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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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


	2021		2020		2019
Current:
Federal	$	134,111	$	4,877	$	82,484
State	14,508		2,614		6,421
Foreign	28,266		19,560		23,328
	176,885		27,051		112,233
Deferred:
Federal	(2,169)		(30,779)		18,760
State	(3,795)		(11,579)		402
Foreign	(1,708)		(1,721)		2,385
	(7,672)		(44,079)		21,547
	$	169,213	$	(17,028)	$	133,780

Components Of Income Before Taxes

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


	2021		2020		2019
Domestic	$	698,578	$	(81,522)	$	465,798
Foreign	120,659		65,792		91,617
	$	819,237	$	(15,730)	$	557,415

Provision For Income Tax Rate To Statutory Rate Reconciliation

Income tax provision (benefit) 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):


	2021		2020		2019
Provision (benefit) at statutory rate	$	172,040	$	(3,303)	$	117,057
State taxes, net of federal benefit	16,568		822		14,165
Foreign rate differential	4,303		60		1,665

Foreign derived intangible income	—		—		(3,108)
Research and development credit	(8,046)		(8,442)		(8,200)
Unrecognized tax benefits including interest and penalties	(6,554)		(8,567)		289
Valuation allowance adjustments	(1,928)		9,675		8,070
State credits	(5,403)		(13,106)		(4,704)



Global intangible low-taxed income	1,143		1,480		1,113
Adjustments for previously accrued taxes	(8,500)		(4,951)		(1,755)

Executive compensation limitation	3,104		2,543		2,620
Other foreign inclusions	34		4,415		4,202
Other	2,452		2,346		2,366
Income tax provision (benefit)	$	169,213	$	(17,028)	$	133,780

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):


	2021		2020
Deferred income tax assets:
Accruals not yet tax deductible	$	133,150	$	142,100
Pension and postretirement healthcare plan obligations	—		6,499
Stock compensation	10,908		9,619
Net operating loss and research & development tax credit carryforwards	60,401		55,857
Other	66,245		78,051
	270,704		292,126
Valuation allowance	(33,596)		(38,072)
	237,108		254,054
Deferred income tax liabilities:
Depreciation, tax in excess of book	(66,301)		(74,579)
Pension and postretirement healthcare plan obligations	(67,741)		—
Other	(29,405)		(29,544)
	(163,447)		(104,123)
	$	73,661	$	149,931

Summary of Gross Operating Loss Carryforwards

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


Year of Expiration	2021		2020
2031	$	236,624	$	252,142
2033	46		49
2034	112		2,455
2035	7,882		7,800
2037	433		—
2038	5,601		3,992
2039	13,581		11,710
2040	34,613		29,836
2041	3,486		—
Indefinite	8,441		9,449
	$	310,819	$	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 provision (benefit). Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):


	2021		2020
Unrecognized tax benefits, beginning of period	$	50,597	$	60,112
Increase in unrecognized tax benefits for tax positions taken in a prior period	35		1,649
Decrease in unrecognized tax benefits for tax positions taken in a prior period	(6,402)		(12,560)
Increase in unrecognized tax benefits for tax positions taken in the current period	3,188		3,092
Statute lapses	(2,340)		—
Settlements with taxing authorities	(222)		(1,696)
Unrecognized tax benefits, end of period	$	44,856	$	50,597