Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015			2014
United States	$	1,241,117	$	407,666		$	1,104,664
Foreign		57,542		(165,800	)		42,624
	$	1,298,659	$	241,866		$	1,147,288

Provision for Income Taxes

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

	Year Ended December 31,
	2016			2015			2014
Current:
Federal	$	286,224		$	285,856		$	247,898
State		27,353			4,618			30,790
Foreign		13,211			5,198			19,235
Total current		326,788			295,672			297,923
Deferred:
Federal		71,777			(213,601	)		76,356
State		5,193			(21,240	)		2,530
Foreign		(5,515	)		(11,995	)		(8,085	)
Total deferred		71,455			(246,836	)		70,801
Total provision for income taxes	$	398,243		$	48,836		$	368,724

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,
	2016			2015			2014
Taxes computed at statutory rate		35.00	%		35.00	%		35.00	%
State income taxes, net of federal income tax benefit		1.67	%		-5.02	%		3.40	%
Federal research credit		-0.28	%		-1.47	%		-0.28	%
Domestic manufacturing deduction		-2.11	%		-9.98	%		-2.39	%
Equity in losses of foreign joint venture		0.27	%		2.88	%		0.89	%
Impairment on investment in foreign joint venture		—			22.14	%		—
Foreign rate differential		-1.05	%		-5.04	%		-0.97	%
Noncontrolling interests		-2.81	%		-16.27	%		-3.03	%
Out-of-period correction		-0.22	%		-4.02	%		-1.15	%
Other, net		0.20	%		1.97	%		0.67	%
Provision for income taxes		30.67	%		20.19	%		32.14	%

Deferred Tax Assets and Liabilities

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

	December 31,
	2016			2015
Deferred tax assets:
Accrued liabilities and reserves	$	195,787		$	209,854
Allowance for doubtful accounts		15,511			12,912
Inventory		75,550			172,638
Post-retirement benefits		12,163			9,773
Commodity hedges		—			7,149
Net operating loss carryforward		11,544			14,690
Tax credit carryforwards		18,358			19,601
Total deferred tax assets		328,913			446,617
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(9,999	)		(10,479	)
Commodity hedges		(316	)		—
Cumulative translation adjustments		—			(3,325	)
Intangibles		(246,697	)		(244,496	)
Property, plant and equipment		(630,500	)		(673,676	)
Total deferred tax liabilities		(887,512	)		(931,976	)
Total net deferred tax liabilities	$	(558,599	)	$	(485,359	)

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,
	2016			2015			2014
Balance at beginning of year	$	50,510		$	63,001		$	65,975
Additions based on tax positions related to current year		6,157			6,508			6,295
Reductions based on tax positions related to current year		—			—			—
Additions based on tax positions related to prior years		147			241			5,673
Reductions based on tax positions related to prior years		(8,201	)		(13,294	)		(7,449	)
(Reductions) additions due to settlements with taxing authorities		(258	)		930			—
Reductions due to statute of limitations lapse		(4,267	)		(6,876	)		(7,493	)
Balance at end of year	$	44,088		$	50,510		$	63,001