Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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:

	2013			2012
	(In Thousands)
Deferred tax assets related to:
Expenses not yet deducted for tax purposes	$	343,156		$	362,265
Pension liability not yet deducted for tax purposes		227,880			405,048
Capital loss		—			16,803
Valuation allowance		—			(16,803	)
		571,036			767,313
Deferred tax liabilities related to:
Employee and retiree benefits		188,235			205,268
Inventory		152,641			191,047
Other intangible assets		110,272			23,295
Property, plant, and equipment		53,751			41,130
Other		29,733			28,321
		534,632			489,061
Net deferred tax assets		36,404			278,252
Current portion of deferred tax (assets) liabilities		(22,165	)		1,211
Noncurrent net deferred tax assets	$	14,239		$	279,463

Components of Income before Income Taxes

The components of income before income taxes are as follows:

	2013		2012		2011
	(In Thousands)
United States	$	850,866	$	903,698	$	784,841
Foreign		193,438		115,234		105,965
Income before income taxes	$	1,044,304	$	1,018,932	$	890,806

Components of Income Tax Expense

The components of income tax expense are as follows:

	2013			2012		2011
	(In Thousands)
Current:
Federal	$	303,016		$	288,135	$	260,222
State		47,010			44,653		41,511
Foreign		30,941			23,352		26,294
Deferred		(21,622	)		14,751		(2,337	)
	$	359,345		$	370,891	$	325,690

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:

	2013			2012			2011
	(In Thousands)
Statutory rate applied to income	$	365,506		$	356,626		$	311,782
Plus state income taxes, net of Federal tax benefit		28,823			30,227			26,790
Earnings in jurisdictions taxed at rates different from the statutory US tax rate		(37,873	)		(17,419	)		(13,443	)
Capital loss expiration		16,803			—			—
Reversal of capital loss valuation allowance		(16,803	)		—			—
Other		2,889			1,457			561
	$	359,345		$	370,891		$	325,690

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

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

	2013			2012			2011
	(In Thousands)
Balance at beginning of year	$	45,455		$	46,845		$	39,425
Additions based on tax positions related to the current year		3,238			5,702			6,035
Additions for tax positions of prior years		3,759			2,172			7,966
Reductions for tax positions for prior years		(1,472	)		(5,025	)		(481	)
Reduction for lapse in statute of limitations		(1,714	)		(2,658	)		(4,563	)
Settlements		(2,076	)		(1,581	)		(1,537	)
Balance at end of year	$	47,190		$	45,455		$	46,845