Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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:

	2017			2016
	(In Thousands)
Deferred tax assets related to:
Expenses not yet deducted for tax purposes	$	256,728		$	344,927
Pension liability not yet deducted for tax purposes	257,766			397,391
Net operating loss	31,046			4,673
	545,540			746,991
Deferred tax liabilities related to:
Employee and retiree benefits	210,429			276,256
Inventory	93,067			141,181
Other intangible assets	287,018			120,689
Property, plant, and equipment	66,727			61,666
Other	35,859			58,468
	693,100			658,260
Net deferred tax (liability) asset before valuation allowance	(147,560		)	88,731
Valuation allowance	(5,590		)	(4,405		)
Total net deferred tax (liability) asset	$	(153,150	)	$	84,326

Components of Income before Income Taxes

The components of income before income taxes are as follows:

	2017		2016		2015
	(In Thousands)
United States	$	813,078	$	934,476	$	1,004,919
Foreign	196,190		139,864		118,762
Income before income taxes	$	1,009,268	$	1,074,340	$	1,123,681

Components of Income Tax Expense

The components of income tax expense are as follows:

	2017			2016		2015
	(In Thousands)
Current:
Federal	$	252,337		$	284,199	$	309,403
State	29,288			41,083		45,460
Foreign	44,896			28,593		27,602
Deferred:
Federal	71,238			26,684		28,754
State	13,663			3,857		4,225
Foreign	(18,911		)	2,684		2,565
	$	392,511		$	387,100	$	418,009

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:

	2017			2016			2015
	(In Thousands)
Statutory rate applied to income	$	353,259		$	376,019		$	393,288
Plus state income taxes, net of Federal tax benefit	27,918			29,211			32,295
Earnings in jurisdictions taxed at rates different from the U.S. statutory rate	(33,984		)	(18,057		)	(13,684		)
U.S. tax reform - transition tax	37,132			—			—
U.S. tax reform - deferred tax remeasurement	13,854			—			—
Foreign rate change - deferred tax remeasurement	(9,338		)	—			—
Other	3,670			(73		)	6,110
	$	392,511		$	387,100		$	418,009

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:

	2017			2016			2015
	(In Thousands)
Balance at beginning of year	$	15,190		$	15,815		$	17,581
Additions based on tax positions related to the current year	2,644			2,184			1,969
Additions for tax positions of prior years	1,511			1,317			61
Reductions for tax positions for prior years	(430		)	(1,369		)	(3,152		)
Reduction for lapse in statute of limitations	(3,917		)	(2,516		)	(425		)
Settlements	(301		)	(241		)	(219		)
Balance at end of year	$	14,697		$	15,190		$	15,815