Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2020, 2019 and 2018 was taxed in the following jurisdictions:

	2020		2019		2018
	(In thousands)
U.S.	$	296,355	$	377,166	$	357,585
Foreign	173,985		155,737		171,354
Total	$	470,340	$	532,903	$	528,939

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2020, 2019 and 2018 was as follows:

	2020		2019		2018
	(In thousands)
Current
U.S.	$	29,548	$	49,819	$	67,793
State and local	4,603		9,074		8,056
Foreign	50,173		41,864		46,862
Total current	84,324		100,757		122,711
Deferred
U.S.	10,066		10,158		(5,471)
State and local	1,522		(115)		(17)
Foreign	(3,350)		(3,418)		1,143
Total deferred	8,238		6,625		(4,345)
Total provision for income taxes	$	92,562	$	107,382	$	118,366

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2020 and 2019 were:

	2020		2019
	(In thousands)
Employee and retiree benefit plans	$	26,872	$	28,097
Capital loss and other carryforwards	16,316		16,035
Operating lease assets	24,705		20,036
Operating lease liabilities	(23,945)		(19,530)
Depreciation and amortization	(188,993)		(175,904)
Inventories	8,780		7,699
Allowances and accruals	7,343		7,765
Interest rate exchange agreement	745		2,113
Other	(16,946)		(14,998)
Total gross deferred tax (liabilities)	(145,123)		(128,687)
Valuation allowance	(16,316)		(16,035)
Total deferred tax (liabilities), net of valuation allowances	$	(161,439)	$	(144,722)

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, 2020 and 2019 were:

	2020		2019
	(In thousands)
Noncurrent deferred tax asset - Other noncurrent assets	$	2,424	$	1,852
Noncurrent deferred tax liabilities - Deferred income taxes	(163,863)		(146,574)
Net deferred tax liabilities	$	(161,439)	$	(144,722)

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 2020, 2019 and 2018 are as follows:

	2020		2019		2018
	(In thousands)
Pretax income	$	470,340	$	532,903	$	528,939
Provision for income taxes:
Computed amount at statutory rate	$	98,771	$	111,910	$	111,077
State and local income tax (net of federal tax benefit)	5,954		8,163		8,280
Taxes on non-U.S. earnings-net of foreign tax credits	7,048		5,003		5,725
Global Intangible Low-Taxed Income	(2,731)		2,324		2,725
Foreign-Derived Intangible Income Deduction	(4,928)		(5,811)		(5,410)
Effect of flow-through entities	1,308		1,316		1,215
U.S. business tax credits	(3,163)		(3,193)		(3,056)
Share-based payments	(9,743)		(11,011)		(9,348)
Valuation allowance	70		(117)		—
Impact of Tax Act	—		(334)		10,298
Other	(24)		(868)		(3,140)
Total provision for income taxes	$	92,562	$	107,382	$	118,366

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2020, 2019 and 2018 is as follows:

	2020		2019		2018
	(In thousands)
Beginning balance January 1	$	3,680	$	4,070	$	2,722
Gross increases for tax positions of prior years	—		—		2,308
Gross decreases for tax positions of prior years	—		—		(229)
Settlements	(2,608)		(140)		(160)
Lapse of statute of limitations	—		(250)		(571)
Ending balance December 31	$	1,072	$	3,680	$	4,070