Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	2021		2020
Deferred tax assets related to:
Expenses not yet deducted for tax purposes	$	301,302	$	343,308
Operating lease liabilities	300,705		289,114
Pension liability not yet deducted for tax purposes	171,256		257,526
Capital loss	7,333		10,875
Net operating loss	48,865		56,028
	829,461		956,851
Deferred tax liabilities related to:
Employee and retiree benefits	235,847		226,356
Inventory	87,062		90,213
Operating lease assets	295,801		282,486
Other intangible assets	365,557		365,825
Property, plant and equipment	72,740		73,333
Other	18,176		29,961
	1,075,183		1,068,174
Net deferred tax liability before valuation allowance	(245,722)		(111,323)
Valuation allowance	(34,227)		(35,930)
Total net deferred tax liability	$	(279,949)	$	(147,253)

Schedule of Components of Income before Income Taxes

The components of income before income taxes are as follows:

	2021		2020		2019
United States	$	762,472	$	706,594	$	613,910
Foreign	437,874		(327,226)		245,373
Income before income taxes	$	1,200,346	$	379,368	$	859,283

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows:

	2021		2020		2019
Current:
Federal	$	116,425	$	130,680	$	162,883
State	34,311		35,474		45,488
Foreign	119,144		77,541		60,376
Deferred:
Federal	24,233		2,048		(21,617)
State	9,485		801		(11,273)
Foreign	(2,042)		(30,571)		(23,049)
	$	301,556	$	215,973	$	212,808

Schedule of Difference Between Total Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate

The reasons for the difference between total tax expense and the amount computed by applying the statutory Federal income tax rate to income before income taxes are as follows:

	2021		2020		2019
Statutory rate applied to income (1)	$	252,073	$	79,667	$	180,449
Plus state income taxes, net of Federal tax benefit	34,599		28,658		27,030
Taxation of foreign operations, net (2)	2,299		(9,072)		(17,663)
U.S. tax reform - transition tax (3)	—		—		4,492
Non-deductible goodwill impairment tax effect	—		106,411		—
Foreign rate change - deferred tax remeasurement	17,032		9,045		6,215
Valuation allowance	(2,486)		1,995		4,503
Other	(1,961)		(731)		7,782
	$	301,556	$	215,973	$	212,808

(1)U.S. statutory rates applied to income are as follows: 2021, 2020 and 2019 at 21%.

(2)The Company's effective tax rate reflects the impact of having operations outside of the U.S. which are taxed at statutory rates different from the U.S. statutory rate, with some income being fully or partially exempt from income taxes due to various operating and financing activities.

(3)Impact of the Tax Cuts and Jobs Act, enacted December 22, 2017.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	2021		2020		2019
Balance at beginning of year	$	23,237	$	21,461	$	18,428
Additions based on tax positions related to the current year	2,196		3,771		3,701
Additions for tax positions of prior years	156		3,480		620
Reductions for tax positions for prior years	(733)		(1,382)		(965)
Reduction for lapse in statute of limitations	(2,843)		(3,765)		—
Settlements	(2,512)		(328)		(323)
Balance at end of year	$	19,501	$	23,237	$	21,461