Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Components of Income from Continuing Operations before Income Taxes and Noncontrolling Shareholders' Interests

Components of income from continuing operations before income taxes and noncontrolling shareholders’ interests were as follows:



	2017		2016		2015
United States	$	211,225	$	319,156	$	314,263
Foreign	32,700		47,937		19,765
Total	$	243,925	$	367,093	$	334,028

Provision (Benefit) for Income Tax for Continuing Operations

The provision (benefit) for income tax for continuing operations consisted of the following:



	2017		2016			2015
Current:
Federal	$	69,463	$	100,714		$	67,405
State and local	6,304		12,445			12,837
Foreign	9,842		14,990			12,948
	85,609		128,149			93,190
Deferred:
Federal	48,866		(6,730		)	23,466
State and local	4,915		(763		)	5,157
Foreign	7,790		(4,857		)	(3,589		)
	61,571		(12,350		)	25,034
	$	147,180	$	115,799		$	118,224

Reconciliation of Income Tax Expense (Benefit) for Continuing Operations

A reconciliation of income tax expense (benefit) for continuing operations to the tax based on the U.S. statutory rate is as follows:



	2017			2016			2015
Income tax provision at 35%	$	85,375		$	128,483		$	116,910
Expiration of capital loss carryforward	—			—			18,376
Valuation allowance - China	(6,671		)	(2,441		)	(18,200		)
Valuation allowance - U.K.	18,915			—			—
State and local income tax, net of federal income tax effect	7,867			8,693			12,321
Domestic manufacturing deduction	(2,940		)	(9,870		)	(6,580		)
U.S. tax credits	(2,474		)	(3,013		)	(3,186		)
Tax law or rate change excluding U.S. tax act	—			794			2,383
U.S. tax act - transition tax	35,378			—			—
U.S. tax act - remeasurement of deferred taxes	20,413			—			—
Difference in effective tax rates of international operations	(4,667		)	(4,900		)	(932		)
Other - net	(4,016		)	(1,947		)	(2,868		)
Provision for income taxes	$	147,180		$	115,799		$	118,224

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 were as follows:



	2017			2016
Deferred tax assets:
Postretirement and other employee benefits	$	116,321		$	191,099
Product liability	32,668			67,528
Net operating loss, capital loss, and tax credit carryforwards	14,174			15,274
All other items	33,423			48,718
Total deferred tax assets	196,586			322,619
Deferred tax liabilities:
Property, plant and equipment	(101,720		)	(160,075		)
All other items	(6,099		)	(9,685		)
Total deferred tax liabilities	(107,819		)	(169,760		)
	88,767			152,859
Valuation allowances	(30,102		)	(20,228		)
Net deferred tax asset	$	58,665		$	132,631

Unrecognized Tax Benefits for Permanent and Temporary Book/Tax Differences for Continuing Operations, Exclusive of Interest

Based upon the outcome of tax examinations, judicial proceedings, or expiration of statutes of limitations, it is reasonably possible that the ultimate resolution of these unrecognized tax benefits may result in a payment that is materially different from the current estimate of the tax liabilities.



	Unrecognized Tax Benefits
Balance at December 31, 2014	$	8,314
Settlements for tax positions of prior years	(367		)
Additions for tax positions of prior years	1,151
Reductions for tax positions of prior years	(942		)
Statute lapses	(2,313		)
Balance at December 31, 2015	5,843
Settlements for tax positions of prior years	(518		)
Additions for tax positions of the current year	714
Additions for tax positions of prior years	1,518
Statute lapses	(4,360		)
Balance at December 31, 2016	3,197
Settlements for tax positions of prior years	(139		)
Additions for tax positions of the current year	47
Additions for tax positions of prior years	438
Statute lapses	(1,260		)
Balance at December 31, 2017	$	2,283