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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Summary of Consolidated Income Before Provision for Income Taxes and Equity in Net Income of Affiliates and Components of Provision for Income Taxes | A summary of consolidated income before provision for income taxes and equity in net income of affiliates and the components of provision for income taxes is shown below (in millions):
For the year ended December 31, | 2018 |  | 2017 |  | 2016
Consolidated income before provision for income taxes and equity in net income of affiliates: |  |  |  |  |
Domestic | $ | 726.2 |  |  | $ | 449.5 |  |  | $ | 457.3 |
Foreign | 812.2 |  |  | 1,077.2 |  |  | 881.0 |
| $ | 1,538.4 |  |  | $ | 1,526.7 |  |  | $ | 1,338.3 |
Domestic (benefit) provision for income taxes: |  |  |  |  |
Current provision | $ | 35.0 |  |  | $ | 25.8 |  |  | $ | 46.6 |
Deferred (benefit) provision | 91.5 |  |  | (46.1 | ) |  | 99.2 |
Total domestic (benefit) provision | 126.5 |  |  | (20.3 | ) |  | 145.8 |
Foreign provision for income taxes: |  |  |  |  |
Current provision | 190.2 |  |  | 253.0 |  |  | 220.0 |
Deferred (benefit) provision | (4.8 | ) |  | (35.2 | ) |  | 4.4 |
Total foreign provision | 185.4 |  |  | 217.8 |  |  | 224.4 |
Provision for income taxes | $ | 311.9 |  |  | $ | 197.5 |  |  | $ | 370.2 |
Summary of Difference Between Provision for Income Taxes Calculated at United States Federal Statutory Income Tax Rate and Consolidated Provision for Income Taxes | A summary of the differences between the provision for income taxes calculated at the United States federal statutory income tax rate of 21% in 2018 and 35% in 2017 and 2016 and the consolidated provision for income taxes is shown below (in millions):
For the year ended December 31, | 2018 |  | 2017 |  | 2016
Consolidated income before provision for income taxes and equity in net income of affiliates multiplied by the United States federal statutory income tax rate | $ | 323.1 |  |  | $ | 534.4 |  |  | $ | 468.4 |
Differences in income taxes on foreign earnings, losses and remittances | 56.6 |  |  | (128.9 | ) |  | (43.9 | )
Valuation allowance adjustments | (52.4 | ) |  | (56.8 | ) |  | (44.2 | )
Research and development and other tax credits | (9.9 | ) |  | (26.8 | ) |  | (2.7 | )
Repatriation of certain foreign earnings | — |  |  | (289.7 | ) |  | — |
Transition tax on accumulated foreign earnings | (15.1 | ) |  | 131.0 |  |  | — |
U.S. tax rate change and other tax reform items | 9.8 |  |  | 42.5 |  |  | — |
Foreign-derived intangible income ("FDII") deduction | (27.6 | ) |  | — |  |  | — |
U.S. expenses apportioned to GILTI and foreign branches (1) | 17.6 |  |  | — |  |  | — |
Tax audits and assessments | 6.9 |  |  | (1.4 | ) |  | (1.8 | )
Other | 2.9 |  |  | (6.8 | ) |  | (5.6 | )
Provision for income taxes | $ | 311.9 |  |  | $ | 197.5 |  |  | $ | 370.2 |
(1) | This item reflects the U.S. tax impact of apportioning U.S. expenses against the GILTI and foreign branch baskets in calculating the foreign tax credit limitation resulting in no tax benefit for these expenses due to the Company’s excess foreign tax credit position in each of the GILTI and foreign branch baskets.
Summary of Components of Net Deferred Income Tax Asset | A summary of the components of the net deferred income tax asset is shown below (in millions):
December 31, | 2018 |  | 2017
Deferred income tax assets: |  |  |
Tax loss carryforwards | $ | 420.2 |  |  | $ | 452.9 |
Tax credit carryforwards | 260.6 |  |  | 341.0 |
Retirement benefit plans | 54.2 |  |  | 58.2 |
Accrued liabilities | 136.9 |  |  | 144.1 |
Self-insurance reserves | 5.3 |  |  | 5.9 |
Current asset basis differences | 37.8 |  |  | 37.4 |
Long-term asset basis differences | (77.7 | ) |  | (88.1 | )
Deferred compensation | 35.9 |  |  | 41.4 |
Recoverable customer engineering, development and tooling | 0.1 |  |  | 3.6 |
Undistributed earnings of foreign subsidiaries | (75.0 | ) |  | (41.7 | )
Derivative instruments and hedging activities | 0.3 |  |  | 3.3 |
Other | (2.7 | ) |  | (0.4 | )
| 795.9 |  |  | 957.6 |
Valuation allowance | (350.4 | ) |  | (402.2 | )
Net deferred income tax asset | $ | 445.5 |  |  | $ | 555.4 |
Classification of Net Deferred Income Tax Asset | The classification of the net deferred income tax asset is shown below (in millions):
December 31, | 2018 |  | 2017
Long-term deferred income tax assets | $ | 528.8 |  |  | $ | 646.8 |
Long-term deferred income tax liabilities | (83.3 | ) |  | (91.4 | )
Net deferred income tax asset | $ | 445.5 |  |  | $ | 555.4 |
Summary of Changes in Gross Unrecognized Tax Benefits | A summary of the changes in gross unrecognized tax benefits is shown below (in millions):
For the year ended December 31, | 2018 |  | 2017 |  | 2016
Balance at beginning of period | $ | 33.2 |  |  | $ | 29.5 |  |  | $ | 30.4 |
Additions based on tax positions related to current year | 7.9 |  |  | 5.4 |  |  | 4.0 |
Additions (reductions) based on tax positions related to prior years | 0.1 |  |  | (0.3 | ) |  | (0.9 | )
Settlements | — |  |  | (0.8 | ) |  | — |
Statute expirations | (2.7 | ) |  | (2.2 | ) |  | (2.9 | )
Foreign currency translation | (1.8 | ) |  | 1.6 |  |  | (1.1 | )
Balance at end of period | $ | 36.7 |  |  | $ | 33.2 |  |  | $ | 29.5 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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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