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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Consolidated Income from Continuing Operations Before Income Taxes | Consolidated income from continuing operations before income taxes consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
U.S. operations |  | $ | 167,380 |  |  | $ | 173,798 |  |  | $ | 173,966 |
Foreign operations |  | 99,354 |  |  | 83,100 |  |  | 73,353 |
Income before income tax |  | $ | 266,734 |  |  | $ | 256,898 |  |  | $ | 247,319 |
Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Current: |  |  |  |  |  |
Federal |  | $ | 87,386 |  |  | $ | 53,840 |  |  | $ | 61,211 |
State and local |  | 443 |  |  | 6,370 |  |  | 6,520 |
Non-U.S. |  | 28,708 |  |  | 18,708 |  |  | 21,014 |
|  | 116,537 |  |  | 78,918 |  |  | 88,745 |
Deferred: |  |  |  |  |  |
Federal |  | 47,087 |  |  | (12,921 | ) |  | (8,883 | )
State and local |  | 4,990 |  |  | (2,166 | ) |  | (906 | )
Non-U.S. |  | (14,195 | ) |  | (5,372 | ) |  | (11,488 | )
|  | 37,882 |  |  | (20,459 | ) |  | (21,277 | )
Income tax expense |  | $ | 154,419 |  |  | $ | 58,459 |  |  | $ | 67,468 |
Reconciliation of Statutory Federal Income Tax Rate to Effective Rate | The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements:
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (percent of income)
Provision for federal income taxes at the statutory rate |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State and local income taxes, net of federal benefit |  | 0.4 |  |  | 1.5 |  |  | 2.2 |
Non-U.S. income taxed at different rates |  | (7.8 | ) |  | (5.8 | ) |  | (3.9 | )
Foreign tax credits |  | (0.1 | ) |  | (3.0 | ) |  | (1.7 | )
Foreign deferred tax asset |  | (3.0 | ) |  | (2.5 | ) |  | — |
Reduction of unrecognized tax benefits |  | — |  |  | — |  |  | (0.8 | )
Research credits |  | (0.7 | ) |  | (0.8 | ) |  | (0.9 | )
Reduction of valuation allowance |  | — |  |  | — |  |  | (2.7 | )
Excess tax benefits from stock plans |  | (2.3 | ) |  | (2.1 | ) |  | — |
Other |  | 0.5 |  |  | 0.5 |  |  | 0.1 |
Actual provision for income taxes, pre-TCJA |  | 22.0 |  |  | 22.8 |  |  | 27.3 |
Effects of the TCJA: |  |  |  |  |  |
Reduction of U.S. federal corporate tax rate |  | 5.6 |  |  | — |  |  | — |
Transition tax on foreign earnings |  | 18.7 |  |  | — |  |  | — |
Deferred tax liability associated with future repatriations |  | 8.9 |  |  | — |  |  | — |
Foreign tax credits |  | 2.7 |  |  | — |  |  | — |
Provision for income taxes related to the TCJA |  | 35.9 |  |  | — |  |  | — |
Actual provision for income taxes |  | 57.9 | % |  | 22.8 | % |  | 27.3 | %
Significant Components of Deferred Taxes | Significant components of the Company's deferred taxes consisted of the following (in thousands):
|  | December 31,
|  | 2017 |  | 2016
Deferred tax assets: |  |  |  |
Accruals and allowances |  | $ | 37,971 |  |  | $ | 51,724 |
Capitalized inventory costs |  | 21,625 |  |  | 39,661 |
Stock compensation |  | 3,867 |  |  | 6,476 |
Net operating loss carryforwards |  | 20,085 |  |  | 3,637 |
Depreciation and amortization |  | 25,020 |  |  | 19,313 |
Tax credits |  | 31 |  |  | 443 |
Foreign currency gain |  | 5,657 |  |  | — |
Other |  | 276 |  |  | 263 |
Gross deferred tax assets |  | 114,532 |  |  | 121,517 |
Valuation allowance |  | (16,428 | ) |  | (1,323 | )
Net deferred tax assets |  | 98,104 |  |  | 120,194 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | (15,395 | ) |  | (25,703 | )
Prepaid expenses |  | (2,383 | ) |  | — |
Deferred tax liability associated with future repatriations |  | (23,690 | ) |  | — |
Foreign currency loss |  | — |  |  | (667 | )
Other |  | — |  |  | (1,477 | )
Gross deferred tax liabilities |  | (41,468 | ) |  | (27,847 | )
Total net deferred taxes |  | $ | 56,636 |  |  | $ | 92,347 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
|  | December 31,
|  | 2017 |  | 2016 |  | 2015
Balance at beginning of year |  | $ | 9,998 |  |  | $ | 11,187 |  |  | $ | 6,630 |
Increases related to prior year tax positions |  | 858 |  |  | 2,514 |  |  | 365 |
Decreases related to prior year tax positions |  | (2,895 | ) |  | (5,119 | ) |  | (2,019 | )
Increases related to current year tax positions |  | 2,714 |  |  | 1,599 |  |  | 6,564 |
Expiration of statute of limitations |  | (163 | ) |  | (183 | ) |  | (353 | )
Balance at end of year |  | $ | 10,512 |  |  | $ | 9,998 |  |  | $ | 11,187 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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