Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Earnings (Loss) From Continuing Operations Before Income Taxes

Following is a summary of earnings from continuing operations before income taxes for United States and foreign operations:



	2013		2012	2011
United States	$	288,627	164,122	78,224
Foreign	156,944		140,370	121,650
Earnings before income taxes	$	445,571	304,492	199,874

Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations for the years ended December 31, 2013, 2012 and 2011 consists of the following:



	2013			2012		2011
Current income taxes:
U.S. federal	$	84,686		26,204		13,957
State and local	9,774			4,583		5,118
Foreign	46,450			13,775		7,190
Total current	140,910			44,562		26,265
Deferred income taxes:
U.S. federal	5,280			31,106		8,994
State and local	(5,720		)	4,704		(3,488	)
Foreign	(62,085		)	(26,773	)	(10,122	)
Total deferred	(62,525		)	9,037		(4,616	)
Total	$	78,385		53,599		21,649

Reconciliation Of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to earnings from continuing operations before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings from continuing operations before income taxes as follows:



	2013			2012		2011
Income taxes at statutory rate	$	155,950		106,572		69,956
State and local income taxes, net of federal income tax benefit	9,317			6,004		2,821
Foreign income taxes	(80,937		)	(66,538	)	(45,112	)
Change in valuation allowance	(1,846		)	5,703		(2,052	)
Tax contingencies and audit settlements	(4,076		)	(3,598	)	(5,911	)
Other, net	(23		)	5,456		1,947
	$	78,385		53,599		21,649

Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 are presented below:



	2013			2012
Deferred tax assets:
Accounts receivable	$	17,346		12,289
Inventories	50,423			38,801
Employee benefits	55,479			53,519
Accrued expenses and other	72,582			44,289
Deductible state tax and interest benefit	7,927			13,119
Intangibles	92,164			113,282
Federal, foreign and state net operating losses and credits	438,272			247,786
Gross deferred tax assets	734,193			523,085
Valuation allowance	(375,859		)	(321,585	)
Net deferred tax assets	358,334			201,500
Deferred tax liabilities:
Inventories	(11,140		)	(8,106	)
Plant and equipment	(413,989		)	(277,324	)
Intangibles	(208,159		)	(128,433	)
Other liabilities	(25,387		)	(7,854	)
Gross deferred tax liabilities	(658,675		)	(421,717	)
Net deferred tax liability (1)	$	(300,341	)	(220,217	)


(1)	This amount includes $9,183 and $4,317 of non-current deferred tax assets which are in deferred income taxes and other non-current assets and $11,235 and $6,309 current deferred tax liabilities which are included in accounts payable and accrued expenses in the consolidated balance sheets as of December 31, 2013 and 2012, respectively.

Reconciliation Of Unrecognized Tax Benefits

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



	2013			2012
Balance as of January 1	$	53,835		46,087
Additions based on tax positions related to the current year	3,840			3,142
Additions for tax positions of prior years	15,275			17,006
Reductions for tax positions of prior years	(5,736		)	(3,571	)
Reductions resulting from the lapse of the statute of limitations	(6,075		)	(1,764	)
Settlements with taxing authorities	(4,594		)	(7,065	)
Balance as of December 31	$	56,545		53,835