INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income from Operations before Provision for Income Taxes

The components of the income from operations before provision for income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below:

	For the year ended December 31,
In thousands	2016		2015		2014
Domestic	$	276,218	$	461,394	$	343,180
Foreign	136,619		123,974		164,675
Income from operations before income taxes	$	412,837	$	585,368	$	507,855

Consolidated Provision for Income Taxes

The consolidated provision for income taxes included in the Statement of Income consisted of the following:

	For the year ended December 31,
In thousands	2016			2015			2014
Current taxes
Federal	$	72,317		$	141,245		$	108,782
State	9,953			16,072			17,091
Foreign	27,391			24,442			37,356
	109,661			181,759			163,229
Deferred taxes
Federal	11,013			9,606			2,287
State	1,953			770			1,404
Foreign	(23,194		)	(5,395		)	(10,745		)
	(10,228		)	4,981			(7,054		)
Total provision	$	99,433		$	186,740		$	156,175

Reconciliation of Income Tax Rate

A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below:

	For the year ended December 31,
In thousands	2016		2015		2014
U.S. federal statutory rate	35.0	%	35.0	%	35.0	%
State taxes	2.1	%	2.0	%	2.2	%
Tax reserves	(0.2	)%	(0.4	)%	0.3	%
Foreign	(4.3	)%	(2.1	)%	(4.2	)%
Research and development credit	(1.0	)%	(0.4	)%	(0.5	)%
Manufacturing deduction	(1.8	)%	(2.3	)%	(1.8	)%
France tax rate change	(6.5	)%	—	%	—	%
Transaction costs related to acquisitions	1.5	%	—	%	—	%
Other, net	(0.7	)%	0.1	%	(0.2	)%
Effective rate	24.1	%	31.9	%	30.8	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities were as follows:

	December 31,
In thousands	2016			2015
Deferred income tax assets:
Accrued expenses and reserves	$	26,117		$	39,426
Warranty reserve	24,131			24,544
Deferred compensation/employee benefits	25,755			24,950
Pension and postretirement obligations	25,595			15,507
Inventory	22,579			18,664
Net operating loss carry forwards	59,416			25,636
Tax credit carry forwards	621			959
Other	2,317			—
Gross deferred income tax assets	186,531			149,686
Valuation allowance	21,418			12,623
Total deferred income tax assets	165,113			137,063
Deferred income tax liabilities:
Property, plant & equipment	47,321			34,518
Intangibles	359,312			167,108
Other	—			2,243
Total deferred income tax liabilities	406,633			203,869
Net deferred income tax liability	$	(241,520	)	$	(66,806	)

Liability for Income Taxes Associated with Uncertain Tax Positions

A reconciliation of the beginning and ending amount of the liability for income taxes associated with unrecognized tax benefits follows:

In thousands	2016			2015			2014
Gross liability for unrecognized tax benefits at beginning of year	$	10,557		$	12,596		$	10,531
Gross increases - unrecognized tax benefits in prior periods	6			—			30
Gross increases - current period unrecognized tax benefits	—			1,682			2,756
Gross decreases - unrecognized tax benefits in prior periods	—			—			(463		)
Gross decreases - audit settlement during year	—			(3,027		)	(77		)
Gross decreases - expiration of audit statute of limitations	(2,140		)	(694		)	(181		)
Gross liability for unrecognized tax benefits at end of year	$	8,423		$	10,557		$	12,596