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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes and Details of Provision for Income Taxes | The components of income before income taxes and the details of the provision for income taxes were as follows for the years ended December 31:
| 2020 |  | 2019 |  | 2018
| (In thousands)
Income before income taxes: |  |  |  |  |
Domestic | $ | 810,844 |  |  | $ | 766,436 |  |  | $ | 555,077 |
Foreign | 271,465 |  |  | 303,312 |  |  | 432,668 |
Total | $ | 1,082,309 |  |  | $ | 1,069,748 |  |  | $ | 987,745 |
Provision for income taxes: |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | 126,427 |  |  | $ | 88,526 |  |  | $ | 204,712 |
Foreign | 61,672 |  |  | 81,452 |  |  | 51,686 |
State | 19,932 |  |  | 19,093 |  |  | 27,096 |
Total current | 208,031 |  |  | 189,071 |  |  | 283,494 |
Deferred: |  |  |  |  |
Federal | (1,254) |  |  | 18,005 |  |  | (62,095) |
Foreign | (4,072) |  |  | (29) |  |  | (3,872) |
State | 7,165 |  |  | 1,404 |  |  | (7,715) |
Total deferred | 1,839 |  |  | 19,380 |  |  | (73,682) |
Total provision | $ | 209,870 |  |  | $ | 208,451 |  |  | $ | 209,812 |
Components of Deferred Tax (Asset) Liability | Significant components of the deferred tax (asset) liability were as follows at December 31:
| 2020 |  | 2019
| (In thousands)
Non-current deferred tax (asset) liability: |  |  |
Differences in basis of property and accelerated depreciation (1) | $ | 46,023 |  |  | $ | 45,747 |
Reserves not currently deductible | (61,872) |  |  | (44,239) |
Pensions | 39,256 |  |  | 39,820 |
Differences in basis of intangible assets and accelerated amortization | 565,661 |  |  | 537,534 |
Net operating loss carryforwards | (26,767) |  |  | (41,782) |
Share-based compensation | (13,780) |  |  | (12,060) |
Foreign Tax Credit Carryforwards | (261) |  |  | (333) |
Unremitted earnings | 10,657 |  |  | 12,977 |
Other | (43,507) |  |  | (20,889) |
| 515,410 |  |  | 516,775 |
Less: Valuation allowance | 5,965 |  |  | 7,146 |
| 521,375 |  |  | 523,921 |
Portion included in non-current assets | 12,103 |  |  | 12,219 |
Gross non-current deferred tax liability | $ | 533,478 |  |  | $ | 536,140 |
______________________ (1)Presented net of deferred tax asset of approximately $32.4 million and $35.1 million at December 31, 2020 and 2019, respectively, associated with ASC 842.
Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate | The Company’s effective tax rate reconciles to the U.S. Federal statutory rate as follows for the years ended December 31:
| 2020 |  | 2019 |  | 2018
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 2.3 |  |  | 1.8 |  |  | 1.2 |
Foreign operations, net | (1.4) |  |  | (0.9) |  |  | (0.1) |
U.S. Benefits for Manufacturing, Export and credits | (1.9) |  |  | (2.0) |  |  | (1.8) |
Uncertain Tax Items | (1.3) |  |  | (1.0) |  |  | 1.7 |
Stock compensation | (1.0) |  |  | (1.5) |  |  | (0.5) |
Net deferred tax revaluation | — |  |  | — |  |  | (0.1) |
US Tax on Foreign Earnings | 2.1 |  |  | 2.3 |  |  | (0.1) |
Other | (0.4) |  |  | (0.2) |  |  | (0.1) |
Consolidated effective tax rate | 19.4 | % |  | 19.5 | % |  | 21.2 | %
Reconciliation of Liability for Uncertain Tax Positions | The following is a reconciliation of the liability for uncertain tax positions at December 31:
| 2020 |  | 2019 |  | 2018
| (In millions)
Balance at the beginning of the year | $ | 109.1 |  |  | $ | 119.3 |  |  | $ | 60.3 |
Additions for tax positions related to the current year | 15.6 |  |  | 17.5 |  |  | 21.8 |
Additions for tax positions of prior years | 6.2 |  |  | 2.8 |  |  | 53.5 |
Reductions for tax positions of prior years | (0.3) |  |  | (1.3) |  |  | (3.9) |
Reductions related to settlements with taxing authorities | (0.5) |  |  | (0.9) |  |  | — |
Reductions due to statute expirations | (29.4) |  |  | (28.3) |  |  | (12.4) |
Balance at the end of the year | $ | 100.7 |  |  | $ | 109.1 |  |  | $ | 119.3 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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- 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://fasb.org/us-gaap/role/ref/legacyRef -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
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