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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Earnings Before Income Tax Expense | Earnings before income tax expense consist of (in thousands):
| 2021 |  | 2020 |  | 2019
Domestic | $ | 370,903 |  |  | $ | 289,708 |  |  | $ | 294,402 |
Foreign | 137,562 |  |  | 84,943 |  |  | 111,475 |
Total | $ | 508,465 |  |  | $ | 374,651 |  |  | $ | 405,877 |
Components of Income Tax Expense | Income tax expense consists of (in thousands):
| 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 77,703 |  |  | $ | 11,509 |  |  | $ | 39,015 |
State and local | 7,493 |  |  | 3,217 |  |  | 3,347 |
Foreign | 29,975 |  |  | 18,722 |  |  | 26,270 |
Current income tax expense | 115,171 |  |  | 33,448 |  |  | 68,632 |
Deferred |  |  |  |  |
Domestic | (42,413) |  |  | 12,856 |  |  | (151) |
Foreign | (4,159) |  |  | (2,109) |  |  | (6,457) |
Deferred income tax expense (benefit) | (46,572) |  |  | 10,747 |  |  | (6,608) |
Total | $ | 68,599 |  |  | $ | 44,195 |  |  | $ | 62,024 |
Federal Tax Rate Reconciliation | A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows:
| 2021 |  | 2020 |  | 2019
Statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
Tax effect of international operations | (1) |  |  | (2) |  |  | (1) |
State taxes, net of federal effect | 1 |  |  | 1 |  |  | 1 |
U.S. general business tax credits | (1) |  |  | (1) |  |  | (1) |
Loss on sale of business | — |  |  | 2 |  |  | — |
Stock compensation excess tax benefit | (2) |  |  | (6) |  |  | (3) |
Global Intangible Low-taxed Income (GILTI) | — |  |  | — |  |  | 1 |
Foreign Derived Intangible Income (FDII) | (5) |  |  | (3) |  |  | (3) |
Effective tax rate | 13 | % |  | 12 | % |  | 15 | %
Deferred Income Taxes | The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands):
| 2021 |  | 2020
Inventory valuations | $ | 1,181 |  |  | $ | 586 |
Accrued self-insurance retentions | 1,534 |  |  | 1,164 |
Accrued warranty and service liabilities | 2,285 |  |  | 2,062 |
Vacation accruals | 3,261 |  |  | 3,249 |
Customer allowances | 4,028 |  |  | 3,650 |
Excess of tax over book depreciation and amortization | (39,785) |  |  | (49,377) |
Pension benefit obligation | 16,022 |  |  | 30,942 |
Postretirement medical benefit obligation | 5,028 |  |  | 4,808 |
Acquisition costs | — |  |  | 389 |
Stock compensation | 11,442 |  |  | 11,743 |
Deferred compensation | 2,595 |  |  | 2,075 |
Net operating loss carryforward | — |  |  | 440 |
Deferred revenue | 2,427 |  |  | 1,792 |
Prepayments from foreign subsidiaries | 32,969 |  |  | — |
Other | 2,138 |  |  | 2,041 |
Net deferred tax assets | $ | 45,125 |  |  | $ | 15,564 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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