INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31:


	2023		2022		2021
	(Dollars in thousands)
Domestic	$	253,916	$	400,889	$	338,304
Foreign	168,205		73,250		128,009
Total	$	422,121	$	474,139	$	466,313

Components of Provision for Income Taxes

The components of the provision (benefit) for income taxes were as follows:


	2023		2022		2021
	(Dollars in thousands)
Current:
Federal	$	10,847	$	99,760	$	963
State	(529)		23,915		3,412
Foreign	52,730		41,797		43,280
Current income tax provision	63,048		165,472		47,655
Deferred:
Federal	29,337		(27,681)		59,979
State	7,957		(8,916)		4,984
Foreign	(4,186)		4,416		(5,386)
Deferred income tax provision (benefit)	33,108		(32,181)		59,577
	$	96,156	$	133,291	$	107,232

Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate

The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following:


	2023			2022			2021
	(Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate	$	88,646		$	99,569		$	97,926
State income taxes, net of federal tax benefit	5,551			12,815			10,496
Tax liabilities no longer required	(4,071)			(2,142)			(3,784)
Valuation allowance	2,287			16,635			6,745

Tax credit refunds, net	(2,684)			(5,081)			(3,593)
Foreign earnings taxed at other than 21%	9,993			5,126			5,907
Deferred tax rate changes	(3,133)			(1,276)			(3,409)
European Commission settlement	—			5,313			—
Other	(433)			2,332			(3,056)
	$	96,156		$	133,291		$	107,232

Effective tax rate	22.8		%	28.1		%	23.0		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31 were as follows:


	2023		2022
	(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities	$	17,093	$	11,072
Rationalization and other accrued liabilities	33,196		42,219
AMT and other credit carryforwards	3,584		3,094
Net operating loss carryforwards	54,067		45,606
Other intangible assets	268		1,091
Foreign currency translation	—		223
Property, plant and equipment	1,559		734
Inventory and related reserves	3,098		28,409
Long term operating lease liabilities	58,430		53,198
Other	29,233		19,494
Total deferred tax assets	200,528		205,140
Deferred tax liabilities:
Property, plant and equipment	(259,083)		(253,753)
Pension and other postretirement liabilities	(44,782)		(36,150)
Other intangible assets	(178,062)		(175,358)
Operating lease right of use assets	(55,993)		(50,747)
Inventory and related reserves	(13,527)		—
Foreign currency translation	(13,496)		(17,285)
Other	(11,210)		(8,600)
Total deferred tax liabilities	(576,153)		(541,893)
Valuation allowance	(45,525)		(41,823)
	$	(421,150)	$	(378,576)

Reconciliation Of Beginning And Ending Unrecognized Tax Benefits Table

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows:


	2023		2022
	(Dollars in thousands)
Balance at January 1,	$	26,721	$	28,981
Increase based upon tax positions of current year	8,807		—
Increase based upon tax positions of a prior year	625		1,652


Decrease based upon settlements with taxing authorities	(15,681)		(131)
Decrease based upon a lapse in the statute of limitations	(3,071)		(3,781)
Balance at December 31,	$	17,401	$	26,721