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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Earnings (Loss) From Continuing Operations Before Income Taxes

Following is a summary of earnings from continuing operations before income taxes for United States and foreign operations:

	2014				2013			2012
United States	$	331,553			288,627			164,122
Foreign	332,338				156,944			140,370
Earnings before income taxes	$	663,891			445,571			304,492

Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations for the years ended December 31, 2014, 2013 and 2012 consists of the following:

	2014				2013			2012
Current income taxes:
U.S. federal	$	100,826			84,686			26,204
State and local	13,686				9,774			4,583
Foreign	41,151				46,450			13,775
Total current	155,663				140,910			44,562
Deferred income taxes:
U.S. federal	31,052				5,280			31,106
State and local	(3,473		)		(5,720	)		4,704
Foreign	(51,605		)		(62,085	)		(26,773	)
Total deferred	(24,026		)		(62,525	)		9,037
Total	$	131,637			78,385			53,599

Reconciliation Of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to earnings from continuing operations before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings from continuing operations before income taxes as follows:

	2014				2013			2012
Income taxes at statutory rate	$	232,362			155,950			106,572
State and local income taxes, net of federal income tax benefit	9,239				9,317			6,004
Foreign income taxes	(89,385		)		(80,937	)		(66,538	)
Change in valuation allowance	(6,482		)		(1,846	)		5,703
Tax contingencies and audit settlements	(7,882		)		(4,076	)		(3,598	)
Other, net	(6,215		)		(23	)		5,456
	$	131,637			78,385			53,599

Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 are presented below:

	2014				2013
Deferred tax assets:
Accounts receivable	$	12,454			17,346
Inventories	53,120				50,423
Employee benefits	58,461				55,479
Accrued expenses and other	62,287				72,582
Deductible state tax and interest benefit	7,067				7,927
Intangibles	62,079				92,164
Federal, foreign and state net operating losses and credits	432,906				438,272
Gross deferred tax assets	688,374				734,193
Valuation allowance	(300,472		)		(375,859	)
Net deferred tax assets	387,902				358,334
Deferred tax liabilities:
Inventories	(4,224		)		(11,140	)
Plant and equipment	(422,350		)		(413,989	)
Intangibles	(194,717		)		(208,159	)
Other liabilities	(19,564		)		(25,387	)
Gross deferred tax liabilities	(640,855		)		(658,675	)
Net deferred tax liability (1)	$	(252,953	)		(300,341	)

(1) This amount includes $6,027 and $9,183 of non-current deferred tax assets which are in deferred income taxes and other non-current assets and $9,090 and $11,235 current deferred tax liabilities which are included in accounts payable and accrued expenses in the consolidated balance sheets as of December 31, 2014 and 2013, respectively.

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2014				2013
Balance as of January 1	$	56,545			53,835
Additions based on tax positions related to the current year	3,424				3,840
Additions for tax positions of prior years	219				15,275
Reductions for tax positions of prior years	—				(5,736	)
Reductions resulting from the lapse of the statute of limitations	(4,925		)		(6,075	)
Settlements with taxing authorities	(919		)		(4,594	)
Effects of foreign currency translation	(4,745		)		—
Balance as of December 31	$	49,599			56,545

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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 of deferred tax liabilities not recognized because of the exceptions to comprehensive recognition of deferred taxes, including a description of the temporary differences, events that would cause the temporary differences to become taxable, the cumulative amounts of the temporary differences and the amounts not recognized as deferred tax liabilities or a statement that the determination of the deferred tax liabilities is not practicable.

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