Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2018, 2017 and 2016 were as follows:



	2018		2017		2016
Deferred tax assets:
Exit costs, environ-mental and other similar items	$	84,517	$	50,193	$	74,535
Employee related and benefit items	96,963		104,098		166,313
Other items	161,578		113,184		148,910
Total deferred tax assets	343,058		267,475		389,758

Deferred tax liabilities:
Depreciation and amortization	1,303,620		1,506,650		254,430
LIFO inventories	64,502		66,580		83,659
Other items	29,464		49,670		59,746
Total deferred tax liabilities	1,397,586		1,622,900		397,835

Net deferred tax liabilities	$	1,054,528	$	1,355,425	$	8,077

Significant components of the provisions for income taxes were as follows:



	2018			2017			2016
Current:
Federal	$	288,755		$	269,330		$	438,244
Foreign	53,155			53,442			31,125
State and local	52,372			39,320			61,402
Total current	394,282			362,092			530,771
Deferred:
Federal	(102,149		)	(486,669		)	(56,891		)
Foreign	(35,276		)	(42,292		)	(2,121		)
State and local	(5,953		)	(91,769		)	(9,229		)
Total deferred	(143,378		)	(620,730		)	(68,241		)
Total provisions (credits) for income taxes	$	250,904		$	(258,638	)	$	462,530

Significant components of income before income taxes as used for income tax purposes, were as follows:

A reconciliation of the statutory federal income tax rate to the effective tax rate follows:



	2018		2017		2016
Statutory federal income tax rate	21.0	%	35.0	%	35.0	%
Effect of:
State and local income taxes	3.2		2.1		2.3
Investment vehicles	(1.2	)	(1.4	)	(1.5	)
Domestic production activities			(3.1	)	(2.9	)
Employee share-based payments	(3.2	)	(5.9	)	(2.8	)
Research and development credits	(1.3	)	(.9	)	(.2	)
Amended returns and refunds	(1.6	)	(.9	)
Other - net	(.3	)	(.4	)	(.9	)
Subtotal	16.6	%	24.5	%	29.0	%
Effect of:
Tax Act	1.9		(40.8	)
Subsidiary mergers			(4.2	)
Reported effective tax rate	18.5	%	(20.5	)%	29.0	%

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



	2018			2017			2016
Balance at beginning of year	$	59,001		$	32,805		$	33,873
Additions from the Acquisition	12,396			18,928
Additions based on tax positions related to the current year	12,890			6,780			5,674
Additions for tax positions of prior years	10,968			4,033			3,890
Reductions for tax positions of prior years	(1,993		)	(1,168		)	(5,901		)
Settlements	(1,380		)	(368		)	(3,763		)
Lapses of statutes of limitations	(2,393		)	(2,009		)	(968		)
Balance at end of year	$	89,489		$	59,001		$	32,805