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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Components of income (loss) before income taxes | The components of income before income taxes for the three years ended December 31, 2012 were as follows:
|  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
U.S. |  | $ | 243,382 |  |  | $ | 204,667 |  |  | $ | 135,756 |
Non-U.S. |  | 126,188 |  |  | 96,664 |  |  | 51,352 |
Total |  | $ | 369,570 |  |  | $ | 301,331 |  |  | $ | 187,108 |
Components of income tax expense (benefit) | The components of income tax expense (benefit) for the three years ended December 31, 2012 were as follows:
|  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Current: |  |  |  |  |  |
Federal |  | $ | 72,809 |  |  | $ | 42,510 |  |  | $ | 30,642 |
Non-U.S. |  | 33,510 |  |  | 19,970 |  |  | 15,532 |
State and local |  | 8,172 |  |  | 6,699 |  |  | 4,337 |
|  | 114,491 |  |  | 69,179 |  |  | 50,511 |
Deferred: |  |  |  |  |  |
Federal |  | (1,673 | ) |  | 12,140 |  |  | 6,802 |
Non-U.S. |  | (750 | ) |  | 2,768 |  |  | (2,640 | )
State and local |  | 286 |  |  | 231 |  |  | 225 |
|  | (2,137 | ) |  | 15,139 |  |  | 4,387 |
Total |  | $ | 112,354 |  |  | $ | 84,318 |  |  | $ | 54,898 |
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes | The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2012 were as follows:
|  | Year Ended December 31,
|  | 2012 |  | 2011 |  | 2010
Statutory rate of 35% applied to pre-tax income |  | $ | 129,350 |  |  | $ | 105,466 |  |  | $ | 65,488 |
Effect of state and local income taxes, net of federal tax benefit |  | 5,598 |  |  | 4,585 |  |  | 3,044 |
Taxes (less) more than the U.S. tax rate on non-U.S. earnings, including utilization of tax loss carry-forwards, losses with no benefit and changes in non-U.S. valuation allowance |  | (11,263 | ) |  | (13,637 | ) |  | (1,417 | )
Manufacturing deduction |  | (6,287 | ) |  | (5,330 | ) |  | (3,900 | )
U.S. tax cost (benefit) of foreign source income |  | (4,766 | ) |  | 145 |  |  | (3,282 | )
Resolution and adjustments to uncertain tax positions |  | (1,493 | ) |  | (5,103 | ) |  | (3,204 | )
Other |  | 1,215 |  |  | (1,808 | ) |  | (1,831 | )
Total |  | $ | 112,354 |  |  | $ | 84,318 |  |  | $ | 54,898 |
Effective tax rate |  | 30.40 | % |  | 27.98 | % |  | 29.34 | %
Significant components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities at December 31, 2012 and 2011, were as follows:
|  | December 31,
|  | 2012 |  | 2011
Deferred tax assets: |  |  |  |
Tax loss and credit carry-forwards |  | $ | 40,373 |  |  | $ | 32,313 |
Inventory |  | 1,328 |  |  | 3,639 |
Other accruals |  | 14,981 |  |  | 15,653 |
Employee benefits |  | 17,904 |  |  | 17,600 |
Pension obligations |  | 82,903 |  |  | 79,371 |
Other |  | 12,686 |  |  | 7,111 |
Deferred tax assets, gross |  | 170,175 |  |  | 155,687 |
Valuation allowance |  | (38,799 | ) |  | (31,713 | )
Deferred tax assets, net |  | 131,376 |  |  | 123,974 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | 41,380 |  |  | 40,806 |
Intangible assets |  | 19,545 |  |  | 13,251 |
Inventory |  | 5,783 |  |  | 2,973 |
Pension obligations |  | 2,940 |  |  | 1,676 |
Other |  | 8,769 |  |  | 9,685 |
Deferred tax liabilities |  | 78,417 |  |  | 68,391 |
Total Deferred taxes |  | $ | 52,959 |  |  | $ | 55,583 |
Summary of the activity related to unrecognized tax benefits | The following table summarizes the activity related to unrecognized tax benefits:
|  | 2012 |  | 2011
Balance at January 1 |  | $ | 26,656 |  |  | $ | 38,393 |
Increase related to current year tax provisions |  | 3,838 |  |  | 2,221 |
Increase related to prior years' tax positions |  | 212 |  |  | 3,250 |
Increase related to acquisitions |  | 1,274 |  |  | — |
Decrease related to settlements with taxing authorities |  | (940 | ) |  | (3,424 | )
Resolution of and other decreases in prior years' tax liabilities |  | (5,964 | ) |  | (13,460 | )
Other |  | 179 |  |  | (324 | )
Balance at December 31 |  | $ | 25,255 |  |  | $ | 26,656 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of 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 (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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