warranty and accrued liabilities			27,483						18,741
Bad debt reserve			17,455						30,884
Operating lease liability			25,446						27,799
Other			38,457						25,339
Total deferred tax assets			441,263						420,445
Valuation allowances			(287,787)						(266,414)
Net deferred tax assets			153,476						154,031
Deferred tax liabilities related to:
Property, plant and equipment			(11,714)						(26,311)
Goodwill and intangibles			(101,818)						(114,122)
Foreign undistributed earnings			(50,332)						(67,930)
Operating lease right-of-use-assets			(25,799)						(27,799)
Other			(17,621)						(12,623)
Total deferred tax liabilities			(207,284)						(248,785)
Deferred tax liabilities, net			$	(53,808)					$	(94,754)

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

			Year Ended December 31,
			2020						2019						2018
			(Amounts in thousands)
U.S.			$	73,109					$	110,500					$	68,838
Foreign			113,703						211,933						87,600
Total			$	186,812					$	322,433					$	156,438

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):

			2020						2019						2018
Balance — January 1			$	40.6					$	41.2					$	51.5
Gross amount of increase (decrease) in unrecognized tax benefits resulting from tax positions taken:
During a prior year			3.8						8.8						(6.6)
During the current period			11.1						6.3						4.0
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities			(0.2)						(11.4)						(2.7)
Lapse of the applicable statute of limitations			(2.5)						(3.2)						(3.7)
Increase (decrease) in unrecognized tax benefits relating to foreign currency translation adjustments			2.0						(1.1)						(1.3)
Balance — December 31			$	54.8					$	40.6					$	41.2

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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