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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
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:
| 2016 |  | 2015 |  | 2014
United States | $ | 627,567 |  |  | 324,210 |  |  | 331,553 |
Foreign | 613,558 |  |  | 424,651 |  |  | 332,338 |
Earnings before income taxes | $ | 1,241,125 |  |  | 748,861 |  |  | 663,891 |
Income tax expense (benefit) | Income tax expense (benefit) from continuing operations for the years ended December 31, 2016, 2015 and 2014 consists of the following:
| 2016 |  | 2015 |  | 2014
Current income taxes: |  |  |  |  |
U.S. federal | $ | 247,917 |  |  | 117,602 |  |  | 100,826 |
State and local | 31,939 |  |  | 11,175 |  |  | 13,686 |
Foreign | 61,712 |  |  | 31,981 |  |  | 41,151 |
Total current | 341,568 |  |  | 160,758 |  |  | 155,663 |
Deferred income taxes: |  |  |  |  |
U.S. federal | (16,167 | ) |  | 4,165 |  |  | 31,052 |
State and local | (22,115 | ) |  | (3,983 | ) |  | (3,473 | )
Foreign | 4,273 |  |  | (29,065 | ) |  | (51,605 | )
Total deferred | (34,009 | ) |  | (28,883 | ) |  | (24,026 | )
Total | $ | 307,559 |  |  | 131,875 |  |  | 131,637 |
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:
| 2016 |  | 2015 |  | 2014
Income taxes at statutory rate | $ | 434,394 |  |  | 262,102 |  |  | 232,362 |
State and local income taxes, net of federal income tax benefit | 6,298 |  |  | 4,951 |  |  | 9,239 |
Foreign income taxes(a) | (111,217 | ) |  | (95,198 | ) |  | (89,385 | )
Change in valuation allowance | (21,106 | ) |  | (14,237 | ) |  | (6,482 | )
Tax contingencies and audit settlements(b) | 2,496 |  |  | (23,032 | ) |  | (7,882 | )
Other, net | (3,306 | ) |  | (2,711 | ) |  | (6,215 | )
| $ | 307,559 |  |  | 131,875 |  |  | 131,637 |
(a) Foreign income taxes includes statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items. (b) 2016 and 2015 include reversals of uncertain tax positions of $5,371 and $11,180, respectively.
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, 2016 and 2015 are presented below:
| 2016 |  | 2015
Deferred tax assets: |  |  |
Accounts receivable | $ | 23,521 |  |  | 11,134 |
Inventories | 48,673 |  |  | 42,558 |
Employee benefits | 76,143 |  |  | 70,989 |
Accrued expenses and other | 72,258 |  |  | 54,652 |
Deductible state tax and interest benefit | 5,186 |  |  | 491 |
Intangibles | 12,874 |  |  | 34,003 |
Federal, foreign and state net operating losses and credits | 456,130 |  |  | 458,743 |
Gross deferred tax assets | 694,785 |  |  | 672,570 |
Valuation allowance | (289,078 | ) |  | (287,580 | )
Net deferred tax assets | 405,707 |  |  | 384,990 |
Deferred tax liabilities: |  |  |
Inventories | (13,099 | ) |  | (8,663 | )
Plant and equipment | (426,087 | ) |  | (429,258 | )
Intangibles | (243,339 | ) |  | (267,571 | )
Other liabilities | (50,041 | ) |  | (30,256 | )
Gross deferred tax liabilities | (732,566 | ) |  | (735,748 | )
Net deferred tax liability | $ | (326,859 | ) |  | (350,758 | )
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2016 |  | 2015
Balance as of January 1 | $ | 51,037 |  |  | 49,599 |
Additions based on tax positions related to the current year | 2,221 |  |  | 684 |
Additions for tax positions of acquired companies | — |  |  | 27,455 |
Additions for tax positions of prior years | 6,412 |  |  | 2,330 |
Reductions resulting from the lapse of the statute of limitations | (6,294 | ) |  | (13,471 | )
Settlements with taxing authorities | (6,555 | ) |  | (11,693 | )
Effects of foreign currency translation | (387 | ) |  | (3,867 | )
Balance as of December 31 | $ | 46,434 |  |  | 51,037 |

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