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Income Taxes (Tables)

12 Months Ended

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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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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