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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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:
| 2022 |  | 2021 |  | 2020
| (In thousands)
Income before income taxes: |  |  |  |  |
Domestic | $ | 893,478 |  |  | $ | 958,206 |  |  | $ | 810,844 |
Foreign | 535,214 |  |  | 264,964 |  |  | 271,465 |
Total | $ | 1,428,692 |  |  | $ | 1,223,170 |  |  | $ | 1,082,309 |
Provision for income taxes: |  |  |  |  |
Current: |  |  |  |  |
Federal | $ | 183,619 |  |  | $ | 99,706 |  |  | $ | 126,427 |
Foreign | 119,148 |  |  | 146,890 |  |  | 61,672 |
State | 34,201 |  |  | 16,282 |  |  | 19,932 |
Total current | 336,968 |  |  | 262,878 |  |  | 208,031 |
Deferred: |  |  |  |  |
Federal | (37,810) |  |  | 23,538 |  |  | (1,254) |
Foreign | (20,818) |  |  | (56,572) |  |  | (4,072) |
State | (9,190) |  |  | 3,273 |  |  | 7,165 |
Total deferred | (67,818) |  |  | (29,761) |  |  | 1,839 |
Total provision | $ | 269,150 |  |  | $ | 233,117 |  |  | $ | 209,870 |
Components of Deferred Tax (Asset) Liability | Significant components of the deferred tax (asset) liability were as follows at December 31:
| 2022 |  | 2021
| (In thousands)
Non-current deferred tax (asset) liability: |  |  |
Differences in basis of property and accelerated depreciation (1) | $ | 43,594 |  |  | $ | 44,199 |
Reserves not currently deductible | (131,958) |  |  | (118,578) |
Pensions | 66,558 |  |  | 63,329 |
Differences in basis of intangible assets and accelerated amortization | 726,525 |  |  | 768,542 |
Net operating loss carryforwards | (54,318) |  |  | (44,164) |
Share-based compensation | (13,279) |  |  | (12,728) |
Foreign Tax Credit Carryforwards | (2,317) |  |  | (2,291) |
Unremitted earnings | 12,429 |  |  | 11,361 |
Other | (13,448) |  |  | (28,343) |
| 633,786 |  |  | 681,327 |
Less: Valuation allowance | 9,613 |  |  | 11,349 |
| 643,399 |  |  | 692,676 |
Portion included in non-current assets | 50,868 |  |  | 26,999 |
Gross non-current deferred tax liability | $ | 694,267 |  |  | $ | 719,675 |
______________________ (1)Presented net of deferred tax assets of approximately $34.1 million and $33.3 million at December 31, 2022 and 2021, respectively, resulting from lease obligations.
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:
| 2022 |  | 2021 |  | 2020
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 1.6 |  |  | 1.5 |  |  | 2.3 |
Foreign operations, net | (1.0) |  |  | (0.4) |  |  | (1.4) |
U.S. Benefits for Manufacturing, Export and credits | (2.9) |  |  | (2.6) |  |  | (1.9) |
Uncertain Tax Items | 1.0 |  |  | (0.1) |  |  | (1.3) |
Stock compensation | (0.9) |  |  | (1.7) |  |  | (1.0) |
U.S. Tax on Foreign Earnings | 0.5 |  |  | 3.9 |  |  | 2.2 |
U.S. General Basket FTC | (0.1) |  |  | (2.9) |  |  | (0.1) |
Other | (0.4) |  |  | 0.3 |  |  | (0.5) |
Consolidated effective tax rate | 18.8 | % |  | 19.1 | % |  | 19.4 | %
Reconciliation of Liability for Uncertain Tax Positions | The following is a reconciliation of the liability for uncertain tax positions at December 31:
| 2022 |  | 2021 |  | 2020
| (In millions)
Balance at the beginning of the year | $ | 147.0 |  |  | $ | 100.7 |  |  | $ | 109.1 |
Additions for tax positions related to the current year | 29.3 |  |  | 41.4 |  |  | 15.6 |
Additions for tax positions of prior years | 2.1 |  |  | 34.9 |  |  | 6.2 |
Reductions for tax positions of prior years | (1.0) |  |  | (1.5) |  |  | (0.3) |
Reductions related to settlements with taxing authorities | (0.2) |  |  | (0.1) |  |  | (0.5) |
Reductions due to statute expirations | (2.5) |  |  | (28.4) |  |  | (29.4) |
Balance at the end of the year | $ | 174.7 |  |  | $ | 147.0 |  |  | $ | 100.7 |

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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