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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes | Income before income taxes consists of:
Years Ended December 31, | 2020 |  | 2019 |  | 2018
United States | $ | 91,555 |  |  | $ | 94,612 |  |  | $ | 34,404 |
International | 209,600 |  |  | 247,457 |  |  | 231,616 |
Total | $ | 301,155 |  |  | $ | 342,069 |  |  | $ | 266,020 |
Components of provision (benefit) for income taxes | The provision (benefit) for income taxes is composed of:
Years Ended December 31, | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
U.S. Federal | $ | 9,934 |  |  | $ | 2,129 |  |  | $ | 10,273 |
State/Local | 3,094 |  |  | 883 |  |  | 877 |
International | 82,235 |  |  | 88,084 |  |  | 83,456 |
| $ | 95,263 |  |  | $ | 91,096 |  |  | $ | 94,606 |
Deferred: |  |  |  |  |
U.S. Federal/State | $ | (2,270) |  |  | $ | 4,670 |  |  | $ | (17,019) |
International | (5,928) |  |  | 4,076 |  |  | (6,333) |
| $ | (8,198) |  |  | $ | 8,746 |  |  | $ | (23,352) |
Total | $ | 87,065 |  |  | $ | 99,842 |  |  | $ | 71,254 |
Schedule of reconciliation of actual income tax provision and the tax provision computed by applying statutory federal income tax rate | A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes is as follows:
Years Ended December 31, | 2020 |  | 2019 |  | 2018
Income tax at statutory rate | $ | 63,243 |  |  | $ | 71,835 |  |  | $ | 55,864 |
State income taxes (benefits), net of federal tax effect | 2,396 |  |  | 2,622 |  |  | (1,516) |
Investment incentives | (483) |  |  | (2,530) |  |  | (1,900) |
Tax resolutions | 820 |  |  | (1,915) |  |  | (3,400) |
Excess tax benefits from share-based compensation | (11,625) |  |  | (15,370) |  |  | (13,400) |
Deferred tax charges (benefits), incl. tax rate changes | 4,110 |  |  | — |  |  | (2,800) |
U.S. Global Intangible Low-Taxed Income ("GILTI") and Base Erosion Anti-Abuse Tax ("BEAT") | (3,909) |  |  | (1,485) |  |  | 5,625 |
U.S. tax reform - transition tax | — |  |  | — |  |  | (2,570) |
Valuation allowance | 1,332 |  |  | 10,623 |  |  | 3,170 |
Rate differential on earnings of foreign operations | 24,901 |  |  | 32,657 |  |  | 29,024 |
Other items, net | 6,280 |  |  | 3,405 |  |  | 3,157 |
Actual income tax provision | $ | 87,065 |  |  | $ | 99,842 |  |  | $ | 71,254 |
Effective income tax rate | 28.9 | % |  | 29.2 | % |  | 26.8 | %
Components of significant deferred tax assets and liabilities | Significant deferred tax assets and liabilities as of December 31, 2020 and 2019 are composed of the following temporary differences:
| 2020 |  | 2019
Deferred Tax Assets: |  |  |
Net operating loss carryforwards | $ | 19,353 |  |  | $ | 24,941 |
Operating and finance leases | 24,529 |  |  | 25,440 |
Pension liabilities | 36,085 |  |  | 24,925 |
Share-based compensation | 5,946 |  |  | 6,082 |
U.S. federal tax credits | 8,826 |  |  | 8,575 |
U.S. state tax credits | 7,011 |  |  | 7,881 |
Vacation and bonus | 12,307 |  |  | 7,645 |
Research and development | 8,992 |  |  | 7,539 |
Inventory | 4,854 |  |  | 5,993 |
Workers compensation | 3,353 |  |  | 3,835 |
Other | 16,643 |  |  | 16,496 |
Total gross deferred tax assets | $ | 147,899 |  |  | $ | 139,352 |
Less valuation allowance | (23,105) |  |  | (23,320) |
Net deferred tax assets | $ | 124,794 |  |  | $ | 116,032 |
Deferred Tax Liabilities: |  |  |
Acquisition related intangibles | $ | 57,295 |  |  | $ | 62,851 |
Depreciation and amortization | 27,737 |  |  | 28,284 |
Operating and finance leases | 26,549 |  |  | 27,555 |
Other | 8,044 |  |  | 6,215 |
Total gross deferred tax liabilities | $ | 119,625 |  |  | $ | 124,905 |
Net deferred tax assets (liabilities) | $ | 5,169 |  |  | $ | (8,873) |
Schedule of reconciliation of the beginning and ending amount of income tax uncertainties | A reconciliation of the beginning and ending amount of income tax uncertainties is as follows:
| 2020 |  | 2019 |  | 2018
Balance at January 1 | $ | 3,647 |  |  | $ | 3,559 |  |  | $ | 3,080 |
Increases based on tax positions for the current year | 212 |  |  | 412 |  |  | 360 |
Increases based on tax positions of prior years | 790 |  |  | 663 |  |  | 610 |
Settlements | — |  |  | (558) |  |  | (491) |
Lapse of statute of limitations | (145) |  |  | (429) |  |  | — |
Balance at December 31 | $ | 4,504 |  |  | $ | 3,647 |  |  | $ | 3,559 |
Summary of major tax jurisdictions the Company files in, with the years still subject to income tax examinations | The major tax jurisdictions we file in, with the years still subject to income tax examinations, are listed below:
Major Tax Jurisdiction | Tax Years Subject to Examination
United States — Federal | 2017-2020
United States — State | 2011-2020
France | 2017-2020
Germany | 2016-2020
Italy | 2015-2020
China | 2011-2020

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