XML 55 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1

INCOME TAXES (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration