Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income Before Income Taxes, Domestic and Foreign

Income before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2020		2019		2018
U.S.	$	403,295	$	390,144	$	257,312
Non-U.S.	3,973		36,335		66,196
	$	407,268	$	426,479	$	323,508

Schedule of Provision for Income Taxes on Income

The provision for income taxes consists of the following:

(in thousands)	Current		Deferred		Total
Year Ended December 31, 2020
U.S. Federal	$	77,882	$	6,669	$	84,551
State and Local	8,083		4,954		13,037
Non-U.S.	6,958		2,754		9,712
	$	92,923	$	14,377	$	107,300
Year Ended December 31, 2019
U.S. Federal	$	16,500	$	63,838	$	80,338
State and Local	2,949		6,630		9,579
Non-U.S.	9,400		(717)		8,683
	$	28,849	$	69,751	$	98,600
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

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% to the income before taxes as a result of the following:

	Year Ended December 31
(in thousands)	2020		2019		2018
U.S. Federal taxes at statutory rate (see above)	$	85,526	$	89,561	$	67,937
State and local taxes, net of U.S. Federal tax	15,366		(4,064)		(1,279)
Valuation allowances against state tax benefits, net of U.S. Federal tax	(5,067)		11,632		(15,767)
Stock-based compensation	2,048		(1,743)		(1,731)
Valuation allowances against other non-U.S. income tax benefits	2,445		1,202		1,322
Other, net	6,982		2,012		1,618
Provision for Income Taxes	$	107,300	$	98,600	$	52,100

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2020		2019
Employee benefit obligations	$	72,787	$	69,013
Accounts receivable	3,795		3,545
State income tax loss carryforwards	53,499		51,608
State capital loss carryforwards	289		307
State income tax credit carryforwards	281		—
U.S. Federal income tax loss carryforwards	18,272		1,765
U.S. Federal foreign income tax credit carryforwards	992		717
Non-U.S. income tax loss carryforwards	15,802		15,214
Non-U.S. capital loss carryforwards	3,925		3,583
Leases	74,240		84,923
Other	6,214		6,003
Deferred Tax Assets	250,096		236,678
Valuation allowances	(47,217)		(46,243)
Deferred Tax Assets, Net	202,879		190,435
Prepaid pension cost	457,644		345,856
Unrealized gain on available-for-sale securities	88,371		75,709
Goodwill and other intangible assets	90,921		92,233
Property, plant and equipment	15,807		16,303
Leases	61,148		74,407
Non-U.S. withholding tax	1,866		1,670
Deferred Tax Liabilities	715,757		606,178
Deferred Income Tax Liabilities, Net	$	512,878	$	415,743

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, 2020	$	46,243	$	7,303	$	(6,329)	$	47,217
December 31, 2019	33,120		14,512		(1,389)		46,243
December 31, 2018	48,742		4,413		(20,035)		33,120

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)	2020		2019		2018
Beginning unrecognized tax benefits	$	1,572	$	2,483	$	17,331
Increases related to current year tax positions	742		—		—
Increases related to prior year tax positions	656		1,072		500
Decreases related to prior year tax positions	—		—		(12,187)
Decreases related to settlement with tax authorities	(1,072)		(1,291)		—
Decreases due to lapse of applicable statutes of limitations	—		(692)		(3,161)
Ending unrecognized tax benefits	$	1,898	$	1,572	$	2,483

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $875.0 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)
2021	$	16.0
2022	0.1
2023	6.1
2024	7.2
2025	16.9
2026 and after	828.7
Total	$	875.0

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $87.0 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)
2021	$	7.3
2022	7.0
2023	6.6
2024	6.6
2025	3.6
2026 and after	55.9
Total	$	87.0