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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 were as follows:

		Year Ended December 31,
		2016				2015				2014
U.S.		$	209,409			$	118,037			$	303,933
Non-U.S.		67,979				51,750				71,880
Total		$	277,388			$	169,787			$	375,813

Components of income tax expense (benefit)

The components of income tax expense (benefit) for the three years ended December 31, 2016 were as follows:

		Year Ended December 31,
		2016				2015				2014
Current:
Federal		$	57,090			$	60,500			$	71,601
Non-U.S.		23,344				28,046				24,210
State and local		8,386				9,557				8,235
		88,820				98,103				104,046
Deferred:
Federal		(1,716		)		(47,902		)		15,175
Non-U.S.		(8,261		)		(3,362		)		1,370
State and local		172				(4,464		)		1,342
		(9,805		)		(55,728		)		17,887
Total		$	79,015			$	42,375			$	121,933

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, 2016 were as follows:

		Year Ended December 31,
		2016				2015				2014
Statutory rate of 35% applied to pre-tax income		$	97,086			$	59,426			$	131,534
Effect of state and local income taxes, net of federal tax benefit		5,554				1,868				6,694
Intangible and asset impairments/(write-off)		(4,438		)		2,184				11,674
Foreign rate variance		(8,128		)		(11,399		)		(22,495		)
Venezuela deconsolidation/devaluation		5,192				11,396				5,603
Increase/(decrease) of valuation allowances		(8,525		)		2,900				5,545
Manufacturing deduction		(5,190		)		(9,207		)		(7,316		)
U.S. tax cost (benefit) of foreign source income		(489		)		(8,754		)		(514		)
Other		(2,047		)		(6,039		)		(8,792		)
Total		$	79,015			$	42,375			$	121,933
Effective tax rate		28.5		%		25.0		%		32.4		%

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities at December 31, 2016 and 2015, were as follows:

		December 31,
		2016				2015
Deferred tax assets:
Tax loss and credit carry-forwards		$	52,270			$	44,925
Inventory		2,080				1,607
Other accruals		18,186				17,874
Employee benefits		23,596				21,859
Pension obligations		2,503				2,477
Other		3,020				3,795
Deferred tax assets, gross		101,655				92,537
Valuation allowance		(47,849		)		(51,294		)
Deferred tax assets, net		53,806				41,243
Deferred tax liabilities:
Property, plant and equipment		32,210				33,627
Intangible assets		17,506				16,105
Inventory		10,059				10,770
Pension obligations		17,915				9,897
Other		9,309				8,800
Deferred tax liabilities		86,999				79,199
Total deferred taxes		$	(33,193	)		$	(37,956	)

Summary of the activity related to unrecognized tax benefits

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

		2016				2015
Balance at beginning of year		$	14,332			$	18,389
Increase related to current year tax provisions		1,975				1,021
Increase (decrease) related to prior years' tax positions		5,188				317
Decrease related to settlements with taxing authorities		(265		)		(157		)
Resolution of and other decreases in prior years' tax liabilities		(1,982		)		(3,323		)
Other		(749		)		(1,915		)
Balance at end of year		$	18,499			$	14,332

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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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