Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for Income Taxes was Computed Based on Amounts of Income Before Income Taxes |
The provision for income taxes was computed based on the following amounts of income from continuing operations before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
|
|
|
In thousands |
|
|
Domestic |
$ |
404,878 |
|
|
$ |
853,630 |
|
|
$ |
815,081 |
|
Foreign |
1,010,713 |
|
|
853,705 |
|
|
898,495 |
|
Income before income taxes |
$ |
1,415,591 |
|
|
$ |
1,707,335 |
|
|
$ |
1,713,576 |
|
|
| Provision for Income Taxes |
The provision for income taxes consisted of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
|
In thousands |
Current: |
|
|
|
|
|
Federal |
$ |
150,428 |
|
|
$ |
234,325 |
|
|
$ |
280,999 |
|
Foreign |
124,871 |
|
|
113,812 |
|
|
138,552 |
|
State |
39,390 |
|
|
36,979 |
|
|
44,340 |
|
|
314,689 |
|
|
385,116 |
|
|
463,891 |
|
Deferred: |
|
|
|
|
|
Federal and state |
(63,610 |
) |
|
401 |
|
|
(78,362 |
) |
Foreign |
(8,015 |
) |
|
6,687 |
|
|
298 |
|
Income taxes |
$ |
243,064 |
|
|
$ |
392,204 |
|
|
$ |
385,827 |
|
|
| Differences Between Income Taxes Computed by Applying Statutory Federal Income Tax Rate and Income Tax Expense reported in Consolidated Financial Statements |
The differences between income taxes computed by applying the statutory federal income tax rate and income tax expense reported in the consolidated financial statements are as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
|
In thousands |
Tax at federal statutory rate |
$ |
495,457 |
|
|
$ |
597,567 |
|
|
$ |
599,752 |
|
State income taxes, net of federal tax benefit |
25,783 |
|
|
23,917 |
|
|
29,118 |
|
Foreign rate differences |
(271,198 |
) |
|
(202,420 |
) |
|
(234,773 |
) |
Stock compensation (federal) |
(26,553 |
) |
|
— |
|
|
— |
|
Other |
19,575 |
|
|
(26,860 |
) |
|
(8,270 |
) |
Income taxes |
$ |
243,064 |
|
|
$ |
392,204 |
|
|
$ |
385,827 |
|
|
| Deferred Income Tax Assets and Liabilities |
Deferred income tax assets and liabilities consisted of the following:
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
In thousands |
Deferred income tax assets: |
|
|
|
Inventories |
$ |
40,468 |
|
|
$ |
38,897 |
|
Deferred compensation |
88,249 |
|
|
96,397 |
|
Other employee benefits |
79,834 |
|
|
88,359 |
|
Stock compensation |
69,010 |
|
|
67,551 |
|
Other accrued expenses |
168,908 |
|
|
154,337 |
|
Operating loss carryforwards |
152,587 |
|
|
139,634 |
|
Gross deferred income tax assets |
599,056 |
|
|
585,175 |
|
Valuation allowances |
(114,990 |
) |
|
(100,951 |
) |
Net deferred income tax assets |
484,066 |
|
|
484,224 |
|
Deferred income tax liabilities: |
|
|
|
Depreciation |
33,919 |
|
|
27,756 |
|
Intangible assets |
569,767 |
|
|
591,615 |
|
Other deferred tax liabilities |
58,767 |
|
|
67,016 |
|
Deferred income tax liabilities |
662,453 |
|
|
686,387 |
|
Net deferred income tax assets (liabilities) |
$ |
(178,387 |
) |
|
$ |
(202,163 |
) |
Amounts included in the Consolidated Balance Sheets: |
|
|
|
Noncurrent assets (Note H) |
$ |
42,231 |
|
|
$ |
39,246 |
|
Noncurrent liabilities (Note L) |
(220,618 |
) |
|
(241,409 |
) |
|
$ |
(178,387 |
) |
|
$ |
(202,163 |
) |
|
| Reconciliation of Change in Accrual for Unrecognized Income Tax Benefits |
A reconciliation of the change in the accrual for unrecognized income tax benefits is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized
Income Tax
Benefits
|
|
Accrued
Interest
and Penalties
|
|
Unrecognized
Income Tax
Benefits
Including Interest
and Penalties
|
|
In thousands |
Balance, December 2013 |
$ |
118,514 |
|
|
$ |
17,474 |
|
|
$ |
135,988 |
|
Additions for current year tax positions |
12,850 |
|
|
— |
|
|
12,850 |
|
Additions for prior year tax positions |
5,252 |
|
|
5,033 |
|
|
10,285 |
|
Reductions for prior year tax positions |
(12,898 |
) |
|
(2,780 |
) |
|
(15,678 |
) |
Reductions due to statute expirations |
(9,159 |
) |
|
(647 |
) |
|
(9,806 |
) |
Payments in settlement |
(657 |
) |
|
(1,742 |
) |
|
(2,399 |
) |
Currency translation |
(298 |
) |
|
(119 |
) |
|
(417 |
) |
Balance, December 2014 |
113,604 |
|
|
17,219 |
|
|
130,823 |
|
Additions for current year tax positions |
13,470 |
|
|
— |
|
|
13,470 |
|
Additions for prior year tax positions |
4,396 |
|
|
3,188 |
|
|
7,584 |
|
Reductions for prior year tax positions |
(32,432 |
) |
|
(6,350 |
) |
|
(38,782 |
) |
Reductions due to statute expirations |
(11,780 |
) |
|
(2,528 |
) |
|
(14,308 |
) |
Payments in settlement |
(11,437 |
) |
|
(2,065 |
) |
|
(13,502 |
) |
Currency translation |
(144 |
) |
|
(95 |
) |
|
(239 |
) |
Balance, December 2015 |
75,677 |
|
|
9,369 |
|
|
85,046 |
|
Additions for current year tax positions |
121,025 |
|
|
— |
|
|
121,025 |
|
Additions for prior year tax positions |
6,164 |
|
|
2,880 |
|
|
9,044 |
|
Reductions for prior year tax positions |
(4,798 |
) |
|
(1,362 |
) |
|
(6,160 |
) |
Reductions due to statute expirations |
(14,985 |
) |
|
(1,335 |
) |
|
(16,320 |
) |
Payments in settlement |
(6,108 |
) |
|
(829 |
) |
|
(6,937 |
) |
Currency translation |
(9 |
) |
|
(14 |
) |
|
(23 |
) |
Balance, December 2016 |
$ |
176,966 |
|
|
$ |
8,709 |
|
|
$ |
185,675 |
|
|
| Amounts Included in Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
In thousands |
Amounts included in the Consolidated Balance Sheets: |
|
|
|
Unrecognized income tax benefits, including interest and penalties |
$ |
185,675 |
|
|
$ |
85,046 |
|
Less deferred tax benefits |
35,141 |
|
|
11,973 |
|
Total unrecognized tax benefits |
$ |
150,534 |
|
|
$ |
73,073 |
|
|