Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Income Before Income Taxes, Domestic and Foreign

Income before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2021		2020		2019
U.S.	$	421,420	$	403,295	$	390,144
Non-U.S.	28,207		3,973		36,335
	$	449,627	$	407,268	$	426,479

Schedule of Provision for Income Taxes on Income

The provision for income taxes consists of the following:

(in thousands)	Current		Deferred		Total
Year Ended December 31, 2021
U.S. Federal	$	20,806	$	64,356	$	85,162
State and Local	4,354		(435)		3,919
Non-U.S.	6,094		1,125		7,219
	$	31,254	$	65,046	$	96,300
Year Ended December 31, 2020
U.S. Federal	$	77,882	$	6,669	$	84,551
State and Local	8,083		4,954		13,037
Non-U.S.	6,958		2,754		9,712
	$	92,923	$	14,377	$	107,300
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

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% to the income before taxes as a result of the following:

	Year Ended December 31
(in thousands)	2021		2020		2019
U.S. Federal taxes at statutory rate (see above)	$	94,422	$	85,526	$	89,561
State and local taxes, net of U.S. Federal tax	2,238		15,366		(4,064)
Valuation allowances against state tax benefits, net of U.S. Federal tax	859		(5,067)		11,632
Stock-based compensation	(24)		2,048		(1,743)
Valuation allowances against other non-U.S. income tax benefits	4,042		2,445		1,202
Other, net	(5,237)		6,982		2,012
Provision for Income Taxes	$	96,300	$	107,300	$	98,600

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2021		2020
Employee benefit obligations	$	64,258	$	72,787
Accounts receivable	3,554		3,795
State income tax loss carryforwards	63,050		53,499
State capital loss carryforwards	107		289
State income tax credit carryforwards	511		281
U.S. Federal income tax loss carryforwards	69,509		18,272
U.S. Federal foreign income tax credit carryforwards	970		992
Non-U.S. income tax loss carryforwards	18,877		15,802
Non-U.S. capital loss carryforwards	3,707		3,925
Leases	63,715		74,240
Other	6,396		6,214
Deferred Tax Assets	294,654		250,096
Valuation allowances	(57,603)		(47,217)
Deferred Tax Assets, Net	237,051		202,879
Prepaid pension cost	594,372		457,644
Unrealized gain on marketable equity securities	138,868		88,371
Goodwill and other intangible assets	103,497		90,921
Property, plant and equipment	15,451		15,807
Leases	51,668		61,148
Non-U.S. withholding tax	2,001		1,866
Deferred Tax Liabilities	905,857		715,757
Deferred Income Tax Liabilities, Net	$	668,806	$	512,878

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, 2021	$	47,217	$	13,915	$	(3,529)	$	57,603
December 31, 2020	46,243		7,303		(6,329)		47,217
December 31, 2019	33,120		14,512		(1,389)		46,243

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)	2021		2020		2019
Beginning unrecognized tax benefits	$	1,898	$	1,572	$	2,483
Increases related to current year tax positions	1,061		742		—
Increases related to prior year tax positions	45		656		1,072
Decreases related to prior year tax positions	—		—		—
Decreases related to settlement with tax authorities	—		(1,072)		(1,291)
Decreases due to lapse of applicable statutes of limitations	—		—		(692)
Ending unrecognized tax benefits	$	3,004	$	1,898	$	1,572

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $1,026.1 million of state income tax net operating loss carryforwards available to offset future state taxable income. During 2021, the Company recorded $115.4 million of state income tax loss carryforwards as a result of the Leaf acquisition. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:

(in millions)
2022	$	1.9
2023	7.5
2024	7.5
2025	18.3
2026	14.5
2027 and after	976.4
Total	$	1,026.1

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $331.0 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. During 2021, the Company recorded $262.5 million of U.S. Federal income tax loss carryforwards as a result of the Leaf acquisition. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:

(in millions)
2022	$	27.9
2023	27.4
2024	27.4
2025	24.4
2026	13.6
2027 and after	210.3
Total	$	331.0