Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule Of Components Of Income Tax Expense (Benefit)

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

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	194,803	$	155,887	$	101,839
State	47,229		37,981		24,925
Foreign	115,656		89,123		81,081
Total current provision for income taxes	$	357,688	$	282,991	$	207,845
Deferred:
Federal	$	(2,603)	$	(6,805)	$	22,173
State	433		(6,521)		6,376
Foreign	(24,927)		(20,167)		(21,064)
Total deferred (benefit) provision for income taxes	$	(27,097)	$	(33,493)	$	7,485
Provision for income taxes	$	330,591	$	249,498	$	215,330

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,
	2021		2020		2019
Domestic	$	978,226	$	713,087	$	616,842
Foreign	420,904		171,908		174,180
Income from continuing operations before provision for income taxes	$	1,399,130	$	884,995	$	791,022

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,
	2021		2020		2019
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of state credits and federal tax impact	2.7	%	3.2	%	3.2	%
Impact of rates on international operations	1.2	%	1.9	%	1.4	%
Change in valuation allowances	(0.8)	%	1.7	%	1.0	%
Non-deductible expenses	0.4	%	0.8	%	0.9	%
Excess tax benefits from stock-based compensation	(0.1)	%	—	%	(0.3)	%
Other, net	(0.8)	%	(0.4)	%	—	%
Effective tax rate	23.6	%	28.2	%	27.2	%

Schedule Of Deferred Tax Assets and Liabilities

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

	December 31,
	2021		2020
Deferred Tax Assets:
Accrued expenses and reserves	$	76,183	$	59,241
Qualified and nonqualified retirement plans	30,567		34,143
Inventory	10,810		15,591
Accounts receivable	18,205		15,449
Interest deduction carryforwards	31,677		34,485
Stock-based compensation	7,011		5,362
Operating lease liabilities	338,359		331,327
Net operating loss carryforwards	24,690		27,538
Other	25,220		24,961
Total deferred tax assets, gross	562,722		548,097
Less: valuation allowance	(45,420)		(60,275)
Total deferred tax assets	$	517,302	$	487,822
Deferred Tax Liabilities:
Goodwill and other intangible assets	$	238,325	$	229,330
Property, plant and equipment	93,499		95,007
Trade name	90,968		108,883
Operating lease assets, net	322,779		317,694
Other	19,086		11,364
Total deferred tax liabilities	$	764,657	$	762,278
Net deferred tax liability	$	(247,355)	$	(274,456)

Schedule Of Deferred Tax Assets And Liabilities Classification

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

	December 31,
	2021		2020
Noncurrent deferred tax assets	$	31,941	$	16,965
Noncurrent deferred tax liabilities	279,296		291,421

Schedule Of Unrecognized Tax Benefits Rollforward

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

	2021		2020		2019
Balance at January 1	$	2,308	$	2,317	$	1,237
Additions for acquired tax positions	—		—		1,376
Additions based on tax positions related to the current year	5		1,147		5
Additions based on tax positions related to prior years	4,364		—		45
Reductions for tax positions of prior year	(1,601)		—		—
Lapse of statutes of limitations	(332)		(297)		(297)
Settlements with taxing authorities	—		(958)		—
Cumulative translation adjustment	(222)		99		(49)
Balance at December 31	$	4,522	$	2,308	$	2,317