Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2019, 2018 and 2017 was taxed in the following jurisdictions:

	2019		2018		2017
	(In thousands)
U.S.	$	377,166	$	357,585	$	302,515
Foreign	155,737		171,354		152,758
Total	$	532,903	$	528,939	$	455,273

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2019, 2018 and 2017 was as follows:

	2019			2018			2017
	(In thousands)
Current
U.S.	$	49,819		$	67,793		$	91,641
State and local	9,074			8,056			9,342
Foreign	41,864			46,862			50,775
Total current	100,757			122,711			151,758
Deferred
U.S.	10,158			(5,471		)	(36,390		)
State and local	(115		)	(17		)	3,305
Foreign	(3,418		)	1,143			(657		)
Total deferred	6,625			(4,345		)	(33,742		)
Total provision for income taxes	$	107,382		$	118,366		$	118,016

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2019 and 2018 were:

	2019			2018
	(In thousands)
Employee and retiree benefit plans	$	28,097		$	27,615
Capital loss and other carryforwards	16,035			12,754
Operating lease assets	20,036			—
Operating lease liabilities	(19,530		)	—
Depreciation and amortization	(175,904		)	(168,485		)
Inventories	7,699			5,969
Allowances and accruals	7,765			11,540
Interest rate exchange agreement	2,113			3,543
Other	(14,998		)	(6,388		)
Total gross deferred tax (liabilities)	(128,687		)	(113,452		)
Valuation allowance	(16,035		)	(12,754		)
Total deferred tax (liabilities), net of valuation allowances	$	(144,722	)	$	(126,206	)

Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2018 were:

	2019			2018
	(In thousands)
Noncurrent deferred tax asset - Other noncurrent assets	$	1,852		$	1,801
Noncurrent deferred tax liabilities - Deferred income taxes	(146,574		)	(128,007		)
Net deferred tax liabilities	$	(144,722	)	$	(126,206	)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2019, 2018 and 2017 are as follows:

	2019			2018			2017
	(In thousands)
Pretax income	$	532,903		$	528,939		$	455,273
Provision for income taxes:
Computed amount at statutory rate	$	111,910		$	111,077		$	159,346
State and local income tax (net of federal tax benefit)	8,163			8,280			5,841
Taxes on non-U.S. earnings-net of foreign tax credits	5,003			5,725			(24,914		)
Global Intangible Lowed-Taxed Income	2,324			2,725			—
Foreign-Derived Intangible Income Deduction	(5,811		)	(5,410		)	—
Effect of flow-through entities	1,316			1,215			192
U.S. business tax credits	(3,193		)	(3,056		)	(1,928		)
Domestic activities production deduction	—			—			(8,516		)
Capital loss on divestitures	—			—			(2,275		)
Share-based payments	(11,011		)	(9,348		)	(6,844		)
Valuation allowance	(117		)	—			(361		)
Impact of Tax Act	(334		)	10,298			(100		)
Other	(868		)	(3,140		)	(2,425		)
Total provision for income taxes	$	107,382		$	118,366		$	118,016

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2019, 2018 and 2017 is as follows:

	2019			2018			2017
	(In thousands)
Beginning balance January 1	$	4,070		$	2,722		$	3,775
Gross increases for tax positions of prior years	—			2,308			537
Gross decreases for tax positions of prior years	—			(229		)	(587		)
Settlements	(140		)	(160		)	(604		)
Lapse of statute of limitations	(250		)	(571		)	(399		)
Ending balance December 31	$	3,680		$	4,070		$	2,722