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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Earnings before Income Taxes

Earnings before income taxes consisted of the following:

			December 31,
(DOLLARS IN THOUSANDS)			2020						2019						2018
U.S. loss before taxes			$	(141,428)					$	(110,363)					$	(99,125)
Foreign income before taxes			582,799						667,815						546,882
Total income before taxes			$	441,371					$	557,452					$	447,757

Schedule of Income Tax Provision

The income tax provision consisted of the following:

			December 31,
(DOLLARS IN THOUSANDS)			2020						2019						2018
Current tax provision
Federal			$	(8,813)					$	9,979					$	(11,568)
State and local			1,149						429						1,709
Foreign			149,381						146,055						98,433
Total current tax provision			141,717						156,463						88,574
Deferred tax provision
Federal			(7,943)						(41,126)						(8,287)
State and local			(2,057)						7,598						(7,092)
Foreign			(57,718)						(25,751)						34,781
Total deferred tax (benefit) provision			(67,718)						(59,279)						19,402
Total taxes on income			$	73,999					$	97,184					$	107,976

Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate to Actual Effective Tax Rate

Reconciliation between the U.S. federal statutory income tax rate to the actual effective tax rate was as follows: 

			December 31,
(DOLLARS IN THOUSANDS)			2020						2019						2018
Statutory tax rate			21.0		%				21.0		%				21.0		%
Difference in effective tax rate on foreign earnings and remittances			(6.9)						(6.8)						(6.1)
Tax benefit from supply chain optimization			(5.0)						(1.0)						(3.0)
Unrecognized tax benefit, net of reversals			5.7						3.4						2.9
U.S. tax reform			—						—						(1.8)
Deferred taxes on deemed repatriation			(0.2)						0.8						10.1
Global intangible low-taxed income			5.3						—						1.8
U.S. foreign tax credit - general limitation			(1.9)						(1.2)						(1.1)
Acquisition costs			1.0						0.5						1.3
Establishment (release) of valuation allowance on state deferred			(0.4)						1.7						(1.5)
State and local taxes			(0.6)						(0.8)						0.6
Other, net			(1.2)						(0.2)						(0.1)
Effective tax rate			16.8		%				17.4		%				24.1		%

Schedule of Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities consisted of the following amounts:

			December 31,
(DOLLARS IN THOUSANDS)			2020						2019
Employee and retiree benefits			$	108,119					$	87,924
Credit and net operating loss carryforwards			270,699						220,156
Intangible assets			9,759						8,477
Amortizable R&D expenses			30,027						15,477
Gain on foreign currency translation			46,071						3,285
Interest limitation			50,978						39,867
Inventory			14,384						14,396
Lease obligations			53,339						53,751
Other, net			21,806						14,351
Gross deferred tax assets			605,182						457,684
Property, plant and equipment, net			(59,727)						(49,158)
Intangible assets			(585,635)						(621,044)
Right-of-use assets			(52,605)						(53,555)
Loss on foreign currency translation			(99)						—
Deferred taxes on deemed repatriation			(47,144)						(46,066)
Gross deferred tax liabilities			(745,210)						(769,823)
Valuation allowance			(257,171)						(203,765)
Total net deferred tax liabilities			$	(397,199)					$	(515,904)

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 

			December 31,
(DOLLARS IN THOUSANDS)			2020						2019						2018
Balance of unrecognized tax benefits at beginning of year			$	74,799					$	50,953					$	38,162
Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year			10,445						20,361						9,751
Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year			(274)						(2,241)						(5,362)
Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year			24,400						13,274						14,677
The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities			(1,736)						(3,575)						(4,550)
Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation			(8,739)						(3,973)						(1,725)
Balance of unrecognized tax benefits at end of year			$	98,895					$	74,799					$	50,953

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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 of income before income tax between domestic and foreign jurisdictions.

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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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