Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Income Before Income Taxes, Domestic and Foreign

Income before income taxes consists of the following:

	Year Ended December 31
(in thousands)	2022		2021		2020
U.S.	$	69,499	$	421,420	$	403,295
Non-U.S.	52,235		28,207		3,973
	$	121,734	$	449,627	$	407,268

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, 2022
U.S. Federal	$	37,525	$	(6,180)	$	31,345
State and Local	5,676		2,513		8,189
Non-U.S.	11,943		(177)		11,766
	$	55,144	$	(3,844)	$	51,300
Year Ended December 31, 2021
U.S. Federal	$	20,806	$	64,356	$	85,162
State and Local	4,354		(435)		3,919
Non-U.S.	6,094		1,125		7,219
	$	31,254	$	65,046	$	96,300
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

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)	2022		2021		2020
U.S. Federal taxes at statutory rate (see above)	$	25,564	$	94,422	$	85,526
State and local taxes, net of U.S. Federal tax	(331)		2,238		15,366
Valuation allowances against state tax benefits, net of U.S. Federal tax	6,800		859		(5,067)
Stock-based compensation	2		(24)		2,048
Valuation allowances against other non-U.S. income tax benefits	263		4,042		2,445
Goodwill impairments	15,628		1,612		—
Other, net	3,374		(6,849)		6,982
Provision for Income Taxes	$	51,300	$	96,300	$	107,300

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consist of the following:

	As of December 31
(in thousands)	2022		2021
Employee benefit obligations	$	53,307	$	64,258
Accounts receivable	3,770		3,554
State income tax loss carryforwards	61,826		63,050
State capital loss carryforwards	36		107
State income tax credit carryforwards	421		511
U.S. Federal income tax loss carryforwards	64,310		69,509
U.S. Federal foreign income tax credit carryforwards	1,271		970
Non-U.S. income tax loss carryforwards	19,937		18,877
Non-U.S. capital loss carryforwards	3,458		3,707
Leases	59,072		63,715
Other	2,350		6,396
Deferred Tax Assets	269,758		294,654
Valuation allowances	(62,816)		(57,603)
Deferred Tax Assets, Net	206,942		237,051
Prepaid pension cost	426,348		594,372
Unrealized gain on marketable equity securities	87,204		138,868
Goodwill and other intangible assets	81,593		103,497
Property, plant and equipment	19,703		15,451
Leases	49,473		51,668
Non-U.S. withholding tax	2,084		2,001
Deferred Tax Liabilities	666,405		905,857
Deferred Income Tax Liabilities, Net	$	459,463	$	668,806

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, 2022	$	57,603	$	7,460	$	(2,247)	$	62,816
December 31, 2021	47,217		13,915		(3,529)		57,603
December 31, 2020	46,243		7,303		(6,329)		47,217

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)	2022		2021		2020
Beginning unrecognized tax benefits	$	3,004	$	1,898	$	1,572
Increases related to current year tax positions	300		1,061		742
Increases related to prior year tax positions	778		45		656
Decreases related to prior year tax positions	(185)		—		—
Decreases related to settlement with tax authorities	—		—		(1,072)
Decreases due to lapse of applicable statutes of limitations	—		—		—
Ending unrecognized tax benefits	$	3,897	$	3,004	$	1,898

State [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $1,049.7 million of state income tax net operating loss carryforwards available to offset future state taxable income. During 2021, the Company recorded $115.4 million of state income tax loss carryforwards as a result of the Leaf acquisition. State income tax loss carryforwards, if unutilized, will start to expire approximately as follows:

(in millions)
2023	$	5.4
2024	7.2
2025	18.1
2026	13.7
2027	17.6
2028 and after	987.7
Total	$	1,049.7

U.S. Federal [Member]

Schedule of Income Tax Loss Carryforwards

The Company has $306.2 million of U.S. Federal income tax loss carryforwards obtained as a result of prior stock acquisitions. During 2021, the Company recorded $262.5 million of U.S. Federal income tax loss carryforwards as a result of the Leaf acquisition. U.S. Federal income tax loss carryforwards are expected to be fully utilized as follows:

(in millions)
2023	$	27.8
2024	27.8
2025	24.8
2026	14.0
2027	6.6
2028 and after	205.2
Total	$	306.2