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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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


	2022		2021		2020
	(Dollars in thousands)
Domestic	$	400,889	$	338,304	$	309,236
Foreign	73,250		128,009		97,842
Total	$	474,139	$	466,313	$	407,078

Components of Provision for Income Taxes

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


	2022		2021		2020
	(Dollars in thousands)
Current:
Federal	$	99,760	$	963	$	31,104
State	23,915		3,412		4,501
Foreign	41,797		43,280		38,632
Current income tax provision	165,472		47,655		74,237
Deferred:
Federal	(27,681)		59,979		30,813
State	(8,916)		4,984		72
Foreign	4,416		(5,386)		(6,766)
Deferred income tax (benefit) provision	(32,181)		59,577		24,119
	$	133,291	$	107,232	$	98,356

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:


	2022			2021			2020
	(Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate	$	99,569		$	97,926		$	85,486
State income taxes, net of federal tax benefit	12,815			10,496			5,012
Tax liabilities no longer required	(2,142)			(3,784)			(5,110)
Valuation allowance	16,635			6,745			1,323

Tax credit refunds, net	(5,081)			(3,593)			(1,669)
Foreign earnings taxed at other than 21%	5,126			5,907			12,197
Deferred tax rate changes	(1,276)			(3,409)			(717)
European Commission settlement	5,313			—			—
Other	2,332			(3,056)			1,834
	$	133,291		$	107,232		$	98,356

Effective tax rate	28.1		%	23.0		%	24.2		%

Significant Components of Deferred Tax Assets and Liabilities

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


	2022		2021
	(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities	$	11,072	$	27,264
Rationalization and other accrued liabilities	42,219		35,678
AMT and other credit carryforwards	3,094		2,278
Net operating loss carryforwards	45,606		49,911
Other intangible assets	1,091		2,307
Foreign currency translation	223		37
Property, plant and equipment	734		680
Inventory and related reserves	28,409		2,586
Long term operating lease liabilities	53,198		60,782
Other	19,494		6,596
Total deferred tax assets	205,140		188,119
Deferred tax liabilities:
Property, plant and equipment	(253,753)		(257,353)
Pension and other postretirement liabilities	(36,150)		(49,681)
Other intangible assets	(175,358)		(178,955)
Operating lease right of use assets	(50,747)		(58,349)
Inventory and related reserves	—		(22,172)
Foreign currency translation	(17,285)		—
Other	(8,600)		(8,470)
Total deferred tax liabilities	(541,893)		(574,980)
Valuation allowance	(41,823)		(26,712)
	$	(378,576)	$	(413,573)

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:


	2022		2021
	(Dollars in thousands)
Balance at January 1,	$	28,981	$	32,777
Increase based upon tax positions of current year	—		425
Increase based upon tax positions of a prior year	1,652		1,464


Decrease based upon settlements with taxing authorities	(131)		—
Decrease based upon a lapse in the statute of limitations	(3,781)		(5,685)
Balance at December 31,	$	26,721	$	28,981