Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income tax (benefit) provision for the years ended December 31, consists of the following (in thousands):


	2020		2019		2018
Current:
Federal	$	4,877	$	82,484	$	136,202
State	2,614		6,421		23,134
Foreign	19,560		23,328		29,823
	27,051		112,233		189,159
Deferred:
Federal	(30,779)		18,760		(23,181)
State	(11,579)		402		(6,787)
Foreign	(1,721)		2,385		(4,013)
	(44,079)		21,547		(33,981)
	$	(17,028)	$	133,780	$	155,178

Components Of Income Before Taxes

The components of (Loss) income before income taxes for the years ended December 31, were as follows (in thousands):


	2020		2019		2018
Domestic	$	(81,522)	$	465,798	$	593,099
Foreign	65,792		91,617		93,530
	$	(15,730)	$	557,415	$	686,629

Provision For Income Tax Rate To Statutory Rate Reconciliation

Income tax (benefit) provision differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate for the years ended December 31, due to the following items (in thousands):


	2020		2019		2018
(Benefit) provision at statutory rate	$	(3,303)	$	117,057	$	144,192
State taxes, net of federal benefit	822		14,165		18,086
Foreign rate differential	60		1,665		2,712

Foreign derived intangible income	—		(3,108)		(8,400)
Research and development credit	(8,442)		(8,200)		(7,400)
Unrecognized tax benefits including interest and penalties	(8,567)		289		(4,121)
Valuation allowance adjustments	9,675		8,070		908
State credits	(13,106)		(4,704)		—

Deferred tax balance remeasurement for rate change	—		—		(8,098)
Territorial tax	—		—		9,556
Global intangible low-taxed income	1,480		1,113		2,437
Adjustments for previously accrued taxes	(4,951)		(1,755)		(7,196)
Rate differential on intercompany transfers	—		—		6,013
Executive compensation limitation	2,543		2,620		3,171
Other foreign inclusions	4,415		4,202		1,787
Other	2,346		2,366		1,531
Income tax (benefit) provision	$	(17,028)	$	133,780	$	155,178

Principal Components Of The Company's Deferred Tax Assets And Liabilities

The principal components of the Company’s deferred income tax assets and liabilities as of December 31, include the following (in thousands):


	2020		2019
Deferred income tax assets:
Accruals not yet tax deductible	$	142,100	$	95,746
Pension and postretirement healthcare plan obligations	6,499		17,685
Stock compensation	9,619		11,867
Net operating loss and credit carryforwards	55,857		45,279
Valuation allowance	(38,072)		(29,024)
Other	78,051		64,833
	254,054		206,386
Deferred income tax liabilities:
Depreciation, tax in excess of book	(74,579)		(83,477)
Other	(29,544)		(29,840)
	(104,123)		(113,317)
	$	149,931	$	93,069

Summary of Gross Operating Loss Carryforwards

The Company's gross state operating loss carryforwards were as follows at December 31, (in thousands):


Year of Expiration	2020
2031	$	252,142
2033	49
2034	2,455
2035	7,800
2038	3,992
2039	11,710
2040	29,836
Indefinite	9,449
	$	317,433

Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties

The Company recognizes interest and penalties related to unrecognized tax benefits in Income tax (benefit) provision. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):


	2020		2019
Unrecognized tax benefits, beginning of period	$	60,112	$	61,411
Increase in unrecognized tax benefits for tax positions taken in a prior period	1,649		1,067
Decrease in unrecognized tax benefits for tax positions taken in a prior period	(12,560)		(5,608)
Increase in unrecognized tax benefits for tax positions taken in the current period	3,092		4,576
Statute lapses	—		(325)
Settlements with taxing authorities	(1,696)		(1,009)
Unrecognized tax benefits, end of period	$	50,597	$	60,112