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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes |
Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) attributable to continuing operations |
|  | Years ended December 31, |
(Thousands of dollars) |  | 2011 |  | 2010 |  | 2009 |
Computed “expected” tax expense excluding non-controlling interest |  | $ | 155,714 |  | $ | 127,625 |  | $ | 31,572 |
Adjustments to tax expense attributable to: |  |  |  |  |  |  |
Foreign tax differences |  | (40,733 | ) | (33,322 | ) | (20,332 | )
Tax-exempt investment income |  | (116 | ) | (974 | ) | (1,809 | )
State income taxes, net of federal benefit |  | 3,849 |  | 1,803 |  | (3,010 | )
Change in valuation allowance |  | (754 | ) | (6,189 | ) | (2,146 | )
Federal tax credits |  | (5,153 | ) | (3,351 | ) | (3,672 | )
Change in pension deferred tax |  | (199 | ) | (329 | ) | (3,508 | )
Domestic manufacturing deduction |  | (8,012 | ) | (4,837 | ) | (459 | )
Other |  | (5,545 | ) | 607 |  | 1,088 |
Total income tax expense (benefit) |  | $ | 99,051 |  | $ | 81,033 |  | $ | (2,276 | )
Schedule of components of earnings before income taxes |
|  | Years ended December 31, |
(Thousands of dollars) |  | 2011 |  | 2010 |  | 2009 |
United States |  | $ | 300,992 |  | $ | 223,401 |  | $ | (14,511 | )
Foreign |  | 143,906 |  | 141,243 |  | 104,717 |
Total earnings excluding non-controlling interest |  | 444,898 |  | 364,644 |  | 90,206 |
Less net loss attributable to non-controlling interest |  | 2,290 |  | 599 |  | 965 |
Total earnings before income taxes |  | $ | 442,608 |  | $ | 364,045 |  | $ | 89,241
Schedule of components of total income taxes |
|  | Years ended December 31, |
(Thousands of dollars) |  | 2011 |  | 2010 |  | 2009 |
Current: |  |  |  |  |  |  |
Federal |  | $ | 79,069 |  | $ | 48,814 |  | $ | 943 |
Foreign |  | 15,318 |  | 15,855 |  | 8,454 |
State and local |  | 6,549 |  | 2,924 |  | (125 | )
Deferred: |  |  |  |  |  |  |
Federal |  | (1,761 | ) | 13,204 |  | (18,216 | )
Foreign |  | (232 | ) | 15 |  | 10,285 |
State and local |  | 108 |  | 221 |  | (3,617 | )
Income tax expense (benefit) |  | 99,051 |  | 81,033 |  | (2,276 | )
Unrealized changes in other comprehensive income |  | (12,604 | ) | (5,443 | ) | (3,206 | )
Total income taxes |  | $ | 86,447 |  | $ | 75,590 |  | $ | (5,482 | )
Schedule of components of the net deferred income tax liability |
|  | December 31, |
(Thousands of dollars) |  | 2011 |  | 2010 |
Deferred income tax liabilities: |  |  |  |  |
Cash basis farming adjustment |  | $ | 10,581 |  | $ | 10,724 |
Depreciation |  | 109,409 |  | 98,692 |
LIFO |  | 27,927 |  | 29,017 |
Other |  | 4,406 |  | 3,768 |
|  | $ | 152,323 |  | $ | 142,201 |
Deferred income tax assets: |  |  |  |  |
Reserves/accruals |  | $ | 83,816 |  | $ | 67,244 |
Tax credit carry-forwards |  | 11,217 |  | 9,554 |
Deferred earnings of foreign subsidiaries |  | 12,672 |  | 6,274 |
Net operating and capital loss carry-forwards |  | 15,800 |  | 18,727 |
Foreign minimum tax credit carry-forward |  | – |  | 10,400 |
Other |  | 2,041 |  | 3,364 |
|  | 125,546 |  | 115,563 |
Valuation allowance |  | 16,320 |  | 30,664 |
Net deferred income tax liability |  | $ | 43,097 |  | $ | 57,302
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits |
(Thousands of dollars) |  | 2011 |  | 2010 |
Beginning balance at January 1 |  | $ | 3,548 |  | $ | 3,395 |
Additions for uncertain tax positions of prior years |  | 66 |  | 596 |
Decreases for uncertain tax positions of prior years |  | (109 | ) | (367 | )
Additions for uncertain tax positions of current year |  | 4,791 |  | 21 |
Settlements |  | – |  | (97 | )
Lapse of statute of limitations |  | (398 | ) | – |
Ending balance at December 31 |  | $ | 7,898 |  | $ | 3,548

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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://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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