Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	2016		2015
	(In Thousands)
Deferred tax assets related to:
Expenses not yet deducted for tax purposes	$	345,195	$	318,368
Pension liability not yet deducted for tax purposes	397,391		347,263
	742,586		665,631
Deferred tax liabilities related to:
Employee and retiree benefits	276,256		249,126
Inventory	141,181		147,199
Other intangible assets	120,689		111,305
Property, plant, and equipment	61,666		58,496
Other	58,468		31,664
	658,260		597,790
Net deferred tax assets	$	84,326	$	67,841

Components of Income before Income Taxes

The components of income before income taxes are as follows:

	2016		2015		2014
	(In Thousands)
United States	$	934,476	$	1,004,919	$	978,824
Foreign	139,864		118,762		138,915
Income before income taxes	$	1,074,340	$	1,123,681	$	1,117,739

Components of Income Tax Expense

The components of income tax expense are as follows:

	2016		2015		2014
	(In Thousands)
Current:
Federal	$	284,199	$	309,403	$	224,591
State	41,083		45,460		43,513
Foreign	28,593		27,602		84,030
Deferred	33,225		35,544		54,319
	$	387,100	$	418,009	$	406,453

Difference Between Total Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate

The reasons for the difference between total tax expense and the amount computed by applying the statutory Federal income tax rate to income before income taxes are as follows:

	2016			2015			2014
	(In Thousands)
Statutory rate applied to income	$	376,019		$	393,288		$	391,209
Plus state income taxes, net of Federal tax benefit	29,211			32,295			32,646
Earnings in jurisdictions taxed at rates different from the statutory US tax rate	(18,057		)	(13,684		)	(3,453		)
Foreign tax credit	(482		)	(264		)	(20,170		)
Other	409			6,374			6,221
	$	387,100		$	418,009		$	406,453

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2016			2015			2014
	(In Thousands)
Balance at beginning of year	$	15,815		$	17,581		$	47,190
Additions based on tax positions related to the current year	2,184			1,969			3,303
Additions for tax positions of prior years	1,317			61			6,415
Reductions for tax positions for prior years	(1,369		)	(3,152		)	(851		)
Reduction for lapse in statute of limitations	(2,516		)	(425		)	(481		)
Settlements	(241		)	(219		)	(37,995		)
Balance at end of year	$	15,190		$	15,815		$	17,581