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Income Taxes (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-SubTopic 10
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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