| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes and Details of Provision for Income Taxes |
The components of income before income taxes and the details of
the provision for income taxes were as follows for the years ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
(In
thousands) |
|
|
Income before income
taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
$ |
397,215 |
|
|
$ |
502,292 |
|
|
$ |
495,516 |
|
|
Foreign
|
|
|
295,888 |
|
|
|
304,088 |
|
|
|
309,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
693,103 |
|
|
$ |
806,380 |
|
|
$ |
804,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
116,898 |
|
|
$ |
130,996 |
|
|
$ |
128,635 |
|
|
Foreign
|
|
|
63,170 |
|
|
|
66,691 |
|
|
|
60,606 |
|
|
State
|
|
|
6,509 |
|
|
|
11,376 |
|
|
|
12,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
|
|
|
186,577 |
|
|
|
209,063 |
|
|
|
201,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
5,273 |
|
|
|
1,711 |
|
|
|
19,870 |
|
|
Foreign
|
|
|
(8,434 |
) |
|
|
(3,611 |
) |
|
|
1,552 |
|
|
State
|
|
|
(2,471 |
) |
|
|
8,358 |
|
|
|
(2,752 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred
|
|
|
(5,632 |
) |
|
|
6,458 |
|
|
|
18,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total provision
|
|
$ |
180,945 |
|
|
$ |
215,521 |
|
|
$ |
220,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Deferred Tax (Asset) Liability |
Significant components of the deferred tax (asset) liability
were as follows at December 31:
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
| |
|
(In
thousands) |
|
|
Current deferred tax
(asset) liability:
|
|
|
|
|
|
|
|
|
|
Reserves not currently
deductible
|
|
$ |
(39,509 |
) |
|
$ |
(37,771 |
) |
|
Share-based
compensation
|
|
|
(7,022 |
) |
|
|
(7,218 |
) |
|
Net operating loss
carryforwards
|
|
|
(2,072 |
) |
|
|
(368 |
) |
|
Other
|
|
|
(1,041 |
) |
|
|
353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(49,644 |
) |
|
|
(45,004 |
) |
|
Portion included in other
current liabilities
|
|
|
(360 |
) |
|
|
(1,720 |
) |
|
|
|
|
|
|
|
|
|
|
Gross current deferred tax
asset
|
|
|
(50,004 |
) |
|
|
(46,724 |
) |
|
|
|
|
|
|
|
|
|
|
Noncurrent deferred tax
(asset) liability:
|
|
|
|
|
|
|
|
|
|
Differences in basis of
property and accelerated depreciation
|
|
|
54,243 |
|
|
|
57,581 |
|
|
Reserves not currently
deductible
|
|
|
(28,808 |
) |
|
|
(28,809 |
) |
|
Pensions
|
|
|
8,714 |
|
|
|
6,736 |
|
|
Differences in basis of
intangible assets and accelerated amortization
|
|
|
603,577 |
|
|
|
597,266 |
|
|
Net operating loss
carryforwards
|
|
|
(8,399 |
) |
|
|
(5,722 |
) |
|
Share-based
compensation
|
|
|
(13,707 |
) |
|
|
(11,607 |
) |
|
Foreign tax credit
carryforwards
|
|
|
(3,441 |
) |
|
|
— |
|
|
Other
|
|
|
3,477 |
|
|
|
1,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
615,656 |
|
|
|
616,856 |
|
|
Less: Valuation
allowance
|
|
|
2,046 |
|
|
|
2,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
617,702 |
|
|
|
619,696 |
|
|
Portion included in
noncurrent assets
|
|
|
4,074 |
|
|
|
4,350 |
|
|
|
|
|
|
|
|
|
|
|
Gross noncurrent deferred
tax liability
|
|
|
621,776 |
|
|
|
624,046 |
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax
liability
|
|
$ |
571,772 |
|
|
$ |
577,322 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate |
The Company’s effective tax rate reconciles to the U.S.
Federal statutory rate as follows for the years ended
December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
U.S. Federal statutory
rate
|
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
|
State income taxes, net of
federal income tax benefit
|
|
|
0.4 |
|
|
|
1.2 |
|
|
|
0.9 |
|
|
Foreign operations,
net
|
|
|
(7.1 |
) |
|
|
(6.8 |
) |
|
|
(6.1 |
) |
|
U.S. Manufacturing
deduction and credits
|
|
|
(2.6 |
) |
|
|
(2.4 |
) |
|
|
(2.2 |
) |
|
Other
|
|
|
0.4 |
|
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated effective tax
rate
|
|
|
26.1 |
% |
|
|
26.7 |
% |
|
|
27.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Liability for Uncertain Tax Positions |
The following is a reconciliation of the liability for
uncertain tax positions at December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
(In
millions) |
|
|
Balance at the beginning
of the year
|
|
$ |
63.8 |
|
|
$ |
71.7 |
|
|
$ |
55.2 |
|
|
Additions for tax
positions related to the current year
|
|
|
5.5 |
|
|
|
8.8 |
|
|
|
10.7 |
|
|
Additions for tax
positions of prior years
|
|
|
1.5 |
|
|
|
1.3 |
|
|
|
16.8 |
|
|
Reductions for tax
positions of prior years
|
|
|
(3.6 |
) |
|
|
(7.1 |
) |
|
|
(1.7 |
) |
|
Reductions related to
settlements with taxing authorities
|
|
|
(3.4 |
) |
|
|
(8.3 |
) |
|
|
(0.4 |
) |
|
Reductions due to statute
expirations
|
|
|
(5.9 |
) |
|
|
(2.6 |
) |
|
|
(8.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the end of the
year
|
|
$ |
57.9 |
|
|
$ |
63.8 |
|
|
$ |
71.7 |
|
|
|
|
|
|
|
|
|
|
|
|
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|