Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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:


	2024		2023		2022
	(In thousands)
Income before income taxes:
Domestic	$	991,681	$	1,026,113	$	893,478
Foreign	669,858		580,299		535,214
Total	$	1,661,539	$	1,606,412	$	1,428,692
Provision for income taxes:
Current:
Federal	$	120,367	$	206,477	$	183,619
Foreign	155,055		144,476		119,148
State	22,936		34,173		34,201
Total current	298,358		385,126		336,968
Deferred:
Federal	(437)		(69,956)		(37,810)
Foreign	(14,317)		(15,113)		(20,818)
State	1,811		(6,833)		(9,190)
Total deferred	(12,943)		(91,902)		(67,818)
Total provision	$	285,415	$	293,224	$	269,150

Components of Deferred Tax (Asset) Liability

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


	2024		2023
	(In thousands)
Non-current deferred tax (asset) liability:
Differences in basis of property and accelerated depreciation (1)	$	49,513	$	63,447
Reserves not currently deductible	(117,420)		(130,761)
Pensions	89,508		75,834
Differences in basis of intangible assets and accelerated amortization	849,768		880,666
Net operating loss carryforwards	(116,611)		(109,065)
Share-based compensation	(14,614)		(14,296)
Foreign Tax Credit Carryforwards	(2,840)		(9,327)
Unremitted earnings	13,906		15,033
Other	(19,626)		(25,893)
	731,584		745,638
Less: Valuation allowance	21,305		16,766
	752,889		762,404
Portion included in non-current assets	78,141		74,291
Gross non-current deferred tax liability	$	831,030	$	836,695

______________________

(1)Presented net of deferred tax assets of approximately $48.8 million and $49.6 million at December 31, 2024 and 2023, 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:


	2024		2023		2022
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	1.4		1.3		1.6
Foreign operations, net	0.5		0.4		(1.0)
U.S. Benefits for Manufacturing, Export and credits	(3.4)		(3.2)		(2.9)
Uncertain Tax Items	(1.9)		1.0		1.0
Stock compensation	(0.5)		(0.6)		(0.9)
U.S. Tax / (Benefit) on Foreign Earnings	(0.3)		(2.0)		(0.5)
Other	0.4		0.4		0.5
Consolidated effective tax rate	17.2	%	18.3	%	18.8	%

Reconciliation of Liability for Uncertain Tax Positions

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


	2024		2023		2022
	(In millions)
Balance at the beginning of the year	$	233.5	$	174.7	$	147.0
Additions for tax positions related to the current year	37.2		32.1		29.3
Additions for tax positions of prior years	18.1		34.0		2.1
Reductions for tax positions of prior years	(22.8)		(0.6)		(1.0)
Reductions related to settlements with taxing authorities	(1.3)		(0.1)		(0.2)
Reductions due to statute expirations	(63.1)		(6.6)		(2.5)
Balance at the end of the year	$	201.6	$	233.5	$	174.7