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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Earnings Before Income Taxes

Earnings before income taxes for the years ended December 31, 2014, 2013 and 2012 consisted of the following components (in thousands):

		2014				2013				2012
United States		$	665,219			$	517,432			$	430,573
Other			256,237				236,698				256,108
		$	921,456			$	754,130			$	686,681

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):

		2014				2013				2012
Current:
Federal		$	218,302			$	166,430			$	136,860
State			37,155				12,577				9,972
Foreign			56,107				40,451				48,403
Deferred:
Domestic			(30,664	)			(1,965	)			15,789
Foreign			(5,477	)			(1,656	)			(7,703	)
		$	275,423			$	215,837			$	203,321

Schedule of Effective Income Tax Rate Reconciliation

Reconciliations between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2014, 2013 and 2012 were as follows:

		2014				2013				2012
Federal statutory rate			35.0	%			35.0	%			35.0	%
Foreign rate differential			(3.9	)			(4.1	)			(3.9	)
R&D tax credits			(0.4	)			(0.5	)			-
State taxes, net of federal benefit			2.0				1.9				1.7
Foreign tax credit			-				-				(2.4	)
Section 199 deduction			(1.6	)			(1.8	)			(1.3	)
Other, net			(1.2	)			(1.9	)			0.5
			29.9	%			28.6	%			29.6	%

Schedule of Deferred Tax Assets and Liabilities

Components of the deferred tax assets and liabilities at December 31 were as follows (in thousands):

		2014				2013
Deferred tax assets:
Reserves and accrued expenses		$	130,508			$	119,955
Inventories			10,186				10,315
Net operating loss carryforwards			41,480				35,286
R&D credits			7,145				3,134
Foreign tax credits			-				425
Valuation allowance			(16,169	)			(5,917	)
Total deferred tax assets		$	173,150			$	163,198
Deferred tax liabilities:
Reserves and accrued expenses		$	27,981			$	20,995
Amortizable intangible assets			798,502				826,838
Plant and equipment			4,741				12,423
Total deferred tax liabilities		$	831,224			$	860,256

Schedule of Unrecognized Tax Benefits Roll Forward

The Company recognizes in the consolidated financial statements only those tax positions determined to be "more likely than not" of being sustained upon examination based on the technical merits of the positions.  A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

		2014				2013				2012
Beginning balance		$	26,924			$	24,865			$	19,556
Additions for tax positions of prior periods			6,532				3,055				1,371
Additions for tax positions of the current period			5,571				1,639				1,541
Additions due to acquisitions			-				5,026				9,116
Reductions for tax positions of prior periods			(1,008	)			(3,675	)			(197	)
Reductions for tax positions of the current period
Settlements with taxing authorities			(518	)			-				-
Lapse of applicable statute of limitations			(8,934	)			(3,986	)			(6,522	)
Ending balance		$	28,567			$	26,924			$	24,865

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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