XML 76 R42.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2019

Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block]


(In thousands)	2019		2018		2017
Domestic	$	273,036	$	217,374	$	179,006
Foreign	123,426		138,865		120,613
	$	396,462	$	356,239	$	299,619

Schedule Of Provision For Income Taxes [Table Text Block]


(In thousands)	2019		2018		2017
Current:
Federal	$	14,195	$	37,648	$	54,963
State	3,766		9,228		2,648
Foreign	24,816		25,285		23,162
Total current	42,777		72,161		80,773

Deferred:
Federal	38,647		8,518		2,595
State	6,632		(1,047)		4,282
Foreign	823		858		(2,922)
Total deferred	46,102		8,329		3,955
Provision for income taxes	$	88,879	$	80,490	$	84,728

Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]


	2019		2018		2017
U.S. federal statutory tax rate	21.0	%	21.0	%	35.0	%
Add (deduct):
State and local taxes, net of federal benefit	2.4		2.2		1.8
R&D tax credits	(1.2)		(1.0)		(1.3)
Foreign earnings ⁽¹⁾	1.4		0.9		(6.0)
Stock compensation - excess tax benefits	(0.8)		(1.3)		(2.6)
Impacts related to the Tax Act	—		1.8		3.4
Foreign-derived intangible income	(1.3)		(0.8)		—
All other, net	0.9		(0.2)		(2.0)
Effective tax rate	22.4	%	22.6	%	28.3	%

(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances.

Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]

The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:


(In thousands)	2019		2018
Deferred tax assets:
Operating lease liabilities	$	35,299	$	—
Inventories, net	15,220		14,154
Net operating loss	8,328		9,868
Environmental reserves	8,239		8,613
Incentive compensation	8,130		8,472
Pension and other postretirement liabilities	5,029		35,656
Capital loss carryover	955		6,972
Other	33,002		27,795
Total deferred tax assets	114,202		111,530
Deferred tax liabilities:
Goodwill amortization	77,620		70,850
Operating lease right-of-use assets, net	33,915		—
Other intangible amortization	30,954		33,600
Depreciation	25,562		24,983
Withholding taxes	13,097		10,300
Other	7,524		5,345
Total deferred tax liabilities	188,672		145,078
Valuation allowance	3,386		11,646
Net deferred tax liabilities	$	77,856	$	45,194

Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:


(In thousands)	2019		2018
Net noncurrent deferred tax assets	2,303		1,927
Net noncurrent deferred tax liabilities	80,159		47,121
Net deferred tax liabilities	$	77,856	$	45,194

Summary Of Unrecognized Tax Benefits [Table Text Block]


(In thousands)	2019		2018		2017
Balance as of January 1,	$	13,563	$	13,174	$	11,454
Additions for tax positions of prior periods	581		88		1,069
Reductions for tax positions of prior periods	(2,184)		(290)		(194)
Additions for tax positions related to the current year	936		1,036		1,273
Settlements	(220)		(445)		(428)
Balance as of December 31,	$	12,676	$	13,563	$	13,174

Summary Of Open Tax Years [Table Text Block]


United States (Federal)	2016	-	present
United States (Various states)	2008	-	present
United Kingdom	2012	-	present
Canada	2013	-	present