Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Components of Income Before Income Taxes

The components of income before income taxes were taxed under the following jurisdictions:


(In thousands)	2022		2021		2020

Domestic	$	737,538	$	518,080	$	144,770
Foreign	138,493		123,059		64,419

Income before income taxes	$	876,031	$	641,139	$	209,189

Components of Income Tax Expense

Income tax expense consists of the following:


(In thousands)	2022		2021		2020

Current tax expense:
Federal	$	149,269	$	107,804	$	37,964
Foreign	36,719		34,455		16,221
State and local	41,214		16,186		5,182

Current tax expense	227,202		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

Income Tax Reconciliation

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)	2022		2021		2020

Expected income tax expense	$	183,967	$	134,639	$	43,930
State and local income tax, net of federal benefit	32,184		21,132		5,949
Effect of foreign statutory rates different from U.S. and other foreign adjustments	7,443		11,185		2,783



Investment in unconsolidated affiliates	206		(679)		(387)




Other, net	(478)		(419)		3,046

Income tax expense	$	223,322	$	165,858	$	55,321

Components of Deferred Tax Assets and Liabilities

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)	2022		2021

Deferred tax assets:
Inventories	$	16,829	$	15,153
Other postretirement benefits and accrued items	7,260		8,382

Other reserves	8,046		9,962
Foreign tax attributes	5,750		6,410
State tax attributes, net of federal benefit	8,063		12,043
Stock-based compensation	5,249		3,608
Lease liability	4,540		4,988
Basis difference in unconsolidated affiliates	6,881		7,690

Total deferred tax assets	62,618		68,236
Less valuation allowance	(21,505)		(26,624)

Deferred tax assets, net of valuation allowance	41,113		41,612

Deferred tax liabilities:
Property, plant, and equipment	44,001		45,804

Lease asset	4,970		5,099
Other liabilities	2,918		1,765


Total deferred tax liabilities	51,889		52,668

Net deferred tax liabilities	$	(10,776)	$	(11,056)