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Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Components Of Income Tax Expense (Benefit)

The provision for income taxes consists of the following components (in thousands):

	Year Ended December 31,
	2019				2018				2017
Current:
Federal	$	101,839			$	90,216			$	196,825
State	24,925				25,851				27,149
Foreign	81,081				77,508				58,123
Total current provision for income taxes	$	207,845			$	193,575			$	282,097
Deferred:
Federal	$	22,173			$	14,977			$	(37,486	)
State	6,376				4,386				4,044
Foreign	(21,064		)		(21,543		)		(13,095		)
Total deferred provision (benefit) for income taxes	$	7,485			$	(2,180	)		$	(46,537	)
Provision for income taxes	$	215,330			$	191,395			$	235,560

Schedule Of Income from Continuing Operations Before Provision for Income Taxes, Domestic and Foreign

Income taxes have been based on the following components of income from continuing operations before provision for income taxes (in thousands):

	Year Ended December 31,
	2019				2018				2017
Domestic	$	616,842			$	562,758			$	575,148
Foreign	174,180				180,673				191,479
Income from continuing operations before provision for income taxes	$	791,022			$	743,431			$	766,627

Schedule Of Effective Income Tax Rate Reconciliation

The U.S. federal statutory rate is reconciled to the effective tax rate as follows:

	Year Ended December 31,
	2019			2018			2017
U.S. federal statutory rate	21.0	%		21.0	%		35.0	%
U.S. federal tax reform - federal deferred tax rate change	—	%		—	%		(9.5	)%
U.S. federal tax reform - transition tax on foreign earnings	0.1	%		(1.3	)%		6.6	%
State income taxes, net of state credits and federal tax impact	3.2	%		3.5	%		2.8	%
Impact of rates on international operations	1.4	%		0.9	%		(3.2	)%
Excess tax benefits from stock-based compensation	(0.3	)%		(0.6	)%		(1.0	)%
Non-deductible expenses	0.9	%		1.6	%		1.1	%
Other, net	0.9	%		0.6	%		(1.1	)%
Effective tax rate	27.2	%		25.7	%		30.7	%

Schedule Of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2019				2018
Deferred Tax Assets:
Accrued expenses and reserves	$	51,869			$	60,337
Qualified and nonqualified retirement plans	31,053				20,525
Inventory	12,679				15,474
Accounts receivable	14,025				16,208
Interest deduction carryforwards	25,448				20,392
Stock-based compensation	4,755				4,859
Operating lease assets, net	303,705				—
Net operating loss carryforwards	16,287				13,222
Other	11,777				12,370
Total deferred tax assets, gross	471,598				163,387
Less: valuation allowance	(41,815		)		(34,779		)
Total deferred tax assets	$	429,783			$	128,608
Deferred Tax Liabilities:
Goodwill and other intangible assets	$	219,879			$	216,699
Property, plant and equipment	100,461				87,839
Trade name	108,039				116,615
Operating lease liabilities	292,498				—
Other	8,916				15,511
Total deferred tax liabilities	$	729,793			$	436,664
Net deferred tax liability	$	(300,010	)		$	(308,056	)

Schedule Of Deferred Tax Assets And Liabilities Classification

Deferred tax assets and liabilities are reflected on our Consolidated Balance Sheets as follows (in thousands):

	December 31,
	2019				2018
Noncurrent deferred tax assets	$	10,119			$	3,378
Noncurrent deferred tax liabilities	310,129				311,434

Schedule Of Unrecognized Tax Benefits Rollforward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

	2019				2018				2017
Balance at January 1	$	1,237			$	1,690			$	2,146
Additions for acquired tax positions	1,376				—				73
Additions based on tax positions related to the current year	50				5				5
Lapse of statutes of limitations	(297		)		(458		)		(534		)
Cumulative translation adjustment	(49		)		—				—
Balance at December 31	$	2,317			$	1,237			$	1,690

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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 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 the change in unrecognized tax benefits.

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