Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Earnings (Loss) From Continuing Operations Before Income Taxes

Following is a summary of earnings from continuing operations before income taxes for United States and foreign operations:



	2015		2014	2013
United States	$	324,210	331,553	288,627
Foreign	424,651		332,338	156,944
Earnings before income taxes	$	748,861	663,891	445,571

Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations for the years ended December 31, 2015, 2014 and 2013 consists of the following:



	2015			2014		2013
Current income taxes:
U.S. federal	$	117,602		100,826		84,686
State and local	11,175			13,686		9,774
Foreign	31,981			41,151		46,450
Total current	160,758			155,663		140,910
Deferred income taxes:
U.S. federal	4,165			31,052		5,280
State and local	(3,983		)	(3,473	)	(5,720	)
Foreign	(29,065		)	(51,605	)	(62,085	)
Total deferred	(28,883		)	(24,026	)	(62,525	)
Total	$	131,875		131,637		78,385

Reconciliation Of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to earnings from continuing operations before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings from continuing operations before income taxes as follows:



	2015			2014		2013
Income taxes at statutory rate	$	262,102		232,362		155,950
State and local income taxes, net of federal income tax benefit	4,951			9,239		9,317
Foreign income taxes^(a)	(95,198		)	(89,385	)	(80,937	)
Change in valuation allowance	(14,237		)	(6,482	)	(1,846	)
Tax contingencies and audit settlements^(b)	(23,032		)	(7,882	)	(4,076	)
Other, net	(2,711		)	(6,215	)	(23	)
	$	131,875		131,637		78,385

(a) Foreign income taxes includes statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items.

(b) 2015 includes the $11,180 reversal of uncertain tax positions.

Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2015 and 2014 are presented below:



	2015			2014
Deferred tax assets:
Accounts receivable	$	11,134		12,454
Inventories	42,558			53,120
Employee benefits	70,989			58,461
Accrued expenses and other	54,652			62,287
Deductible state tax and interest benefit	491			7,067
Intangibles	34,003			62,079
Federal, foreign and state net operating losses and credits	458,743			432,906
Gross deferred tax assets	672,570			688,374
Valuation allowance	(287,580		)	(300,472	)
Net deferred tax assets	384,990			387,902
Deferred tax liabilities:
Inventories	(8,663		)	(4,224	)
Plant and equipment	(429,258		)	(422,350	)
Intangibles	(267,571		)	(194,717	)
Other liabilities	(30,256		)	(19,564	)
Gross deferred tax liabilities	(735,748		)	(640,855	)
Net deferred tax liability	$	(350,758	)	(252,953	)

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	2015			2014
Balance as of January 1	$	49,599		56,545
Additions based on tax positions related to the current year	684			3,424
Additions for tax positions of acquired companies	27,455			—
Additions for tax positions of prior years	2,330			219
Reductions resulting from the lapse of the statute of limitations	(13,471		)	(4,925	)
Settlements with taxing authorities	(11,693		)	(919	)
Effects of foreign currency translation	(3,867		)	(4,745	)
Balance as of December 31	$	51,037		49,599