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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
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:
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Domestic | $ | 400,889 |  |  | $ | 338,304 |  |  | $ | 309,236 |
Foreign | 73,250 |  |  | 128,009 |  |  | 97,842 |
Total | $ | 474,139 |  |  | $ | 466,313 |  |  | $ | 407,078 |
Components of Provision for Income Taxes | The components of the provision (benefit) for income taxes were as follows:
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Current: |  |  |  |  |
Federal | $ | 99,760 |  |  | $ | 963 |  |  | $ | 31,104 |
State | 23,915 |  |  | 3,412 |  |  | 4,501 |
Foreign | 41,797 |  |  | 43,280 |  |  | 38,632 |
Current income tax provision | 165,472 |  |  | 47,655 |  |  | 74,237 |
Deferred: |  |  |  |  |
Federal | (27,681) |  |  | 59,979 |  |  | 30,813 |
State | (8,916) |  |  | 4,984 |  |  | 72 |
Foreign | 4,416 |  |  | (5,386) |  |  | (6,766) |
Deferred income tax (benefit) provision | (32,181) |  |  | 59,577 |  |  | 24,119 |
| $ | 133,291 |  |  | $ | 107,232 |  |  | $ | 98,356 |
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:
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate | $ | 99,569 |  |  | $ | 97,926 |  |  | $ | 85,486 |
State income taxes, net of federal tax benefit | 12,815 |  |  | 10,496 |  |  | 5,012 |
Tax liabilities no longer required | (2,142) |  |  | (3,784) |  |  | (5,110) |
Valuation allowance | 16,635 |  |  | 6,745 |  |  | 1,323 |
Tax credit refunds, net | (5,081) |  |  | (3,593) |  |  | (1,669) |
Foreign earnings taxed at other than 21% | 5,126 |  |  | 5,907 |  |  | 12,197 |
Deferred tax rate changes | (1,276) |  |  | (3,409) |  |  | (717) |
European Commission settlement | 5,313 |  |  | — |  |  | — |
Other | 2,332 |  |  | (3,056) |  |  | 1,834 |
| $ | 133,291 |  |  | $ | 107,232 |  |  | $ | 98,356 |
Effective tax rate | 28.1 | % |  | 23.0 | % |  | 24.2 | %
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities at December 31 were as follows:
| 2022 |  | 2021
| (Dollars in thousands)
Deferred tax assets: |  |  |
Pension and other postretirement liabilities | $ | 11,072 |  |  | $ | 27,264 |
Rationalization and other accrued liabilities | 42,219 |  |  | 35,678 |
AMT and other credit carryforwards | 3,094 |  |  | 2,278 |
Net operating loss carryforwards | 45,606 |  |  | 49,911 |
Other intangible assets | 1,091 |  |  | 2,307 |
Foreign currency translation | 223 |  |  | 37 |
Property, plant and equipment | 734 |  |  | 680 |
Inventory and related reserves | 28,409 |  |  | 2,586 |
Long term operating lease liabilities | 53,198 |  |  | 60,782 |
Other | 19,494 |  |  | 6,596 |
Total deferred tax assets | 205,140 |  |  | 188,119 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (253,753) |  |  | (257,353) |
Pension and other postretirement liabilities | (36,150) |  |  | (49,681) |
Other intangible assets | (175,358) |  |  | (178,955) |
Operating lease right of use assets | (50,747) |  |  | (58,349) |
Inventory and related reserves | — |  |  | (22,172) |
Foreign currency translation | (17,285) |  |  | — |
Other | (8,600) |  |  | (8,470) |
Total deferred tax liabilities | (541,893) |  |  | (574,980) |
Valuation allowance | (41,823) |  |  | (26,712) |
| $ | (378,576) |  |  | $ | (413,573) |
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:
| 2022 |  | 2021
| (Dollars in thousands)
Balance at January 1, | $ | 28,981 |  |  | $ | 32,777 |
Increase based upon tax positions of current year | — |  |  | 425 |
Increase based upon tax positions of a prior year | 1,652 |  |  | 1,464 |
Decrease based upon settlements with taxing authorities | (131) |  |  | — |
Decrease based upon a lapse in the statute of limitations | (3,781) |  |  | (5,685) |
Balance at December 31, | $ | 26,721 |  |  | $ | 28,981 |

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