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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31:

			2020						2019						2018
			(Dollars in thousands)
Domestic			$	309,236					$	194,822					$	215,354
Foreign			97,842						57,314						77,947
Total			$	407,078					$	252,136					$	293,301

Components of Provision for Income Taxes

The components of the provision (benefit) for income taxes were as follows:

			2020						2019						2018
			(Dollars in thousands)
Current:
Federal			$	31,104					$	41,949					$	17,846
State			4,501						13,924						3,336
Foreign			38,632						23,308						24,385
Current income tax provision			74,237						79,181						45,567
Deferred:
Federal			30,813						(11,521)						25,887
State			72						(5,013)						3,382
Foreign			(6,766)						(4,325)						(5,529)
Deferred income tax provision (benefit)			24,119						(20,859)						23,740
			$	98,356					$	58,322					$	69,307

Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate

The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following:

			2020						2019						2018
			(Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate			$	85,486					$	52,949					$	61,543
State income taxes, net of federal tax benefit			5,012						7,133						6,326
Tax liabilities (no longer required) required			(5,110)						(2,002)						1,908
Valuation allowance			1,323						1,699						240
Tax credit refunds, net			(1,669)						(3,493)						(3,415)
Foreign earnings taxed at other than 21%			12,197						3,741						7,851
Deferred tax rate changes			(717)						92						(1,947)
Other			1,834						(1,797)						(3,199)
			$	98,356					$	58,322					$	69,307
Effective tax rate			24.2		%				23.1		%				23.6		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31 were as follows:

			2020						2019
			(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities			$	30,517					$	22,632
Rationalization and other accrued liabilities			30,105						23,038
AMT and other credit carryforwards			2,885						3,802
Net operating loss carryforwards			49,882						34,792
Other intangible assets			2,464						5,251
Foreign currency translation			281						246
Inventory and related reserves			21,584						26,677
Long term operating lease liabilities			54,218						48,889
Other			7,135						5,265
Total deferred tax assets			199,071						170,592
Deferred tax liabilities:
Property, plant and equipment			(233,109)						(195,039)
Pension and other postretirement liabilities			(24,316)						(25,016)
Other intangible assets			(187,269)						(112,680)
Operating lease right of use assets			(51,902)						(46,709)
Other			(8,770)						(6,258)
Total deferred tax liabilities			(505,366)						(385,702)
Valuation allowance			(20,624)						(15,025)
			$	(326,919)					$	(230,135)

Reconciliation Of Beginning And Ending Unrecognized Tax Benefits Table

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows:

			2020						2019
			(Dollars in thousands)
Balance at January 1,			$	38,283					$	43,508
Increase (decrease) based upon tax positions of current year			508						(488)
Increase based upon tax positions of a prior year			487						604
Increase due to acquisitions			131						—
Decrease based upon settlements with taxing authorities			—						(1,316)
Decrease based upon a lapse in the statute of limitations			(6,632)						(4,025)
Balance at December 31,			$	32,777					$	38,283

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