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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Schedule of Income Before Income Taxes, Domestic and Foreign
Income before income taxes consists of the following:
 
Year Ended December 31
(in thousands)
2018
 
2017
 
2016
U.S.
$
257,312

 
$
134,276

 
$
227,457

Non-U.S.
66,196

 
48,513

 
23,201

 
$
323,508

 
$
182,789

 
$
250,658
Schedule of Provision for Income Taxes on Income
The provision for (benefit from) income taxes consists of the following:
(in thousands)
Current
 
Deferred
 
Total
Year Ended December 31, 2018
 
 
 
 
 
U.S. Federal
$
46,059

 
$
16,718

 
$
62,777

State and Local
2,240

 
(23,809
)
 
(21,569
)
Non-U.S.
10,924

 
(32
)
 
10,892

 
$
59,223

 
$
(7,123
)
 
$
52,100

Year Ended December 31, 2017
 
 
 
 
 
U.S. Federal
$
10,743

 
$
(153,217
)
 
$
(142,474
)
State and Local
5,930

 
3,306

 
9,236

Non-U.S.
10,079

 
3,459

 
13,538

 
$
26,752

 
$
(146,452
)
 
$
(119,700
)
Year Ended December 31, 2016
 
 
 
 
 
U.S. Federal
$
56,342

 
$
33,959

 
$
90,301

State and Local
6,325

 
(5,164
)
 
1,161

Non-U.S.
8,463

 
(18,725
)
 
(10,262
)
 
$
71,130

 
$
10,070

 
$
81,200
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes differs from the amount of income tax determined by applying the U.S. Federal statutory rate of 21% in 2018, and 35% in 2017 and 2016, to the income before taxes, as a result of the following:
 
Year Ended December 31
(in thousands)
2018
 
2017
 
2016
U.S. Federal taxes at statutory rate (see above)
$
67,937

 
$
63,976

 
$
87,731

State and local taxes, net of U.S. Federal tax
(1,279
)
 
6,949

 
(2,965
)
Valuation allowances against state tax benefits, net of U.S. Federal tax
(15,767
)
 
(946
)
 
3,196

Stock-based compensation
(1,731
)
 
(6,023
)
 
—

Valuation allowances against other non-U.S. income tax benefits
1,322

 
(1,935
)
 
(12,688
)
Goodwill impairments and dispositions
—

 
—

 
(5,631
)
U.S. Federal Manufacturing Deduction tax benefits
—

 
(1,329
)
 
(6,012
)
Write-off of deferred taxes related to intercompany loans
—

 
—

 
10,965

Deferred tax impact of U.S. Federal tax rate reduction to 21%, net of state tax impact
—

 
(153,336
)
 
—

Deferred tax benefit on unremitted non-U.S. subsidiary earnings related to the Tax Act
—

 
(28,324
)
 
—

Other, net
1,618

 
1,268

 
6,604

Provision for (Benefit from) Income Taxes
$
52,100

 
$
(119,700
)
 
$
81,200
Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes consist of the following:
 
As of December 31
(in thousands)
2018
 
2017
Employee benefit obligations
$
68,392

 
$
84,148

Accounts receivable
4,449

 
5,481

State income tax loss carryforwards
34,107

 
35,434

State capital loss carryforwards
1,093

 
—

U.S. Federal income tax loss carryforwards
2,100

 
2,857

U.S. Federal foreign income tax credit carryforwards
987

 
2,522

Non-U.S. income tax loss carryforwards
15,868

 
18,797

Non-U.S. capital loss carryforwards
3,609

 
2,336

Other
14,657

 
26,546

Deferred Tax Assets
145,262

 
178,121

Valuation allowances
(33,120
)
 
(48,742
)
Deferred Tax Assets, Net
$
112,142

 
$
129,379

Prepaid pension cost
269,412

 
283,604

Unrealized gain on available-for-sale securities
51,242

 
70,827

Goodwill and other intangible assets
88,798

 
109,428

Property, plant and equipment
9,997

 
11,248

Non-U.S. withholding tax
1,726

 
1,606

Deferred Tax Liabilities
$
421,175

 
$
476,713

Deferred Income Tax Liabilities, Net
$
309,033

 
$
347,334
Schedule of Changes in Deferred Tax Valuation Allowance
Deferred tax valuation allowances and changes in deferred tax valuation allowances were as follows:
(in thousands)
Balance at Beginning of Period
 
Tax Expense and Revaluation
 
Deductions
 
Balance at End of
Period
Year ended
 
 
 
 
 
 
 
December 31, 2018
$
48,742

 
$
4,413

 
$
(20,035
)
 
$
33,120

December 31, 2017
$
41,319

 
$
7,423

 
$
—

 
$
48,742

December 31, 2016
$
69,545

 
$
4,709

 
$
(32,935
)
 
$
41,319
Schedule of Unrecognized Tax Benefits Roll Forward
The following summarizes the Company’s unrecognized tax benefits, excluding interest and penalties, for the respective periods:
 
Year Ended December 31
(in thousands)
2018
 
2017
 
2016
Beginning unrecognized tax benefits
$
17,331

 
$
17,331

 
$
17,331

Increases related to current year tax positions
—

 
—

 
—

Increases related to prior year tax positions
500

 
—

 
—

Decreases related to prior year tax positions
(12,187
)
 
—

 
—

Decreases related to settlement with tax authorities
—

 
—

 
—

Decreases due to lapse of applicable statutes of limitations
(3,161
)
 
—

 
—

Ending unrecognized tax benefits
$
2,483

 
$
17,331

 
$
17,331
State [Member]  
Schedule of Income Tax Loss Carryforwards
The Company has $698.9 million of state income tax net operating loss carryforwards available to offset future state taxable income. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:
(in millions)
 
2019
$
1.8

2020
15.5

2021
17.1

2022
0.3

2023
5.0

2024 and after
659.2

Total
$
698.9
U.S. Federal [Member]  
Schedule of Income Tax Loss Carryforwards
The Company has $9.9 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:
(in millions)
 
2019
$
3.3

2020
3.3

2021
1.1

2022
0.9

2023
0.4

2024 and after
0.9

Total
$
9.9