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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

			2023						2022						2021
			(In thousands)
Income before income taxes:
Domestic			$	1,026,113					$	893,478					$	958,206
Foreign			580,299						535,214						264,964
Total			$	1,606,412					$	1,428,692					$	1,223,170
Provision for income taxes:
Current:
Federal			$	206,477					$	183,619					$	99,706
Foreign			144,476						119,148						146,890
State			34,173						34,201						16,282
Total current			385,126						336,968						262,878
Deferred:
Federal			(69,956)						(37,810)						23,538
Foreign			(15,113)						(20,818)						(56,572)
State			(6,833)						(9,190)						3,273
Total deferred			(91,902)						(67,818)						(29,761)
Total provision			$	293,224					$	269,150					$	233,117

Components of Deferred Tax (Asset) Liability

Significant components of the deferred tax (asset) liability were as follows at December 31:

			2023						2022
			(In thousands)
Non-current deferred tax (asset) liability:
Differences in basis of property and accelerated depreciation (1)			$	63,447					$	43,594
Reserves not currently deductible			(130,761)						(131,958)
Pensions			75,834						66,558
Differences in basis of intangible assets and accelerated amortization			880,666						726,525
Net operating loss carryforwards			(109,065)						(54,318)
Share-based compensation			(14,296)						(13,279)
Foreign Tax Credit Carryforwards			(9,327)						(2,317)
Unremitted earnings			15,033						12,429
Other			(25,893)						(13,448)
			745,638						633,786
Less: Valuation allowance			16,766						9,613
			762,404						643,399
Portion included in non-current assets			74,291						50,868
Gross non-current deferred tax liability			$	836,695					$	694,267

______________________

(1)Presented net of deferred tax assets of approximately $49.6 million and $34.1 million at December 31, 2023 and 2022, 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:

			2023						2022						2021
U.S. Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit			1.3						1.6						1.5
Foreign operations, net			0.4						(1.0)						(0.4)
U.S. Benefits for Manufacturing, Export and credits			(3.2)						(2.9)						(2.6)
Uncertain Tax Items			1.0						1.0						(0.1)
Stock compensation			(0.6)						(0.9)						(1.7)
U.S. Tax / (Benefit) on Foreign Earnings			(2.0)						(0.5)						1.0
Other			0.4						0.5						0.3
Consolidated effective tax rate			18.3		%				18.8		%				19.0		%

Reconciliation of Liability for Uncertain Tax Positions

The following is a reconciliation of the liability for uncertain tax positions at December 31:

			2023						2022						2021
			(In millions)
Balance at the beginning of the year			$	174.7					$	147.0					$	100.7
Additions for tax positions related to the current year			32.1						29.3						41.4
Additions for tax positions of prior years			34.0						2.1						34.9
Reductions for tax positions of prior years			(0.6)						(1.0)						(1.5)
Reductions related to settlements with taxing authorities			(0.1)						(0.2)						(0.1)
Reductions due to statute expirations			(6.6)						(2.5)						(28.4)
Balance at the end of the year			$	233.5					$	174.7					$	147.0

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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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