XML 54 R39.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
INCOME TAXES  
Schedule of income before income taxes

Years Ended December 31,

    

2019

    

2018

    

2017

 

United States

$

94,612

$

34,404

$

36,139

International

 

247,457

 

231,616

 

258,686

Total

$

342,069

$

266,020

$

294,825

Components of provision (benefit) for income taxes

Years Ended December 31,

2019

2018

2017

 

Current:

U.S. Federal

$

2,129

$

10,273

$

(342)

State/Local

 

883

 

877

 

230

International

 

88,084

 

83,456

 

72,670

$

91,096

$

94,606

$

72,558

Deferred:

U.S. Federal/State

$

4,670

$

(17,019)

$

2,570

International

 

4,076

 

(6,333)

 

(332)

$

8,746

$

(23,352)

$

2,238

Total

$

99,842

$

71,254

$

74,796

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

Years Ended December 31,

    

2019

    

2018

    

2017

 

Income tax at statutory rate

$

71,835

$

55,864

$

103,189

State income taxes (benefits), net of federal (tax) benefit

 

2,622

 

(1,516)

 

(2,620)

Investment incentives

(2,530)

(1,900)

(1,900)

Tax resolutions

(1,915)

(3,400)

(5,188)

Excess tax benefits from share-based compensation

(12,520)

(10,800)

(10,383)

Deferred benefits from tax rate changes

(2,800)

(5,055)

U.S. GILTI and BEAT

(1,485)

5,625

U.S. tax reform - transition tax

(2,570)

31,575

Results of forward contract

(23,883)

Valuation allowance

10,623

3,170

1,344

Rate differential on earnings of foreign operations

 

29,807

 

26,424

 

(16,097)

Other items, net

 

3,405

 

3,157

 

3,814

Actual income tax provision

$

99,842

$

71,254

$

74,796

Effective income tax rate

 

29.2

%  

 

26.8

%  

 

25.4

%  

Components of significant deferred tax assets and liabilities

    

2019

    

2018

 

Deferred Tax Assets:

Net operating loss carryforwards

$

24,941

$

22,462

Operating and finance leases

25,440

Pension liabilities

24,925

15,405

Share-based compensation

 

6,082

10,130

U.S. federal tax credits

8,575

12,045

U.S. state tax credits

 

7,881

10,186

Vacation and bonus

 

7,645

6,891

Research and development

7,539

6,945

Inventory

5,993

6,038

Workers compensation

 

3,835

3,373

Other

 

16,496

13,985

Total gross deferred tax assets

 

139,352

107,460

Less valuation allowance

 

(23,320)

(11,189)

Net deferred tax assets

 

116,032

96,271

Deferred Tax Liabilities:

Acquisition related intangibles

 

62,851

59,004

Depreciation and amortization

28,284

31,140

Operating and finance leases

27,555

2,034

Other

 

6,215

10,351

Total gross deferred tax liabilities

 

124,905

102,529

Net deferred tax (liabilities) assets

$

(8,873)

$

(6,258)

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

    

2019

    

2018

    

2017

 

Balance at January 1

$

3,559

$

3,080

$

6,356

Increases based on tax positions for the current year

 

412

360

370

Increases based on tax positions of prior years

 

663

610

1,562

Settlements

 

(558)

(491)

(4,874)

Lapse of statute of limitations

 

(429)

(334)

Balance at December 31

$

3,647

$

3,559

$

3,080

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

 

2014-2019

United States — State

 

2010-2019

France

 

2016-2019

Germany

 

2015-2019

Italy

 

2014-2019

China

 

2010-2019