Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule Of Components Of Income Tax Expense (Benefit)

The provision for income taxes consists of the following components (in thousands):

	Year Ended December 31,
	2018			2017			2016
Current:
Federal	$	90,216		$	196,825		$	159,547
State	25,851			27,149			27,120
Foreign	77,508			58,123			45,545
Total current provision for income taxes	$	193,575		$	282,097		$	232,212
Deferred:
Federal	$	14,977		$	(37,486	)	$	1,169
State	4,386			4,044			2,131
Foreign	(21,543		)	(13,095		)	(14,946		)
Total deferred benefit for income taxes	$	(2,180	)	$	(46,537	)	$	(11,646	)
Provision for income taxes	$	191,395		$	235,560		$	220,566

Schedule Of Income from Continuing Operations Before Provision for Income Taxes, Domestic and Foreign

Income taxes have been based on the following components of income from continuing operations before provision for income taxes (in thousands):

	Year Ended December 31,
	2018		2017		2016
Domestic	$	562,758	$	575,148	$	513,844
Foreign	180,673		191,479		163,437
Income from continuing operations before provision for income taxes	$	743,431	$	766,627	$	677,281

Schedule Of Effective Income Tax Rate Reconciliation

The U.S. federal statutory rate is reconciled to the effective tax rate as follows:

	Year Ended December 31,
	2018		2017		2016
U.S. federal statutory rate	21.0	%	35.0	%	35.0	%
U.S. federal tax reform - federal deferred tax rate change	—	%	(9.5	)%	—	%
U.S. federal tax reform - transition tax on foreign earnings	(1.3	)%	6.6	%	—	%
State income taxes, net of state credits and federal tax impact	3.5	%	2.8	%	2.7	%
Impact of rates on international operations	0.9	%	(3.2	)%	(3.2	)%
Notional interest deductions	(0.6	)%	(0.9	)%	(2.5	)%
Excess tax benefits from stock-based compensation	(0.6	)%	(1.0	)%	(1.6	)%
Non-deductible expenses	1.6	%	1.1	%	1.3	%
Other, net	1.2	%	(0.2	)%	0.9	%
Effective tax rate	25.7	%	30.7	%	32.6	%

Schedule Of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2018			2017
Deferred Tax Assets:
Accrued expenses and reserves	$	60,337		$	40,317
Qualified and nonqualified retirement plans	20,525			19,074
Inventory	15,474			17,886
Accounts receivable	16,208			16,036
Interest deduction carryforwards	20,392			13,845
Stock-based compensation	4,859			4,963
Net operating loss carryforwards	13,222			11,734
Other	12,370			8,971
Total deferred tax assets, gross	163,387			132,826
Less: valuation allowance	(34,779		)	(21,527		)
Total deferred tax assets	$	128,608		$	111,299
Deferred Tax Liabilities:
Goodwill and other intangible assets	$	216,699		$	192,688
Property, plant and equipment	87,839			67,467
Trade name	116,615			72,233
Other	15,511			16,165
Total deferred tax liabilities	$	436,664		$	348,553
Net deferred tax liability	$	(308,056	)	$	(237,254	)

Schedule Of Deferred Tax Assets And Liabilities Classification

Deferred tax assets and liabilities are reflected on our Consolidated Balance Sheets as follows (in thousands):

	December 31,
	2018		2017
Noncurrent deferred tax assets	$	3,378	$	15,105
Noncurrent deferred tax liabilities	311,434		252,359

Schedule Of Unrecognized Tax Benefits Rollforward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

	2018			2017			2016
Balance at January 1	$	1,690		$	2,146		$	2,273
Additions for acquired tax positions	—			73			—
Additions based on tax positions related to the current year	5			5			5
Lapse of statutes of limitations	(458		)	(534		)	(132		)
Balance at December 31	$	1,237		$	1,690		$	2,146