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INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
INCOME TAXES |
Schedule of income before income taxes |
Years Ended December 31, |  | 2012 |  | 2011 |  | 2010 |
United States |  | $ | 58,250 |  | $ | 54,161 |  | $ | 43,485 |
International |  |  | 183,123 |  |  | 220,781 |  |  | 210,900 |
Total |  | $ | 241,373 |  | $ | 274,942 |  | $ | 254,385 |
Components of provision for income taxes |
Years Ended December 31, |  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Current: |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 17,027 |  | $ | 21,974 |  | $ | 24,371 |
State/Local |  |  | 491 |  |  | 1,008 |  |  | (501 | )
International |  |  | 70,450 |  |  | 66,326 |  |  | 56,423 |
|  | $ | 87,968 |  | $ | 89,308 |  | $ | 80,293 |
Deferred: |  |  |  |  |  |  |  |  |  |
U.S. Federal/State |  | $ | 8,757 |  | $ | 2,976 |  | $ | (3,055 | )
International |  |  | (17,772 | ) |  | (972 | ) |  | 3,558 |
|  | $ | (9,015 | ) | $ | 2,004 |  | $ | 503 |
Total |  | $ | 78,953 |  | $ | 91,312 |  | $ | 80,796 |
Schedule of reconciliation of actual income tax provision and the tax provision computed by applying statutory federal income tax rate |
Years Ended December 31, |  | 2012 |  | 2011 |  | 2010 |
Income tax at statutory rate |  | $ | 84,481 |  | $ | 96,230 |  | $ | 89,035 |
State income taxes, net of federal benefit |  |  | 717 |  |  | 1,074 |  |  | (469 | )
Provision for distribution of current foreign earnings |  |  | 9,552 |  |  | 10,325 |  |  | 9,037 |
Rate differential on earnings of foreign operations |  |  | (14,865 | ) |  | (14,497 | ) |  | (14,440 | )
Other items, net |  |  | (932 | ) |  | (1,820 | ) |  | (2,367 | )
Actual income tax provision |  | $ | 78,953 |  | $ | 91,312 |  | $ | 80,796 |
Effective income tax rate |  |  | 32.7 | % |  | 33.2 | % |  | 31.8 | %
Components of significant deferred tax assets and liabilities |
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Deferred Tax Assets: |  |  |  |  |  |  |
Pension liabilities |  | $ | 36,376 |  | $ | 23,005 |
Stock options |  |  | 15,700 |  |  | 6,704 |
Net operating loss carryforwards |  |  | 7,084 |  |  | 6,631 |
Vacation |  |  | 5,325 |  |  | 4,449 |
Inventory |  |  | 4,567 |  |  | 3,718 |
Workers compensation |  |  | 4,511 |  |  | 3,405 |
U.S. state tax credits |  |  | 3,441 |  |  | 2,697 |
Accruals |  |  | 2,502 |  |  | 3,104 |
Other |  |  | 8,213 |  |  | 5,495 |
Total gross deferred tax assets |  |  | 87,719 |  |  | 59,208 |
Less valuation allowance |  |  | (7,033 | ) |  | (6,326 | )
Net deferred tax assets |  |  | 80,686 |  |  | 52,882 |
Deferred Tax Liabilities: |  |  |  |  |  |  |
Depreciation and amortization |  |  | 50,683 |  |  | 40,063 |
Acquisition related intangibles |  |  | 19,346 |  |  | 2,288 |
Leases |  |  | 7,904 |  |  | 7,559 |
Total gross deferred tax liabilities |  |  | 77,933 |  |  | 49,910 |
Net deferred tax assets |  | $ | 2,753 |  | $ | 2,972 |
Schedule of reconciliation of the beginning and ending amount of income tax uncertainties |
|  |  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | --- | ---
| Balance at January 1 |  | $ | 9,071 |  | $ | 10,893 |  | $ | 10,806 |
| Increases based on tax positions for the current year |  |  | 245 |  |  | 150 |  |  | 643 |
| Increases based on tax positions of prior years |  |  | 107 |  |  | 128 |  |  | 2,309 |
| Decreases based on tax positions of prior years |  |  | (257 | ) |  | (1,090 | ) |  | (1,362 | )
| Settlements |  |  | (21 | ) |  | (457 | ) |  | (381 | )
| Lapse of statute of limitations |  |  | (681 | ) |  | (553 | ) |  | (1,122 | )
| Balance at December 31 |  | $ | 8,464 |  | $ | 9,071 |  | $ | 10,893 |
Summary of major tax jurisdictions the Company files in, with the years still subject to income tax examinations |
| Major Tax Jurisdiction |  | Tax Years Subject to Examination
--- | --- | --- | ---
| United States — Federal |  | 2009 – 2012
| United States — State |  | 2004 – 2012
| France |  | 2009 – 2012
| Germany |  | 2011 – 2012
| Italy |  | 2007 – 2012
| Switzerland |  | 2002 – 2012

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