Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
United States	$	10,212,850	$	9,076,921	$	1,215,909
Foreign		31,994		123,937		(380,371	)
	$	10,244,844	$	9,200,858	$	835,538

Provision for Income Taxes

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

	Year Ended December 31,
	2022			2021			2020
Current:
Federal	$	1,894,848		$	1,753,376		$	(177,159	)
State		304,323			293,752			(4,298	)
Foreign		12,882			19,695			18,131
Total current		2,212,053			2,066,823			(163,326	)
Deferred:
Federal		77,961			10,916			177,035
State		(120,440	)		(3,042	)		(25,500	)
Foreign		(4,370	)		3,791			11,301
Total deferred		(46,849	)		11,665			162,836
Total provision for income taxes	$	2,165,204		$	2,078,488		$	(490	)

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,
	2022	2021	2020
Taxes computed at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	1.41%	2.49%	-3.37%
Federal research credit	-0.10%	-0.07%	-0.79%
Equity in losses of foreign joint venture	0.11%	—	0.64%
Impairment on investment in foreign joint venture	—	—	11.20%
Tax loss on investment in foreign joint venture	—	—	-22.73%
Foreign rate differential	—	-0.03%	1.15%
Noncontrolling interests	-0.85%	-0.67%	-2.88%
CARES Act NOL carryback	—	—	-5.77%
Other, net	-0.44%	-0.13%	1.49%
Provision for income taxes	21.13%	22.59%	-0.06%

Deferred Tax Assets and Liabilities

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

	December 31,
	2022			2021
Deferred tax assets:
Accrued liabilities and reserves	$	236,132		$	232,898
Allowance for doubtful accounts		55,160			34,124
Inventory		143,384			81,437
Research and development expenditures		42,109			—
Post-retirement benefits		7,997			10,763
Commodity hedges		—			243
Net operating loss carryforward		30,295			38,290
Tax credit carryforwards		162,498			172,629
Other deferred tax assets		10,894			11,336
Valuation allowance		(77,510	)		(183,759	)
Total deferred tax assets		610,959			397,961
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(16,016	)		(13,956	)
Hedges		(7,426	)		—
Intangibles		(724,450	)		(178,304	)
Property, plant and equipment		(1,050,579	)		(770,791	)
Other deferred tax liabilities		(51,726	)		—
Book/Tax differences on debt modifications		(45,458	)		(45,173	)
Total deferred tax liabilities		(1,895,655	)		(1,008,224	)
Total net deferred tax liabilities	$	(1,284,696	)	$	(610,263	)

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,
	2022			2021			2020
Balance at beginning of year	$	95,136		$	47,965		$	50,920
Additions based on tax positions related to current year		54,438			52,853			4,138
Reductions based on tax positions related to current year		—			—			—
Additions based on tax positions related to prior years		13,473			2,405			223
Reductions based on tax positions related to prior years		(9,275	)		(3,060	)		—
Reductions due to settlements with taxing authorities		—			—			—
Reductions due to statute of limitations lapse		(12,080	)		(5,027	)		(7,316	)
Balance at end of year	$	141,692		$	95,136		$	47,965