Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision For Income Taxes

Provision for income taxes for the years ended December 31 consists of the following (in thousands):

	2018			2017		2016
Current:
Federal	$	136,202		$	245,189	$	284,489
State	23,134			24,898		28,406
Foreign	29,823			21,138		19,017
	189,159			291,225		331,912
Deferred:
Federal	(23,181		)	47,046		(4,250		)
State	(6,787		)	2,688		7,038
Foreign	(4,013		)	1,121		(2,953		)
	(33,981		)	50,855		(165		)
Total	$	155,178		$	342,080	$	331,747

Components Of Income Before Taxes

The components of income before income taxes for the years ended December 31 were as follows (in thousands):

	2018		2017		2016
Domestic	$	593,099	$	788,878	$	954,138
Foreign	93,530		74,961		69,773
Total	$	686,629	$	863,839	$	1,023,911

Provision For Income Tax Rate To Statutory Rate Reconciliation

The provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate due to the following items for the years ended December 31:

	2018		2017		2016
Provision at statutory rate	21.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	2.6		1.9		1.8
Foreign rate differential	0.4		(0.8	)	(0.6	)
Domestic manufacturing deduction	—		(2.2	)	(2.1	)
Foreign derived intangible income	(1.2	)	—		—
Research and development credit	(1.1	)	(0.7	)	(0.4	)
Unrecognized tax benefits including interest and penalties	(0.6	)	2.3		(1.3	)
Valuation allowance adjustments	0.1		(0.1	)	0.1
Deferred tax balance remeasurement for rate change	(1.2	)	5.5		—
Territorial tax	1.4		(0.1	)	—
Global intangible low-taxed income	0.4		—		—
Adjustments for previously accrued taxes	(1.0	)	(1.2	)	0.2
Rate differential on intercompany transfers	0.9		—		—
Executive compensation limitation	0.5		—		—
Other	0.4		—		(0.3	)
Provision for income taxes	22.6	%	39.6	%	32.4	%

Principal Components Of The Company's Deferred Tax Assets And Liabilities

The principal components of the Company’s deferred tax assets and liabilities as of December 31 include the following (in thousands):

	2018			2017
Deferred tax assets:
Accruals not yet tax deductible	$	108,284		$	92,158
Pension and postretirement benefit plan obligations	48,347			37,357
Stock compensation	13,295			12,669
Net operating loss carryforward	34,842			33,171
Valuation allowance	(21,868		)	(21,561		)
Other, net	43,870			52,422
	226,770			206,216
Deferred tax liabilities:
Depreciation, tax in excess of book	(79,326		)	(88,989		)
Other	(5,980		)	(8,154		)
	(85,306		)	(97,143		)
Total	$	141,464		$	109,073

Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties

The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):

	2018			2017
Unrecognized tax benefits, beginning of period	$	72,230		$	55,539
Increase in unrecognized tax benefits for tax positions taken in a prior period	940			9,513
Decrease in unrecognized tax benefits for tax positions taken in a prior period	(9,783		)	(3,749		)
Increase in unrecognized tax benefits for tax positions taken in the current period	3,355			13,779
Settlements with taxing authorities	(5,331		)	(2,852		)
Unrecognized tax benefits, end of period	$	61,411		$	72,230