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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of the components of income before income taxes and the provision for income taxes

	Year Ended December 31,
	2013			2012			2011

Income before income taxes:
United States	$	152,851		$	145,856		$	176,739
Foreign	693,794			632,985			540,013
	$	846,645		$	778,841		$	716,752

Current tax provision:
United States	$	47,526		$	54,649		$	44,769
Foreign	162,282			163,060			128,608
	209,808			217,709			173,377

Deferred tax provision (benefit):
United States	(134		)	7,749			17,733
Foreign	(1,778		)	(6,125		)	(3,200		)
	(1,912		)	1,624			14,533
Total provision for income taxes	$	207,896		$	219,333		$	187,910

Schedule of differences between the U.S. statutory federal tax rate and the Company's effective income tax rate

	Year Ended December 31,
	2013		2012		2011

U.S. statutory federal tax rate	35.0	%	35.0	%	35.0	%
State and local taxes	0.6		0.6		0.4
Foreign earnings and dividends taxed at different rates	(9.4	)	(7.9	)	(8.2	)
Valuation allowance	0.2		(0.2	)	(0.2	)
Tax impact of the delay in American Taxpayer Relief Act	(1.3	)	1.5		—
Other	(0.5	)	(0.8	)	(0.8	)
Effective tax rate	24.6	%	28.2	%	26.2	%

Schedule of deferred tax assets and liabilities, excluding the valuation allowance

	December 31,
	2013		2012
Deferred tax assets relating to:
Accrued liabilities and reserves	$	25,226	$	21,841
Operating loss and tax credit carryforwards	19,618		17,967
Pensions, net	35,221		56,584
Inventory reserves	18,846		18,615
Employee benefits	31,972		30,298
	$	130,883	$	145,305

Deferred tax liabilities relating to:
Goodwill	$	108,524	$	90,506
Depreciation	4,206		6,982
Contingent consideration	6,591		6,591
	$	119,321	$	104,079

Schedule of reconciliation of gross amounts of unrecognized tax benefits excluding interest and penalties

	2013			2012			2011
Unrecognized tax benefits as of January 1	$	26,381		$	20,215		$	22,560
Gross increases and gross decreases for tax positions in prior periods	1,373			11,268			(64		)
Gross increases - current period tax position	2,376			1,483			2,278
Settlements	—			(3,127		)	(451		)
Lapse of statute of limitations	(5,359		)	(3,458		)	(4,108		)
Unrecognized tax benefits as of December 31	$	24,771		$	26,381		$	20,215

- 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.

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