Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income Before Income Taxes, Domestic and Foreign

Income before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2019		2018		2017
U.S.	$	390,144	$	257,312	$	134,276
Non-U.S.	36,335		66,196		48,513
	$	426,479	$	323,508	$	182,789

Schedule of Provision for (Benefit from) Income Taxes on Income

The provision for (benefit from) income taxes consists of the following:

(in thousands)	Current		Deferred			Total
Year Ended December 31, 2019
U.S. Federal	$	16,500	$	63,838		$	80,338
State and Local	2,949		6,630			9,579
Non-U.S.	9,400		(717		)	8,683
	$	28,849	$	69,751		$	98,600
Year Ended December 31, 2018
U.S. Federal	$	46,059	$	16,718		$	62,777
State and Local	2,240		(23,809		)	(21,569		)
Non-U.S.	10,924		(32		)	10,892
	$	59,223	$	(7,123	)	$	52,100
Year Ended December 31, 2017
U.S. Federal	$	10,743	$	(153,217	)	$	(142,474	)
State and Local	5,930		3,306			9,236
Non-U.S.	10,079		3,459			13,538
	$	26,752	$	(146,452	)	$	(119,700	)

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 21% in 2019 and 2018, and 35% in 2017, to the income before taxes, as a result of the following:

	Year Ended December 31
(in thousands)	2019			2018			2017
U.S. Federal taxes at statutory rate (see above)	$	89,561		$	67,937		$	63,976
State and local taxes, net of U.S. Federal tax	(4,064		)	(1,279		)	6,949
Valuation allowances against state tax benefits, net of U.S. Federal tax	11,632			(15,767		)	(946		)
Stock-based compensation	(1,743		)	(1,731		)	(6,023		)
Valuation allowances against other non-U.S. income tax benefits	1,202			1,322			(1,935		)
U.S. Federal Manufacturing Deduction tax benefits	—			—			(1,329		)
Deferred tax impact of U.S. Federal tax rate reduction to 21%, net of state tax impact	—			—			(153,336		)
Deferred tax benefit on unremitted non-U.S. subsidiary earnings related to the Tax Act	—			—			(28,324		)
Other, net	2,012			1,618			1,268
Provision for (Benefit from) Income Taxes	$	98,600		$	52,100		$	(119,700	)

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2019			2018
Employee benefit obligations	$	69,013		$	68,392
Accounts receivable	3,545			4,449
State income tax loss carryforwards	51,608			34,107
State capital loss carryforwards	307			1,093
U.S. Federal income tax loss carryforwards	1,765			2,100
U.S. Federal foreign income tax credit carryforwards	717			987
Non-U.S. income tax loss carryforwards	15,214			15,868
Non-U.S. capital loss carryforwards	3,583			3,609
Leases	84,923			—
Other	6,003			14,657
Deferred Tax Assets	236,678			145,262
Valuation allowances	(46,243		)	(33,120		)
Deferred Tax Assets, Net	$	190,435		$	112,142
Prepaid pension cost	345,856			269,412
Unrealized gain on available-for-sale securities	75,709			51,242
Goodwill and other intangible assets	92,233			88,798
Property, plant and equipment	16,303			9,997
Leases	74,407			—
Non-U.S. withholding tax	1,670			1,726
Deferred Tax Liabilities	$	606,178		$	421,175
Deferred Income Tax Liabilities, Net	$	415,743		$	309,033

Schedule of Changes in Deferred Tax Valuation Allowance

Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:

(in thousands)	Balance at Beginning of Period		Tax Expense and Revaluation		Deductions			Balance at End of Period
Year ended
December 31, 2019	$	33,120	$	14,512	$	(1,389	)	$	46,243
December 31, 2018	$	48,742	$	4,413	$	(20,035	)	$	33,120
December 31, 2017	$	41,319	$	7,423	$	—		$	48,742

Schedule of Unrecognized Tax Benefits Roll Forward

The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:

	Year Ended December 31
(in thousands)	2019			2018			2017
Beginning unrecognized tax benefits	$	2,483		$	17,331		$	17,331
Increases related to current year tax positions	—			—			—
Increases related to prior year tax positions	1,072			500			—
Decreases related to prior year tax positions	—			(12,187		)	—
Decreases related to settlement with tax authorities	(1,291		)	—			—
Decreases due to lapse of applicable statutes of limitations	(692		)	(3,161		)	—
Ending unrecognized tax benefits	$	1,572		$	2,483		$	17,331

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $849.3 million of state income tax net operating loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:

(in millions)
2020	$	15.7
2021	17.5
2022	0.8
2023	7.5
2024	62.0
2025 and after	745.8
Total	$	849.3

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $8.4 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:

(in millions)
2020	$	3.5
2021	1.4
2022	1.1
2023	0.7
2024	0.7
2025 and after	1.0
Total	$	8.4