INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of income (loss) before income taxes

The components of income before income taxes were as follows:

	Year Ended December 31,
	2019		2018		2017
U.S.	$	237,296	$	255,088	$	213,171
Non-U.S.	131,197		113,572		153,065
Total	$	368,493	$	368,660	$	366,236

Components of income tax expense (benefit)

The components of income tax expense (benefit) were as follows:

	Year Ended December 31,
	2019		2018			2017
Current:
Federal	$	25,063	$	45,521		$	89,182
Non-U.S.	26,540		28,894			25,746
State and local	9,064		10,515			7,640
	60,667		84,930			122,568
Deferred:
Federal	6,971		(691		)	(4,391		)
Non-U.S.	6,513		(3,121		)	(82		)
State and local	1,259		549			666
	14,743		(3,263		)	(3,807		)
Total	$	75,410	$	81,667		$	118,761

Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes

The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2019 were as follows:

	Year Ended December 31,
	2019			2018			2017
Statutory rate applied to pre-tax income	$	77,384		$	77,419		$	128,182
State and local income taxes, net of federal tax benefit	8,830			8,844			5,671
Excess tax benefits resulting from exercises of stock-based compensation	(3,451		)	(1,094		)	(6,276		)
Net impact of the U.S. Tax Act	—			4,823			21,949
Foreign withholding taxes	—			(4,424		)	6,667
Resolution and settlements to uncertain tax positions	(9,432		)	(457		)	2,216
Foreign Derived Intangible Income Deduction	(4,315		)	(2,647		)	—
Foreign rate variance	7,023			(4,560		)	(13,929		)
Bargain purchase gain	—			—			(17,556		)
Valuation allowances	3,198			5,596			102
Manufacturing deduction	—			—			(5,922		)
Research and development credit	(4,786		)	(3,859		)	(2,688		)
Other	959			2,026			345
Total	$	75,410		$	81,667		$	118,761
Effective tax rate	20.5		%	22.2		%	32.4		%

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities at December 31, 2019 and 2018, were as follows:

	December 31,
	2019			2018
Deferred tax assets:
Tax loss and credit carry-forwards	$	64,712		$	60,756
Inventory	3,442			3,544
Other accruals	13,048			13,172
Employee benefits	24,532			22,963
Pension obligations	11,561			12,122
Other	3,401			3,739
Deferred tax assets, gross	120,696			116,296
Valuation allowance	(71,546		)	(69,400		)
Deferred tax assets, net	49,150			46,896
Deferred tax liabilities:
Property, plant and equipment	39,583			28,606
Intangible assets	16,695			10,950
Inventory	6,427			4,814
Pension obligations	25,171			19,346
Other	11,285			8,770
Deferred tax liabilities	99,161			72,486
Total deferred taxes	$	(50,011	)	$	(25,590	)

Summary of the activity related to unrecognized tax benefits

The following table summarizes the activity related to unrecognized tax benefits:

	2019			2018
Balance at beginning of year	$	28,804		$	28,449
Increase related to current year tax provisions	1,204			1,431
Increase/(decrease) related to prior years' tax positions	(101		)	4,917
Decrease related to settlements with taxing authorities	(3,567		)	(111		)
Resolution of and other decreases in prior years' tax liabilities	(5,692		)	(1,501		)
Other	(63		)	(4,381		)
Balance at end of year	$	20,585		$	28,804