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Income Taxes (Tables)

12 Months Ended

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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Components of income before income taxes and provision for income taxes.

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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 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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