Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Income from Continuing Operations before Income Taxes and Noncontrolling Shareholders' Interests

Components of income from continuing operations before income taxes and noncontrolling shareholders’ interests were as follows:



	2016		2015		2014
United States	$	319,156	$	314,263	$	165,888
Foreign	47,937		19,765		182,631
Total	$	367,093	$	334,028	$	348,519

Provision (Benefit) for Income Tax for Continuing Operations

The provision (benefit) for income tax for continuing operations consisted of the following:



	2016			2015			2014
Current:
Federal	$	100,714		$	67,405		$	46,270
State and local	12,445			12,837			8,678
Foreign	14,990			12,948			53,120
	128,149			93,190			108,068
Deferred:
Federal	(6,730		)	23,466			5,282
State and local	(763		)	5,157			82
Foreign	(4,857		)	(3,589		)	(1,735		)
	(12,350		)	25,034			3,629
	$	115,799		$	118,224		$	111,697

Reconciliation of Income Tax Expense (Benefit) for Continuing Operations

A reconciliation of income tax expense (benefit) for continuing operations to the tax based on the U.S. statutory rate is as follows:



	2016			2015			2014
Income tax provision at 35%	$	128,483		$	116,910		$	121,982
Expiration of capital loss carryforward	—			18,376			—
Valuation allowance	(2,441		)	(18,200		)	1,382
State and local income tax, net of federal income tax effect	8,693			12,321			7,123
Domestic manufacturing deduction	(9,870		)	(6,580		)	(3,745		)
U.S. tax credits	(3,013		)	(3,186		)	(1,455		)
Tax law or rate change	794			2,383			—
Difference in effective tax rates of international operations	(4,900		)	(932		)	(35,095		)
Other - net	(1,947		)	(2,868		)	(262		)
Tax on gain from sale of CCT	—			—			21,767
Provision for income taxes	$	115,799		$	118,224		$	111,697

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 were as follows:



	2016			2015
Deferred tax assets:
Postretirement and other employee benefits	$	191,099		$	197,657
Product liability	67,528			61,456
Net operating loss, capital loss, and tax credit carryforwards	15,274			11,187
All other items	48,718			45,747
Total deferred tax assets	322,619			316,047
Deferred tax liabilities:
Property, plant and equipment	(160,075		)	(156,520		)
All other items	(9,685		)	(10,399		)
Total deferred tax liabilities	(169,760		)	(166,919		)
	152,859			149,128
Valuation allowances	(20,228		)	(15,103		)
Net deferred tax asset	$	132,631		$	134,025

Unrecognized Tax Benefits for Permanent and Temporary Book/Tax Differences for Continuing Operations, Exclusive of Interest

Based upon the outcome of tax examinations, judicial proceedings, or expiration of statutes of limitations, it is reasonably possible that the ultimate resolution of these unrecognized tax benefits may result in a payment that is materially different from the current estimate of the tax liabilities.



	Unrecognized Tax Benefits
Balance at December 31, 2013	$	5,878
Additions for tax positions of the current year	230
Additions for tax positions of prior years	2,206
Balance at December 31, 2014	8,314
Settlements for tax positions of prior years	(367		)
Additions for tax positions of prior years	1,151
Reductions for tax positions of prior years	(942		)
Statute lapses	(2,313		)
Balance at December 31, 2015	5,843
Settlements for tax positions of prior years	(518		)
Additions for tax positions of the current year	714
Additions for tax positions of prior years	1,518
Statute lapses	(4,360		)
Balance at December 31, 2016	$	3,197