INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

INCOME TAXES

Schedule of income before income taxes

Years Ended December 31,	2018		2017		2016
United States	$	34,404	$	36,139	$	55,278
International		231,616		258,686		225,219
Total	$	266,020	$	294,825	$	280,497

Components of provision (benefit) for income taxes

Years Ended December 31,	2018		2017		2016
Current:
U.S. Federal	$	10,273	$	(342)	$	24,045
State/Local		877		230		449
International		83,456		72,670		61,511
	$	94,606	$	72,558	$	86,005
Deferred:
U.S. Federal/State	$	(17,019)	$	2,570	$	(4,002)
International		(6,333)		(332)		(7,110)
	$	(23,352)	$	2,238	$	(11,112)
Total	$	71,254	$	74,796	$	74,893

Schedule of reconciliation of actual income tax provision and the tax provision computed by applying statutory federal income tax rate

Years Ended December 31,	2018			2017			2016
Income tax at statutory rate	$	55,864		$	103,189		$	98,174
State income (benefits) taxes, net of federal (tax) benefit		(1,311)			(594)			(980)
Investment incentives		(1,900)			(1,900)			(6,413)
Tax resolutions		(3,400)			(5,188)			(7,205)
Excess tax benefits from equity compensation		(10,800)			(10,383)			—
Deferred benefits from tax rate changes		(2,800)			(5,055)			—
U.S. GILTI and BEAT		5,625			—			—
U.S. tax reform - transition tax		(2,570)			31,575			—
Results of forward contract		—			(23,883)			—
Rate differential on earnings of foreign operations		29,336			(17,318)			(12,037)
Other items, net		3,210			4,353			3,354
Actual income tax provision	$	71,254		$	74,796		$	74,893
Effective income tax rate		26.8	%		25.4	%		26.7	%

Components of significant deferred tax assets and liabilities

	2018		2017
Deferred Tax Assets:
Net operating loss carryforwards	$	22,462	$	10,803
Pension liabilities		15,405		19,393
Stock compensation		10,130		9,101
U.S. federal tax credits		12,045		8,320
U.S. state tax credits		10,186		9,384
Vacation and bonus		6,891		4,748
Research and development		6,945		—
Inventory		6,038		3,052
Workers compensation		3,373		4,534
Other		13,985		9,698
Total gross deferred tax assets		107,460		79,033
Less valuation allowance		(11,189)		(5,414)
Net deferred tax assets		96,271		73,619
Deferred Tax Liabilities:
Depreciation, amortization and leases		33,174		25,062
Acquisition related intangibles		59,004		27,866
Other		10,351		8,090
Total gross deferred tax liabilities		102,529		61,018
Net deferred tax (liabilities) assets	$	(6,258)	$	12,601

Schedule of reconciliation of the beginning and ending amount of income tax uncertainties

	2018		2017		2016
Balance at January 1	$	3,080	$	6,356	$	7,934
Increases based on tax positions for the current year		360		370		270
Increases based on tax positions of prior years		610		1,562		1,283
Decreases based on tax positions of prior years		—		—		(1,472)
Settlements		(491)		(4,874)		(1,444)
Lapse of statute of limitations		—		(334)		(215)
Balance at December 31	$	3,559	$	3,080	$	6,356

Summary of major tax jurisdictions the Company files in, with the years still subject to income tax examinations

	Tax Years
Major Tax	Subject to
Jurisdiction	Examination
United States — Federal	2014-2018
United States — State	2009-2018
France	2016-2018
Germany	2015-2018
Italy	2013-2018
China	2009-2018