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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 were as follows:

		Year Ended December 31,
		2017				2016				2015
U.S.		$	213,171			$	209,409			$	118,037
Non-U.S.		153,065				67,979				51,750
Total		$	366,236			$	277,388			$	169,787

Components of income tax expense (benefit)

The components of income tax expense (benefit) for the three years ended December 31, 2017 were as follows:

		Year Ended December 31,
		2017				2016				2015
Current:
Federal		$	89,182			$	57,090			$	60,500
Non-U.S.		25,746				23,344				28,046
State and local		7,640				8,386				9,557
		122,568				88,820				98,103
Deferred:
Federal		(4,391		)		(1,716		)		(47,902		)
Non-U.S.		(82		)		(8,261		)		(3,362		)
State and local		666				172				(4,464		)
		(3,807		)		(9,805		)		(55,728		)
Total		$	118,761			$	79,015			$	42,375

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, 2017 were as follows:

		Year Ended December 31,
		2017				2016				2015
Statutory rate of 35% applied to pre-tax income		$	128,182			$	97,086			$	59,426
State and local income taxes, net of federal tax benefit		5,671				5,554				1,868
Excess tax benefits resulting from exercises of stock-based compensation		(6,276		)		—				—
Net impact of the U.S. Tax Act		21,949				—				—
Foreign withholding taxes		6,667				—				—
Intangible and asset impairments/(write-off)		—				(4,438		)		2,184
Foreign rate variance		(13,929		)		(8,128		)		(11,399		)
Venezuela deconsolidation/devaluation		—				5,192				11,396
Bargain purchase gain		(17,556		)		—				—
Valuation allowances		102				(8,525		)		2,900
Manufacturing deduction		(5,922		)		(5,190		)		(9,207		)
U.S. tax cost (benefit) of foreign source income		294				(489		)		(8,754		)
Other		(421		)		(2,047		)		(6,039		)
Total		$	118,761			$	79,015			$	42,375
Effective tax rate		32.4		%		28.5		%		25.0		%

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities at December 31, 2017 and 2016, were as follows:

		December 31,
		2017				2016
Deferred tax assets:
Tax loss and credit carry-forwards		$	65,284			$	52,270
Inventory		2,501				2,080
Other accruals		14,873				18,186
Employee benefits		18,468				23,596
Pension obligations		12,363				2,503
Other		4,923				3,020
Deferred tax assets, gross		118,412				101,655
Valuation allowance		(68,694		)		(47,849		)
Deferred tax assets, net		49,718				53,806
Deferred tax liabilities:
Property, plant and equipment		21,427				32,210
Intangible assets		10,729				17,506
Inventory		5,891				10,059
Pension obligations		16,137				17,915
Other		20,313				9,309
Deferred tax liabilities		74,497				86,999
Total deferred taxes		$	(24,779	)		$	(33,193	)

Summary of the activity related to unrecognized tax benefits

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

		2017				2016
Balance at beginning of year		$	18,499			$	14,332
Increase related to current year tax provisions		1,448				1,975
Increase related to prior years' tax positions		1,460				5,188
Increase related to acquisitions		8,223				—
Decrease related to settlements with taxing authorities		(522		)		(265		)
Resolution of and other decreases in prior years' tax liabilities		(1,734		)		(1,982		)
Other		1,075				(749		)
Balance at end of year		$	28,449			$	18,499

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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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