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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Earnings (Loss) From Continuing Operations Before Income Taxes
Following is a summary of (loss) earnings before income taxes for United States and foreign operations:
202220212020
United States$(233,208)380,632 94,829 
Foreign417,101 909,361 489,545 
Earnings before income taxes$183,893 1,289,993 584,374 
Schedule of Income Tax Expense (Benefit)
Income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020 consists of the following:
202220212020
Current income taxes:
U.S. federal$91,948 93,085 (33,821)
State and local11,230 24,904 7,794 
Foreign106,032 143,385 72,350 
Total current209,210 261,374 46,323 
Deferred income taxes:
U.S. federal(27,756)(2,655)14,533 
State and local9,586 13,306 112 
Foreign(32,930)(15,580)7,679 
Total deferred(51,100)(4,929)22,324 
Total income tax expense$158,110 256,445 68,647 
Schedule of 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:
202220212020
Income taxes at statutory rate$38,618 270,898 122,719 
State and local income taxes, net of federal income tax benefit4,858 25,658 8,081 
Foreign income taxes (1)
(50,483)(34,981)(57,898)
Change in valuation allowance44,814 5,947 35,381 
Impairment of non-deductible goodwill132,497 — — 
Loss on previously taxed earnings— — (10,346)
Carryback rate differential (2)
— (15,743)(33,739)
Fixed asset adjustments(7,289)(7,113)(8,630)
Non-deductible expenses11,250 8,128 8,424 
General business credits and incentives(21,833)(3,958)(4,004)
Global intangible low-taxed income7,200 34,400 2,500 
Italy step-up adjustment (3)
— (22,163)— 
Tax contingencies and audit settlements, net(96)12,505 6,779 
Other, net(1,426)(17,133)(620)
$158,110 256,445 68,647 
(1) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items.
(2) 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.
(3) The company realized a one-time Italian step-up benefit allowing for the realignment of tax asset values.
Schedule of 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, 2022 and 2021 are presented below:
20222021
Deferred tax assets:
Accounts receivable$15,783 16,550 
Inventories53,088 38,388 
Employee benefits47,089 54,865 
Accrued expenses and other95,682 73,983 
Deductible state tax and interest benefit7,584 7,206 
Intangibles122,710 135,777 
Lease liabilities108,596 106,753 
Interest expense10,749 — 
Federal, foreign and state net operating losses and credits448,759 408,434 
Gross deferred tax assets910,040 841,956 
Valuation allowance(284,347)(236,357)
Net deferred tax assets625,693 605,599 
Deferred tax liabilities:
Inventories(17,415)(23,484)
Plant and equipment(463,810)(467,451)
Intangibles(175,788)(188,417)
Right of use operating lease assets(102,959)(101,935)
Prepaids(47,079)(45,077)
Other liabilities(58,799)(67,914)
Gross deferred tax liabilities(865,850)(894,278)
Net deferred tax liability$(240,157)(288,679)
Schedule of Reconciliation Of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
20222021
Balance as of January 1$1,296,523 1,388,391 
Additions based on tax positions related to the current year1,439 458 
Additions for tax positions of prior years4,678 18,001 
Reductions resulting from the lapse of the statute of limitations(3,419)(3,336)
Effects of foreign currency translation(68,589)(106,991)
Balance as of December 31$1,230,632 1,296,523