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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31:


	2021		2020		2019
	(Dollars in thousands)
Domestic	$	338,304	$	309,236	$	194,822
Foreign	128,009		97,842		57,314
Total	$	466,313	$	407,078	$	252,136

Components of Provision for Income Taxes

The components of the provision (benefit) for income taxes were as follows:


	2021		2020		2019
	(Dollars in thousands)
Current:
Federal	$	963	$	31,104	$	41,949
State	3,412		4,501		13,924
Foreign	43,280		38,632		23,308
Current income tax provision	47,655		74,237		79,181
Deferred:
Federal	59,979		30,813		(11,521)
State	4,984		72		(5,013)
Foreign	(5,386)		(6,766)		(4,325)
Deferred income tax provision (benefit)	59,577		24,119		(20,859)
	$	107,232	$	98,356	$	58,322

Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate

The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following:


	2021			2020			2019
	(Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate	$	97,926		$	85,486		$	52,949
State income taxes, net of federal tax benefit	10,496			5,012			7,133
Tax liabilities no longer required	(3,784)			(5,110)			(2,002)
Valuation allowance	6,745			1,323			1,699

Tax credit refunds, net	(3,593)			(1,669)			(3,493)
Foreign earnings taxed at other than 21%	5,907			12,197			3,741
Deferred tax rate changes	(3,409)			(717)			92
Other	(3,056)			1,834			(1,797)
	$	107,232		$	98,356		$	58,322

Effective tax rate	23.0		%	24.2		%	23.1		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31 were as follows:


	2021		2020
	(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities	$	27,264	$	30,517
Rationalization and other accrued liabilities	35,678		30,105
AMT and other credit carryforwards	2,278		2,885
Net operating loss carryforwards	49,911		49,882
Other intangible assets	2,307		2,464
Foreign currency translation	37		281
Property, plant and equipment	680		—
Inventory and related reserves	2,586		21,584
Long term operating lease liabilities	60,782		54,218
Other	6,596		7,135
Total deferred tax assets	188,119		199,071
Deferred tax liabilities:
Property, plant and equipment	(257,353)		(233,109)
Pension and other postretirement liabilities	(49,681)		(24,316)
Other intangible assets	(178,955)		(187,269)
Operating lease right of use assets	(58,349)		(51,902)
Inventory and related reserves	(22,172)		—
Other	(8,470)		(8,770)
Total deferred tax liabilities	(574,980)		(505,366)
Valuation allowance	(26,712)		(20,624)
	$	(413,573)	$	(326,919)

Reconciliation Of Beginning And Ending Unrecognized Tax Benefits Table

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows:


	2021		2020
	(Dollars in thousands)
Balance at January 1,	$	32,777	$	38,283
Increase based upon tax positions of current year	425		508
Increase based upon tax positions of a prior year	1,464		487
Increase due to acquisitions	—		131


Decrease based upon a lapse in the statute of limitations	(5,685)		(6,632)
Balance at December 31,	$	28,981	$	32,777