XML 56 R41.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Earnings (Loss) From Continuing Operations Before Income Taxes | Following is a summary of earnings before income taxes for United States and foreign operations:
| 2020 |  | 2019 |  | 2018
United States | $ | 94,829 |  |  | 163,764 |  |  | 387,564 |
Foreign | 489,545 |  |  | 585,781 |  |  | 661,637 |
Earnings before income taxes | $ | 584,374 |  |  | 749,545 |  |  | 1,049,201 |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 consists of the following:
| 2020 |  | 2019 |  | 2018
Current income taxes: |  |  |  |  |
U.S. federal | $ | (33,821) |  |  | 19,936 |  |  | 22,700 |
State and local | 7,794 |  |  | 12,659 |  |  | 14,521 |
Foreign | 72,350 |  |  | 80,221 |  |  | 58,669 |
Total current | 46,323 |  |  | 112,816 |  |  | 95,890 |
Deferred income taxes: |  |  |  |  |
U.S. federal | 14,533 |  |  | 11,993 |  |  | 54,983 |
State and local | 112 |  |  | 15,371 |  |  | 19,076 |
Foreign | 7,679 |  |  | (135,206) |  |  | 14,397 |
Total deferred | 22,324 |  |  | (107,842) |  |  | 88,456 |
Total income tax expense | $ | 68,647 |  |  | 4,974 |  |  | 184,346 |
Reconciliation Of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to earnings before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings before income taxes as follows:
| 2020 |  | 2019 |  | 2018
Income taxes at statutory rate | $ | 122,719 |  |  | 157,404 |  |  | 220,332 |
State and local income taxes, net of federal income tax benefit | 8,081 |  |  | 22,185 |  |  | 22,315 |
Foreign income taxes(a) | (57,898) |  |  | (17,276) |  |  | (39,915) |
Change in valuation allowance | 35,381 |  |  | (21,975) |  |  | 2,472 |
European Restructuring(b) | — |  |  | (136,194) |  |  | — |
Loss on previously taxed earnings | (10,346) |  |  | — |  |  | — |
Carryback rate differential(c) | (33,739) |  |  | — |  |  | — |
Transition Tax | — |  |  | — |  |  | 28,201 |
Transition tax planning initiatives | — |  |  | — |  |  | (18,706) |
Tax contingencies and audit settlements, net | 6,779 |  |  | 6,686 |  |  | (31,874) |
Other, net | (2,330) |  |  | (5,856) |  |  | 1,521 |
| $ | 68,647 |  |  | 4,974 |  |  | 184,346 |
(a) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items. (b) The Company implemented select operational, administrative and financial restructurings that centralized certain business processes and intangible assets in various European jurisdictions into a new entity. (c) The CARES Act permits the Company to carry back its 2020 U.S. taxable loss to a tax year before the corporate income tax rate was lowered by the Tax Cuts and Jobs Act.
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, 2020 and 2019 are presented below:
| 2020 |  | 2019
Deferred tax assets: |  |  |
Accounts receivable | $ | 14,384 |  |  | 7,063 |
Inventories | 44,597 |  |  | 50,585 |
Employee benefits | 39,526 |  |  | 36,068 |
Accrued expenses and other | 103,892 |  |  | 67,638 |
Deductible state tax and interest benefit | 4,042 |  |  | 3,665 |
Intangibles | 152,499 |  |  | 146,953 |
Lease liabilities | 91,359 |  |  | 86,717 |
Federal, foreign and state net operating losses and credits | 433,822 |  |  | 376,375 |
Gross deferred tax assets | 884,121 |  |  | 775,064 |
Valuation allowance | (267,838) |  |  | (232,196) |
Net deferred tax assets | 616,283 |  |  | 542,868 |
Deferred tax liabilities: |  |  |
Inventories | (17,403) |  |  | (12,885) |
Plant and equipment | (489,240) |  |  | (510,952) |
Intangibles | (197,009) |  |  | (182,424) |
Right of use assets | (87,351) |  |  | (83,271) |
Prepaids | (56,140) |  |  | — |
Other liabilities | (46,121) |  |  | (24,220) |
Gross deferred tax liabilities | (893,264) |  |  | (813,752) |
Net deferred tax liability | $ | (276,981) |  |  | (270,884) |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2020 |  | 2019
Balance as of January 1 | $ | 1,260,970 |  |  | 1,330,713 |
Additions based on tax positions related to the current year (a) | 1,694 |  |  | 2,302 |
Additions for tax positions of acquired companies | — |  |  | 2,094 |
Additions for tax positions of prior years | 7,663 |  |  | 4,744 |
Transition tax planning initiatives | — |  |  | — |
Reductions resulting from the lapse of the statute of limitations | (1,239) |  |  | (2,729) |
Reductions due to Luxembourg tax rate change | — |  |  | (46,841) |
Settlements with taxing authorities | (497) |  |  | (1,929) |
Effects of foreign currency translation | 119,800 |  |  | (27,384) |
Balance as of December 31 | $ | 1,388,391 |  |  | 1,260,970 |
(a)The tax effected loss was adjusted for tax rate and foreign currency translation changes in 2020, resulting in an updated balance of $1,344,589 as of December 31, 2019. This $1,344,589 of unrecognized benefit is presented as a reduction to the related deferred tax asset in the balance sheet.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6487024&loc=d3e29054-158556 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_SummaryOfDeferredTaxLiabilityNotRecognizedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration