Taxes on Income

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Taxes on Income

(8) Taxes on Income

At December 31, 2022, the Company had a federal income tax receivable of $70.4 million included in Accounts Receivable – Other on the balance sheet. During the first quarter of 2023, the Internal Revenue Service (“IRS”) communicated to the Company that it had completed its examination of the Company’s federal income tax returns for the years 2013 through 2020. In April 2023, the Company received its tax refund of $70.4 million plus accrued interest.

Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Earnings (loss) before taxes on income:
United States	$	81,989		$	50,906		$	212,014		$	114,167
Foreign		(263	)		51			662			225
	$	81,726		$	50,957		$	212,676		$	114,392
Provision (benefit) for taxes on income:
Federal:
Current	$	(3	)	$	(6	)	$	(3	)	$	513
Deferred		16,083			10,043			44,282			23,764
State and local:
Current		2,479			1,015			5,056			2,313
Deferred		121			608			2,159			2,222
Foreign - current		42			53			239			144
	$	18,722		$	11,713		$	51,733		$	28,956