Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Before Income Taxes, Domestic and Foreign

Income before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2023		2022		2021
U.S.	$	219,240	$	69,499	$	421,420
Non-U.S.	79,764		52,235		28,207
	$	299,004	$	121,734	$	449,627

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, 2023
U.S. Federal	$	19,752	$	36,640	$	56,392
State and Local	5,886		10,044		15,930
Non-U.S.	17,897		(2,919)		14,978
	$	43,535	$	43,765	$	87,300
Year Ended December 31, 2022
U.S. Federal	$	37,525	$	(6,180)	$	31,345
State and Local	5,676		2,513		8,189
Non-U.S.	11,943		(177)		11,766
	$	55,144	$	(3,844)	$	51,300
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

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)	2023		2022		2021
U.S. Federal taxes at statutory rate (see above)	$	62,791	$	25,564	$	94,422
State and local taxes, net of U.S. Federal tax	7,477		(331)		2,238
Valuation allowances against state tax benefits, net of U.S. Federal tax	5,107		6,800		859
Valuation allowances against other non-U.S. income tax benefits	(3,370)		263		4,042
Goodwill impairments	10,864		15,628		1,612
Other, net	4,431		3,376		(6,873)
Provision for Income Taxes	$	87,300	$	51,300	$	96,300

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2023		2022
Employee benefit obligations	$	51,666	$	53,307
Accounts receivable	4,160		3,770
State income tax loss carryforwards	64,381		61,826
State capital loss carryforwards	—		36
State income tax credit carryforwards	328		421
U.S. Federal income tax loss carryforwards	58,424		64,310
U.S. Federal foreign income tax credit carryforwards	1,100		1,271
Non-U.S. income tax loss carryforwards	23,850		19,937
Non-U.S. capital loss carryforwards	3,069		3,458
Leases	57,564		59,072
Other	10,705		2,350
Deferred Tax Assets	275,247		269,758
Valuation allowances	(66,298)		(62,816)
Deferred Tax Assets, Net	208,949		206,942
Prepaid pension cost	540,937		426,348
Unrealized gain on marketable equity securities	116,396		87,204
Goodwill and other intangible assets	69,358		81,593
Property, plant and equipment	21,612		19,703
Leases	48,230		49,473
Non-U.S. withholding tax	1,962		2,084
Deferred Tax Liabilities	798,495		666,405
Deferred Income Tax Liabilities, Net	$	589,546	$	459,463

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, 2023	$	62,816	$	9,786	$	(6,304)	$	66,298
December 31, 2022	57,603		7,460		(2,247)		62,816
December 31, 2021	47,217		13,915		(3,529)		57,603

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)	2023		2022		2021
Beginning unrecognized tax benefits	$	3,897	$	3,004	$	1,898
Increases related to current year tax positions	135		300		1,061
Increases related to prior year tax positions	—		778		45
Decreases related to prior year tax positions	(165)		(185)		—
Decreases related to settlement with tax authorities	—		—		—
Decreases due to lapse of applicable statutes of limitations	(604)		—		—
Ending unrecognized tax benefits	$	3,263	$	3,897	$	3,004

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $1,106.9 million of state income tax net operating loss carryforwards available to offset future state taxable income as of December 31, 2023. 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)
2024	$	5.7
2025	17.5
2026	10.5
2027	17.6
2028	24.4
2029 and after	1,031.2
Total	$	1,106.9

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $278.2 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions as of December 31, 2023. 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)
2024	$	28.2
2025	25.2
2026	13.9
2027	6.4
2028	6.3
2029 and after	198.2
Total	$	278.2