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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following (in thousands of dollars):

	For the Years Ended December 31,
	2016				2015				2014
Current provision:
Federal	$	310,582			$	412,545			$	437,648
State	38,249				49,894				47,199
Foreign	25,076				24,087				43,088
Total current	373,907				486,526				527,935
Deferred tax (benefit) provision	12,313				(20,995		)		(5,845		)
Total provision	$	386,220			$	465,531			$	522,090

Schedule of Income before Income Tax, Domestic and Foreign

Earnings (losses) before income taxes by geographical area consisted of the following (in thousands of dollars):

	For the Years Ended December 31,
	2016				2015				2014
United States	$	1,073,879			$	1,203,880			$	1,299,523
Foreign	(54,821		)		46,825				34,863
	$	1,019,058			$	1,250,705			$	1,334,386

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that gave rise to the net deferred tax asset (liability) were (in thousands of dollars):

	As of December 31,
	2016				2015
Deferred tax assets:
Inventory	$	30,030			$	32,390
Accrued expenses	70,021				56,127
Accrued employment-related benefits	124,556				116,423
Foreign operating loss carryforwards	67,350				70,881
Other	22,256				12,962
Deferred tax assets	314,213				288,783
Less valuation allowance	(72,705		)		(62,333		)
Deferred tax assets, net of valuation allowance	$	241,508			$	226,450
Deferred tax liabilities:
Property, buildings and equipment	(75,690		)		(42,249		)
Intangibles	(127,292		)		(134,784		)
Software	(25,431		)		(20,744		)
Prepaids	(11,959		)		(17,901		)
Other	(1,067		)		(17,277		)
Deferred tax liabilities	(241,439		)		(232,955		)
Net deferred tax asset (liability)	$	69			$	(6,505	)
The net deferred tax asset (liability) is classified as follows:
Noncurrent assets	$	64,775			$	83,996
Noncurrent liabilities (foreign)	(64,706		)		(90,501		)
Net deferred tax asset (liability)	$	69			$	(6,505	)

Summary of Valuation Allowance Changes

he Company's valuation allowance changed as follows (in thousands of dollars):

	For the Years Ended December 31,
	2016				2015
Balance at beginning of period	$	62,333			$	56,876
Valuation allowance increases primarily related to foreign NOLs	12,174				7,045
Valuation allowance releases related to foreign NOLs	(3,870		)		(437		)
Other valuation allowance changes, net	2,068				(1,151		)
Balance at end of period	$	72,705			$	62,333

Reconciliation of Income Tax Statutory Rate

A reconciliation of income tax expense with federal income taxes at the statutory rate follows (in thousands of dollars):

	For the Years Ended December 31,
	2016				2015				2014
Federal income tax at the 35% statutory rate	$	356,670			$	437,746			$	467,035
State income taxes, net of federal income tax benefit	25,993				29,507				31,263
Clean energy credit	(28,670		)		(13,358		)		—
Foreign rate difference	21,077				12,041				20,318
Other - net	11,150				(405		)		3,474
Income tax expense	$	386,220			$	465,531			$	522,090
Effective tax rate	37.9		%		37.2		%		39.1		%

Reconciliation of Income Tax Contingencies

The balance and changes in the liability for tax uncertainties, excluding interest, are as follows (in thousands of dollars):

	For the Years Ended December 31,
	2016				2015				2014
Balance at beginning of year	$	60,576			$	45,126			$	40,317
Additions for tax positions related to the current year	14,119				14,916				11,545
Additions for tax positions of prior years	13,215				2,653				5,318
Reductions for tax positions of prior years	(14,774		)		(1,616		)		(4,109		)
Reductions due to statute lapse	(1,527		)		(402		)		(1,271		)
Settlements, audit payments, refunds - net	(12,928		)		(101		)		(6,674		)
Balance at end of year	$	58,681			$	60,576			$	45,126

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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 for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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