INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES

Schedule of income from before income taxes

(in thousands)	2011		2010		2009
U.S. income before income taxes	$	188,641	$	221,576	$	148,447
Non-U.S. income before income taxes	103,582		105,708		91,863
Income before income taxes	$	292,223	$	327,284	$	240,310

Components of income tax expense

Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	49,310	$	70,894	$	51,921
Foreign	31,225		28,689		26,019
State and local	859		9,925		4,904
Total current tax expense	81,394		109,508		82,844
Deferred tax expense:
U.S. federal	13,267		2,017		(22		)
Foreign	5,126		5,734		4,232
State and local	5,113		341		746
Total deferred tax expense	23,506		8,092		4,956
Total income tax expense	$	104,900	$	117,600	$	87,800

Components of deferred tax assets and deferred tax liabilities

(in thousands)	2011			2010
Deferred Tax Assets:
Accounts receivable, principally due to allowances for returns and doubtful accounts	$	9,511		$	7,458
Inventories, principally due to additional costs inventoried for tax purposes	25,890			17,949
Employee compensation and benefits accrued for financial reporting purposes	141,228			99,487
Foreign net operating losses	22,524			18,910
Foreign tax credits	9,001			6,650
Other	4,583			3,706
Total deferred tax assets	212,737			154,160
Less valuation allowance	(31,590		)	(29,682		)
Total deferred tax assets, after valuation allowance	$	181,147		$	124,478

(in thousands)	2011		2010
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead	$	149,002	$	137,560
Goodwill and intangible assets, principally due to differences in amortization	129,205		86,313
Other	3,546		60
Total deferred tax liabilities	281,753		223,933
Deferred tax liabilities, net	$	100,606	$	99,455

Schedule of net deferred tax liabilities reflected in the balance sheet

(in thousands)	2011		2010
Deferred tax assets (included in prepaid expense and other current assets)	$	74,979	$	58,834
Deferred tax liabilities	175,585		158,289
Net deferred tax liabilities	$	100,606	$	99,455

Schedule of reconciliation of actual income tax provision and the tax provision computed by applying federal statutory income tax rate

	2011					2010					2009
				% of					% of					% of
				Income					Income					Income
(dollars in thousands)	Amount			Before Tax		Amount			Before Tax		Amount			Before Tax
Computed “expected” tax expense on income before taxes at federal statutory rate	$	102,278		35.0	%	$	114,549		35.0	%	$	84,109		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	3,881			1.3		6,673			2.0		3,672			1.5
Foreign tax rate differential	(626		)	(0.2	)	(3,383		)	(1.0	)	(2,181		)	(0.9	)
Manufacturing tax benefits	(4,200		)	(1.4	)	(5,775		)	(1.8	)	(3,710		)	(1.5	)
Other	3,567			1.2		5,536			1.7		5,910			2.4
Actual income tax expense	$	104,900		35.9	%	$	117,600		35.9	%	$	87,800		36.5	%

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

	2011			2010
Balance at beginning of year	$	24.0		$	11.6
Additions based on tax positions related to the current year	2.0			1.3
Additions for tax positions of prior years	5.9			13.0
Reductions for tax positions of prior years	(1.2		)	(0.7		)
Reductions due to a lapse of the statute of limitations	(1.2		)	(0.8		)
Settlements	(3.9		)	(0.4		)
Balance at end of year	$	25.6		$	24.0