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Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income before income taxes were taxed under the following jurisdictions:

(In thousands)202220212020
Domestic$737,538 $518,080 $144,770 
Foreign138,493 123,059 64,419 
Income before income taxes$876,031 $641,139 $209,189 
 
Income tax expense consists of the following:

(In thousands)202220212020
Current tax expense:   
Federal$149,269 $107,804 $37,964 
Foreign36,719 34,455 16,221 
State and local41,214 16,186 5,182 
Current tax expense227,202 158,445 59,367 
Deferred tax (benefit) expense:   
Federal(3,312)(3,504)(5,991)
Foreign(192)2,572 90 
State and local(376)8,345 1,855 
Deferred tax (benefit) expense(3,880)7,413 (4,046)
Income tax expense$223,322 $165,858 $55,321 
 
The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:

(In thousands)202220212020
Expected income tax expense$183,967 $134,639 $43,930 
State and local income tax, net of federal benefit32,184 21,132 5,949 
Effect of foreign statutory rates different from U.S. and other foreign adjustments7,443 11,185 2,783 
Investment in unconsolidated affiliates206 (679)(387)
Other, net(478)(419)3,046 
Income tax expense$223,322 $165,858 $55,321 

The Company continues to assert that the undistributed earnings of most of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any outside basis differences. The Company has elected to provide for the tax expense related to global intangible low-taxed income (GILTI) in the year the tax is incurred.

The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2022, 2021, and 2020. 

During 2021, the Internal Revenue Service completed its audit of the Company’s 2015 and 2017 tax returns, the results of which were immaterial to the Consolidated Financial Statements. The statute of limitations is open for the Company’s federal tax return for 2019 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

(In thousands)20222021
Deferred tax assets:  
Inventories$16,829 $15,153 
Other postretirement benefits and accrued items7,260 8,382 
Other reserves8,046 9,962 
Foreign tax attributes5,750 6,410 
State tax attributes, net of federal benefit8,063 12,043 
Stock-based compensation5,249 3,608 
Lease liability4,540 4,988 
Basis difference in unconsolidated affiliates6,881 7,690 
Total deferred tax assets62,618 68,236 
Less valuation allowance(21,505)(26,624)
Deferred tax assets, net of valuation allowance41,113 41,612 
Deferred tax liabilities:  
Property, plant, and equipment44,001 45,804 
Lease asset4,970 5,099 
Other liabilities2,918 1,765 
Total deferred tax liabilities51,889 52,668 
Net deferred tax liabilities$(10,776)$(11,056)

As of December 31, 2022, after consideration of the federal impact, the Company had state income tax credit carryforwards of $1.0 million, all of which expire by 2024, and state net operating loss (NOL) carryforwards with potential tax benefits of $7.1 million, after consideration of the federal impact, expiring between 2023 and 2041.  The state tax credit and NOL carryforwards were fully offset by valuation allowances.

As of December 31, 2022, the Company had other foreign tax attributes with potential tax benefits of $4.0 million, which have an unlimited life, and attributes with potential benefits of $1.1 million that expire between 2034 and 2042; all of these foreign attributes were fully offset by a valuation allowance. The Company also had other foreign tax attributes of $0.7 million, which have limited lives expiring between 2031 and 2036, which are offset by a valuation allowance of $0.4 million. The Company has also recorded a valuation allowance against deferred tax assets related to the book-tax differences in investments in unconsolidated affiliates.

Income taxes paid were approximately $238.3 million in 2022, $132.9 million in 2021, and $49.3 million in 2020.