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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
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:
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Domestic | $ | 338,304 |  |  | $ | 309,236 |  |  | $ | 194,822 |
Foreign | 128,009 |  |  | 97,842 |  |  | 57,314 |
Total | $ | 466,313 |  |  | $ | 407,078 |  |  | $ | 252,136 |
Components of Provision for Income Taxes | The components of the provision (benefit) for income taxes were as follows:
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Current: |  |  |  |  |
Federal | $ | 963 |  |  | $ | 31,104 |  |  | $ | 41,949 |
State | 3,412 |  |  | 4,501 |  |  | 13,924 |
Foreign | 43,280 |  |  | 38,632 |  |  | 23,308 |
Current income tax provision | 47,655 |  |  | 74,237 |  |  | 79,181 |
Deferred: |  |  |  |  |
Federal | 59,979 |  |  | 30,813 |  |  | (11,521) |
State | 4,984 |  |  | 72 |  |  | (5,013) |
Foreign | (5,386) |  |  | (6,766) |  |  | (4,325) |
Deferred income tax provision (benefit) | 59,577 |  |  | 24,119 |  |  | (20,859) |
| $ | 107,232 |  |  | $ | 98,356 |  |  | $ | 58,322 |
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:
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate | $ | 97,926 |  |  | $ | 85,486 |  |  | $ | 52,949 |
State income taxes, net of federal tax benefit | 10,496 |  |  | 5,012 |  |  | 7,133 |
Tax liabilities no longer required | (3,784) |  |  | (5,110) |  |  | (2,002) |
Valuation allowance | 6,745 |  |  | 1,323 |  |  | 1,699 |
Tax credit refunds, net | (3,593) |  |  | (1,669) |  |  | (3,493) |
Foreign earnings taxed at other than 21% | 5,907 |  |  | 12,197 |  |  | 3,741 |
Deferred tax rate changes | (3,409) |  |  | (717) |  |  | 92 |
Other | (3,056) |  |  | 1,834 |  |  | (1,797) |
| $ | 107,232 |  |  | $ | 98,356 |  |  | $ | 58,322 |
Effective tax rate | 23.0 | % |  | 24.2 | % |  | 23.1 | %
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities at December 31 were as follows:
| 2021 |  | 2020
| (Dollars in thousands)
Deferred tax assets: |  |  |
Pension and other postretirement liabilities | $ | 27,264 |  |  | $ | 30,517 |
Rationalization and other accrued liabilities | 35,678 |  |  | 30,105 |
AMT and other credit carryforwards | 2,278 |  |  | 2,885 |
Net operating loss carryforwards | 49,911 |  |  | 49,882 |
Other intangible assets | 2,307 |  |  | 2,464 |
Foreign currency translation | 37 |  |  | 281 |
Property, plant and equipment | 680 |  |  | — |
Inventory and related reserves | 2,586 |  |  | 21,584 |
Long term operating lease liabilities | 60,782 |  |  | 54,218 |
Other | 6,596 |  |  | 7,135 |
Total deferred tax assets | 188,119 |  |  | 199,071 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (257,353) |  |  | (233,109) |
Pension and other postretirement liabilities | (49,681) |  |  | (24,316) |
Other intangible assets | (178,955) |  |  | (187,269) |
Operating lease right of use assets | (58,349) |  |  | (51,902) |
Inventory and related reserves | (22,172) |  |  | — |
Other | (8,470) |  |  | (8,770) |
Total deferred tax liabilities | (574,980) |  |  | (505,366) |
Valuation allowance | (26,712) |  |  | (20,624) |
| $ | (413,573) |  |  | $ | (326,919) |
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:
| 2021 |  | 2020
| (Dollars in thousands)
Balance at January 1, | $ | 32,777 |  |  | $ | 38,283 |
Increase based upon tax positions of current year | 425 |  |  | 508 |
Increase based upon tax positions of a prior year | 1,464 |  |  | 487 |
Increase due to acquisitions | — |  |  | 131 |
Decrease based upon a lapse in the statute of limitations | (5,685) |  |  | (6,632) |
Balance at December 31, | $ | 28,981 |  |  | $ | 32,777 |

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- 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=121826272&loc=d3e32639-109319 + Details
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