Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Earnings from Continuing Operations Before Income Taxes and Noncontrolling Interests

Components of earnings from continuing operations before income taxes and noncontrolling interests are as follows (in thousands):

Year Ended December 31,	2014		2013		2012
United States	$	1,161,953	$	755,921	$	854,705
Foreign		42,624		35,202		(1,765	)
	$	1,204,577	$	791,123	$	852,940

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2014			2013			2012
Current:
Federal	$	247,898		$	138,343		$	261,552
State		30,790			223			20,337
Foreign		19,235			10,464			3,199
Total current		297,923			149,030			285,088
Deferred:
Federal		94,991			36,157			(23,052	)
State		3,958			(39	)		(10,440	)
Foreign		(8,085	)		20,446			8,218
Total deferred		90,864			56,564			(25,274	)
Total provision for income taxes	$	388,787		$	205,594		$	259,814

Reconciliation of the Federal Statutory Tax Rate to Total Provisions

A reconciliation of the federal statutory tax rate (35%) to the total provision is as follows:

	Year Ended December 31,
	2014			2013			2012
Taxes computed at statutory rate		35.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		3.32			0.02			0.75
Federal research credit		(0.27	)		(0.79	)		—
Domestic manufacturing deduction		(2.27	)		(1.74	)		(3.25	)
Equity in losses of foreign joint ventures		0.85			1.36			1.43
Foreign rate differential		(0.93	)		(2.35	)		0.60
Noncontrolling interests		(2.96	)		(4.32	)		(3.64	)
Out-of-period correction		(1.10	)		(2.57	)		—
Other, net		0.64			1.38			(0.43	)
Provision for income taxes		32.28	%		25.99	%		30.46	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following (in thousands):

	December 31,
	2014			2013
Deferred tax assets:
Accrued liabilities and reserves	$	154,381		$	102,933
Allowance for doubtful accounts		24,741			19,756
Inventory		189,120			206,826
Post-retirement benefits		898			6,268
Commodity hedges		4,773			—
Net operating loss carryforward		9,880			12,859
Tax credit carryforwards		29,142			56,185
Total deferred tax assets		412,935			404,827
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(14,945	)		(16,582	)
Cumulative translation adjustments		(1,819	)		(1,403	)
Commodity hedges		—			(805	)
Intangibles		(236,618	)		(210,791	)
Property, plant and equipment		(698,567	)		(610,451	)
Total deferred tax liabilities		(951,949	)		(840,032	)
Total net deferred tax liabilities	$	(539,014	)	$	(435,205	)

Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities is as follows (in thousands):

	December 31,
	2014			2013			2012
Balance at beginning of year	$	65,975		$	80,862		$	80,897
Additions based on tax positions related to current year		6,295			4,849			9,456
Reductions based on tax positions related to current year		—			(55	)		(132	)
Additions based on tax positions related to prior years		5,673			2,307			5,821
Reductions based on tax positions related to prior years		(7,449	)		(6,248	)		(3,296	)
Reductions due to settlements with taxing authorities		—			—			(764	)
Reductions due to statute of limitations lapse		(7,493	)		(15,740	)		(11,120	)
Balance at end of year	$	63,001		$	65,975		$	80,862