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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 were as follows:

		Year Ended December 31,
		2015				2014				2013
U.S.		$	118,037			$	303,933			$	281,724
Non-U.S.		51,750				71,880				134,717
Total		$	169,787			$	375,813			$	416,441

Components of income tax expense (benefit)

The components of income tax expense (benefit) for the three years ended December 31, 2015 were as follows:

		Year Ended December 31,
		2015				2014				2013
Current:
Federal		$	60,500			$	71,601			$	58,099
Non-U.S.		28,046				24,210				40,348
State and local		9,557				8,235				8,490
		98,103				104,046				106,937
Deferred:
Federal		(47,902		)		15,175				21,946
Non-U.S.		(3,362		)		1,370				(5,734		)
State and local		(4,464		)		1,342				1,605
		(55,728		)		17,887				17,817
Total		$	42,375			$	121,933			$	124,754

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, 2015 were as follows:

		Year Ended December 31,
		2015				2014				2013
Statutory rate of 35% applied to pre-tax income		$	59,426			$	131,534			$	145,754
Effect of state and local income taxes, net of federal tax benefit		1,868				6,694				7,124
Asset impairments		2,184				11,674				1,735
Taxes less 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		(8,499		)		(16,950		)		(20,214		)
Venezuela devaluation		11,396				5,603				1,126
Manufacturing deduction		(9,207		)		(7,316		)		(6,386		)
U.S. tax cost (benefit) of foreign source income		(8,754		)		(514		)		745
Other		(6,039		)		(8,792		)		(5,130		)
Total		$	42,375			$	121,933			$	124,754
Effective tax rate		24.96		%		32.45		%		29.96		%

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities at December 31, 2015 and 2014, were as follows:

		December 31,
		2015				2014
Deferred tax assets:
Tax loss and credit carry-forwards		$	44,925			$	46,112
Inventory		1,607				1,931
Other accruals		17,874				15,427
Employee benefits		21,859				20,750
Pension obligations		2,477				4,969
Other		3,795				5,608
Deferred tax assets, gross		92,537				94,797
Valuation allowance		(51,294		)		(48,840		)
Deferred tax assets, net		41,243				45,957
Deferred tax liabilities:
Property, plant and equipment		33,627				37,352
Intangible assets		16,105				18,642
Inventory		10,770				9,623
Pension obligations		9,897				1,731
Other		8,800				10,018
Deferred tax liabilities		79,199				77,366
Total deferred taxes		$	(37,956	)		$	(31,409	)

Summary of the activity related to unrecognized tax benefits

The following table summarizes the activity related to unrecognized tax benefits:

		2015				2014
Balance at beginning of year		$	18,389			$	25,907
Increase related to current year tax provisions		1,021				700
Increase (decrease) related to prior years' tax positions		317				(848		)
Decrease related to settlements with taxing authorities		(157		)		(1,216		)
Resolution of and other decreases in prior years' tax liabilities		(3,323		)		(3,727		)
Other		(1,915		)		(2,427		)
Balance at end of year		$	14,332			$	18,389

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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 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.

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