Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Earnings (Loss) From Continuing Operations Before Income Taxes

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

	2021		2020	2019
United States	$	380,632	94,829	163,764
Foreign	909,361		489,545	585,781
Earnings before income taxes	$	1,289,993	584,374	749,545

Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 consists of the following:

	2021		2020	2019
Current income taxes:
U.S. federal	$	93,085	(33,821)	19,936
State and local	24,904		7,794	12,659
Foreign	143,385		72,350	80,221
Total current	261,374		46,323	112,816
Deferred income taxes:
U.S. federal	(2,655)		14,533	11,993
State and local	13,306		112	15,371
Foreign	(15,580)		7,679	(135,206)
Total deferred	(4,929)		22,324	(107,842)
Total income tax expense	$	256,445	68,647	4,974

Reconciliation Of Income Tax Expense (Benefit)

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

	2021		2020	2019
Income taxes at statutory rate	$	270,898	122,719	157,404
State and local income taxes, net of federal income tax benefit	25,658		8,081	22,185
Foreign income taxes(a)	(34,981)		(57,898)	(17,276)
Change in valuation allowance	5,947		35,381	(21,975)
European Restructuring(b)	—		—	(136,194)
Loss on previously taxed earnings	—		(10,346)	—
Carryback rate differential(c)	(15,743)		(33,739)	—
Global intangible low-taxed income	34,400		2,500	6,000
Italy Step-up Adjustment(d)	(22,163)		—	—
Tax contingencies and audit settlements, net	12,505		6,779	6,686
Other, net	(20,076)		(4,830)	(11,856)
	$	256,445	68,647	4,974

(a) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items.

(b) The Company implemented select operational, administrative and financial restructurings that centralized certain business processes and intangible assets in various European jurisdictions into a new entity.

(c) The CARES Act permits the Company to carry back its 2020 U.S. taxable loss to a tax year before the corporate income tax rate was lowered by the Tax Cuts and Jobs Act.

(d) The company realized a one-time Italian step-up benefit allowing for the realignment of tax asset values.

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, 2021 and 2020 are presented below:

	2021		2020
Deferred tax assets:
Accounts receivable	$	16,550	14,384
Inventories	38,388		44,597
Employee benefits	54,865		39,526
Accrued expenses and other	73,983		103,892
Deductible state tax and interest benefit	7,206		4,042
Intangibles	135,777		152,499
Lease liabilities	106,753		91,359
Federal, foreign and state net operating losses and credits	408,434		433,822
Gross deferred tax assets	841,956		884,121
Valuation allowance	(236,357)		(267,838)
Net deferred tax assets	605,599		616,283
Deferred tax liabilities:
Inventories	(23,484)		(17,403)
Plant and equipment	(467,451)		(489,240)
Intangibles	(188,417)		(197,009)
Right of use assets	(101,935)		(87,351)
Prepaids	(45,077)		(56,140)
Other liabilities	(67,914)		(46,121)
Gross deferred tax liabilities	(894,278)		(893,264)
Net deferred tax liability	$	(288,679)	(276,981)

Reconciliation Of Unrecognized Tax Benefits

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

	2021		2020
Balance as of January 1	$	1,388,391	1,260,970
Additions based on tax positions related to the current year	458		1,694
Additions for tax positions of acquired companies	—		—
Additions for tax positions of prior years	18,001		7,663
Transition tax planning initiatives	—		—
Reductions resulting from the lapse of the statute of limitations	(3,336)		(1,239)
Reductions due to Luxembourg tax rate change	—		—
Settlements with taxing authorities	—		(497)
Effects of foreign currency translation	(106,991)		119,800
Balance as of December 31	$	1,296,523	1,388,391