Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

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

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

	Year Ended December 31
	2015			2014		2013
United States	$	875,038		$	1,161,953	$	755,921
Foreign		(165,800	)		42,624		35,202
	$	709,238		$	1,204,577	$	791,123

Provision for Income Taxes

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

	Year Ended December 31,
	2015			2014			2013
Current:
Federal	$	285,856		$	247,898		$	138,343
State		4,618			30,790			223
Foreign		5,198			19,235			10,464
Total current		295,672			297,923			149,030
Deferred:
Federal		(64,482	)		94,991			36,157
State		(6,041	)		3,958			(39	)
Foreign		(11,995	)		(8,085	)		20,446
Total deferred		(82,518	)		90,864			56,564
Total provision for income taxes	$	213,154		$	388,787		$	205,594

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,
	2015			2014			2013
Taxes computed at statutory rate		35.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		-0.32	%		3.32	%		0.02	%
Federal research credit		-0.50	%		-0.27	%		-0.79	%
Domestic manufacturing deduction		-3.40	%		-2.27	%		-1.74	%
Equity in losses of foreign joint venture		0.98	%		0.85	%		1.36	%
Impairment on investment in foreign joint venture		7.55	%		—			—
Foreign rate differential		-1.72	%		-0.93	%		-2.35	%
Noncontrolling interests		-6.84	%		-2.96	%		-4.32	%
Out-of-period correction		-1.37	%		-1.10	%		-2.57	%
Other, net		0.67	%		0.64	%		1.38	%
Provision for income taxes		30.05	%		32.28	%		25.99	%

Deferred Tax Assets and Liabilities

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

	December 31,
	2015			2014
Deferred tax assets:
Accrued liabilities and reserves	$	209,854		$	154,381
Allowance for doubtful accounts		12,912			24,741
Inventory		208,799			189,120
Post-retirement benefits		9,773			898
Commodity hedges		7,149			4,773
Net operating loss carryforward		14,690			9,880
Tax credit carryforwards		19,601			29,142
Total deferred tax assets		482,778			412,935
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(10,479	)		(14,945	)
Cumulative translation adjustments		(3,325	)		(1,819	)
Intangibles		(244,496	)		(236,618	)
Property, plant and equipment		(673,676	)		(698,567	)
Total deferred tax liabilities		(931,976	)		(951,949	)
Total net deferred tax liabilities	$	(449,198	)	$	(539,014	)

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,
	2015			2014			2013
Balance at beginning of year	$	63,001		$	65,975		$	80,862
Additions based on tax positions related to current year		6,508			6,295			4,849
Reductions based on tax positions related to current year		—			—			(55	)
Additions based on tax positions related to prior years		241			5,673			2,307
Reductions based on tax positions related to prior years		(13,294	)		(7,449	)		(6,248	)
Additions due to settlements with taxing authorities		930			—			—
Reductions due to statute of limitations lapse		(6,876	)		(7,493	)		(15,740	)
Balance at end of year	$	50,510		$	63,001		$	65,975