Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes and Noncontrolling Interests

Components of earnings before income taxes and noncontrolling interests are as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
United States	$	6,203,409	$	10,212,850	$	9,076,921
Foreign		69,348		31,994		123,937
	$	6,272,757	$	10,244,844	$	9,200,858

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2023			2022			2021
Current:
Federal	$	1,127,369		$	1,894,848		$	1,753,376
State		194,186			304,323			293,752
Foreign		16,992			12,882			19,695
Total current		1,338,547			2,212,053			2,066,823
Deferred:
Federal		20,621			77,961			10,916
State		(18,738	)		(120,440	)		(3,042	)
Foreign		19,536			(4,370	)		3,791
Total deferred		21,419			(46,849	)		11,665
Total provision for income taxes	$	1,359,966		$	2,165,204		$	2,078,488

Reconciliation of the Federal Statutory Tax Rate to Total Provisions

A reconciliation of the federal statutory tax rate (21%) to the total provision is as follows:

	Year Ended December 31,
	2023			2022			2021
Taxes computed at statutory rate		21.00	%		21.00	%		21.00	%
State income taxes, net of federal income tax benefit		2.14	%		1.41	%		2.49	%
Federal research credit		-0.51	%		-0.10	%		-0.07	%
Equity in losses of foreign joint venture		0.17	%		0.11	%		—
Foreign rate differential		0.10	%		—			-0.03	%
Noncontrolling interests		-1.27	%		-0.85	%		-0.67	%
Other, net		0.05	%		-0.44	%		-0.13	%
Provision for income taxes		21.68	%		21.13	%		22.59	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following (in thousands):

	December 31,
	2023			2022
Deferred tax assets:
Accrued liabilities and reserves	$	252,794		$	236,132
Allowance for doubtful accounts		39,102			55,160
Inventory		141,460			143,384
Research and development expenditures		133,935			42,109
Post-retirement benefits		8,571			7,997
Hedges		5,146			—
Net operating loss carryforward		93,794			30,295
Tax credit carryforwards		215,630			162,498
Other deferred tax assets		12,016			10,894
Valuation allowance		(210,084	)		(77,510	)
Total deferred tax assets		692,364			610,959
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(15,714	)		(16,016	)
Hedges		—			(7,426	)
Intangibles		(706,174	)		(724,450	)
Property, plant and equipment		(1,170,080	)		(1,050,579	)
Other deferred tax liabilities		(48,579	)		(51,726	)
Book/Tax differences on debt modifications		(43,869	)		(45,458	)
Total deferred tax liabilities		(1,984,416	)		(1,895,655	)
Total net deferred tax liabilities	$	(1,292,052	)	$	(1,284,696	)

Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities in the consolidated balance sheets is as follows (in thousands):

	December 31,
	2023			2022			2021
Balance at beginning of year	$	141,692		$	95,136		$	47,965
Additions based on tax positions related to current year		44,113			54,438			52,853
Reductions based on tax positions related to    current year		—			—			—
Additions based on tax positions related to prior years		9,886			13,473			2,405
Reductions based on tax positions related to    prior years		(496	)		(9,275	)		(3,060	)
Reductions due to settlements with taxing authorities		—			—			—
Reductions due to statute of limitations lapse		(6,941	)		(12,080	)		(5,027	)
Balance at end of year	$	188,254		$	141,692		$	95,136