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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2014, 2013 and 2012 was taxed in the following jurisdictions:

	2014				2013				2012
	(In thousands)
Domestic	$	275,334			$	233,530			$	65,738
Foreign	117,106				119,599				20,466
Total	$	392,440			$	353,129			$	86,204

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2014, 2013 and 2012, was as follows:

	2014				2013				2012
	(In thousands)
Current
U.S.	$	77,454			$	59,707			$	59,811
State and local	7,133				8,123				5,764
Foreign	37,060				33,240				20,228
Total current	121,647				101,070				85,803
Deferred
U.S.	(3,176		)		1,500				(31,246		)
State and local	(1,708		)		(55		)		(2,377		)
Foreign	(3,709		)		(4,601		)		(3,606		)
Total deferred	(8,593		)		(3,156		)		(37,229		)
Total provision for income taxes	$	113,054			$	97,914			$	48,574

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2014 and 2013 were:

	2014				2013
	(In thousands)
Employee and retiree benefit plans	$	38,871			$	27,361
Depreciation and amortization	(172,766		)		(175,894		)
Inventories	11,229				9,627
Allowances and accruals	14,552				9,632
Interest rate exchange agreement	15,448				18,165
Other	4,626				4,636
Total	$	(88,040	)		$	(106,473	)

Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2014 and 2013 were:

	2014				2013
	(In thousands)
Deferred tax asset — other current assets	$	39,305			$	34,151
Deferred tax asset — other noncurrent assets	3,080				4,284
Total deferred tax assets	42,385				38,435
Deferred tax liability — accrued expenses	(57		)		—
Noncurrent deferred tax liability — deferred income taxes	(130,368		)		(144,908		)
Total deferred tax liabilities	(130,425		)		(144,908		)
Net deferred tax liabilities	$	(88,040	)		$	(106,473	)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2014, 2013 and 2012 are shown in the following table:

	2014				2013				2012
	(In thousands)
Pretax income	$	392,440			$	353,129			$	86,204
Provision for income taxes
Computed amount at statutory rate of 35%	$	137,354			$	123,595			$	30,171
State and local income tax (net of federal tax benefit)	4,875				4,382				2,406
Taxes on non-U.S. earnings-net of foreign tax credits	(9,378		)		(9,683		)		1,189
Effect of flow-through entities	(9,018		)		(7,267		)		(7,846		)
Goodwill and intangible asset impairments	—				—				28,524
U.S. business tax credits	(1,680		)		(1,516		)		—
Domestic activities production deduction	(7,489		)		(6,217		)		(5,267		)
Other	(1,610		)		(5,380		)		(603		)
Total provision for income taxes	$	113,054			$	97,914			$	48,574

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2014, 2013 and 2012 is shown in the following table:

	2014				2013				2012
	(In thousands)
Beginning balance January 1	$	5,124			$	6,506			$	5,548
Gross increases for tax positions of prior years	834				1,357				3,017
Gross decreases for tax positions of prior years	(51		)		(99		)		(98		)
Settlements	(2,057		)		(1,219		)		—
Lapse of statute of limitations	(231		)		(1,421		)		(1,961		)
Ending balance December 31	$	3,619			$	5,124			$	6,506

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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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