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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2017
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,
| 2017 |  | 2016 |  | 2015
Current provision: |  |  |  |  |
U.S. Federal | $ | 248,090 |  |  | $ | 310,582 |  |  | $ | 412,545 |
U.S. State | 28,693 |  |  | 38,249 |  |  | 49,894 |
Foreign | 22,057 |  |  | 25,076 |  |  | 24,087 |
Total current | 298,840 |  |  | 373,907 |  |  | 486,526 |
Deferred tax provision (benefit) | 14,041 |  |  | 12,313 |  |  | (20,995 | )
Total provision | $ | 312,881 |  |  | $ | 386,220 |  |  | $ | 465,531 |
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,
| 2017 |  | 2016 |  | 2015
U.S. | $ | 970,892 |  |  | $ | 1,073,879 |  |  | $ | 1,203,880 |
Foreign | (35,568 | ) |  | (54,821 | ) |  | 46,825 |
| $ | 935,324 |  |  | $ | 1,019,058 |  |  | $ | 1,250,705 |
Schedule of Deferred Tax Assets and Liabilities | The income tax effects of temporary differences that gave rise to the net deferred tax (liability) asset as of December 31, 2017 and 2016 were (in thousands of dollars):
| As of December 31,
| 2017 |  | 2016
Deferred tax assets: |  |  |
Inventory | $ | 13,641 |  |  | $ | 30,030 |
Accrued expenses | 43,889 |  |  | 70,021 |
Accrued employment-related benefits | 63,029 |  |  | 124,556 |
Foreign operating loss carryforwards | 72,197 |  |  | 67,350 |
Tax credit carryforward | 20,201 |  |  | 8,625 |
Other | 8,350 |  |  | 13,631 |
Deferred tax assets | 221,307 |  |  | 314,213 |
Less valuation allowance | (83,847 | ) |  | (72,705 | )
Deferred tax assets, net of valuation allowance | $ | 137,460 |  |  | $ | 241,508 |
Deferred tax liabilities: |  |  |
Property, buildings and equipment | (33,342 | ) |  | (75,690 | )
Intangibles | (119,302 | ) |  | (127,292 | )
Software | (19,903 | ) |  | (25,431 | )
Prepaids | (6,109 | ) |  | (11,959 | )
Other | (3,521 | ) |  | (1,067 | )
Deferred tax liabilities | (182,177 | ) |  | (241,439 | )
Net deferred tax (liability) asset | $ | (44,717 | ) |  | $ | 69 |
The net deferred tax (liability) asset is classified as follows: |  |  |
Noncurrent assets | $ | 22,362 |  |  | $ | 64,775 |
Noncurrent liabilities (foreign) | (67,079 | ) |  | (64,706 | )
Net deferred tax (liability) asset | $ | (44,717 | ) |  | $ | 69 |
Summary of Valuation Allowance Changes | he Company's valuation allowance changed as follows (in thousands of dollars):
| For the Years Ended December 31,
| 2017 |  | 2016
Balance at beginning of period | $ | 72,705 |  |  | $ | 62,333 |
Increases primarily related to foreign NOLs | 12,861 |  |  | 12,174 |
Releases related to foreign NOLs | (8,035 | ) |  | (3,870 | )
Other changes, net | (4,703 | ) |  | (6,557 | )
Increase related to U.S. foreign tax credits | 11,019 |  |  | 8,625 |
Balance at end of period | $ | 83,847 |  |  | $ | 72,705 |
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,
| 2017 |  | 2016 |  | 2015
Federal income tax | $ | 327,363 |  |  | $ | 356,670 |  |  | $ | 437,746 |
State income taxes, net of federal income tax benefit | 19,850 |  |  | 25,993 |  |  | 29,507 |
Clean energy credit | (37,138 | ) |  | (28,670 | ) |  | (13,358 | )
Foreign rate difference | 9,371 |  |  | 21,077 |  |  | 12,041 |
U.S. tax legislation impact (see note below) | (3,164 | ) |  | — |  |  | — |
Other - net | (3,401 | ) |  | 11,150 |  |  | (405 | )
Income tax expense | $ | 312,881 |  |  | $ | 386,220 |  |  | $ | 465,531 |
Effective tax rate | 33.5 | % |  | 37.9 | % |  | 37.2 | %
Reconciliation of Income Tax Contingencies |
| For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015
Balance at beginning of year | $ | 58,681 |  |  | $ | 60,576 |  |  | $ | 45,126 |
Additions for tax positions related to the current year | 3,930 |  |  | 14,119 |  |  | 14,916 |
Additions for tax positions of prior years | 4,786 |  |  | 13,215 |  |  | 2,653 |
Reductions for tax positions of prior years | (12,417 | ) |  | (14,774 | ) |  | (1,616 | )
Reductions due to statute lapse | (5,098 | ) |  | (1,527 | ) |  | (402 | )
Settlements, audit payments, refunds - net | (5,215 | ) |  | (12,928 | ) |  | (101 | )
Balance at end of year | $ | 44,667 |  |  | $ | 58,681 |  |  | $ | 60,576 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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