Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

(in thousands)	2023		2022
Deferred tax assets related to:
Expenses not yet deducted for tax purposes	$	327,946	$	312,445
Operating lease liabilities	354,594		314,804
Pension liability not yet deducted for tax purposes	175,643		168,925
Net operating loss	49,270		49,787
	907,453		845,961
Deferred tax liabilities related to:
Employee and retiree benefits	242,132		225,947
Inventory	92,383		77,866
Operating lease assets	351,821		305,885
Other intangible assets	472,222		468,733
Property, plant and equipment	113,115		91,706
Other	40,264		38,597
	1,311,937		1,208,734
Net deferred tax liability before valuation allowance	(404,484)		(362,773)
Valuation allowance	(30,273)		(27,362)
Total net deferred tax liability	$	(434,757)	$	(390,135)

Schedule of Components of Income before Income Taxes

The components of income before income taxes are as follows:

(in thousands)	2023		2022		2021
United States	$	1,164,914	$	1,100,584	$	762,472
Foreign	577,434		472,018		437,874
Income before income taxes	$	1,742,348	$	1,572,602	$	1,200,346

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows:

(in thousands)	2023		2022		2021
Current:
Federal	$	201,929	$	196,634	$	116,425
State	51,244		70,453		34,311
Foreign	130,538		120,594		119,144
Deferred:
Federal	26,166		12,727		24,233
State	10,241		4,981		9,485
Foreign	5,706		(15,488)		(2,042)
	$	425,824	$	389,901	$	301,556

Schedule of Difference Between Total Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate

The reasons for the difference between total tax expense and the amount computed by applying the statutory Federal income tax rate to income before income taxes are as follows:

(in thousands)	2023		2022		2021
Statutory rate applied to income (1)	$	365,892	$	330,246	$	252,073
Plus state income taxes, net of Federal tax benefit	48,573		59,593		34,599
Taxation of foreign operations, net (2)	4,666		3,347		2,299
Foreign rate change - deferred tax remeasurement	—		—		17,032
Valuation allowance	2,911		(7,153)		(2,486)
Other	3,782		3,868		(1,961)
	$	425,824	$	389,901	$	301,556

(1)U.S. statutory rates applied to income are as follows: 2023, 2022 and 2021 at 21%.

(2)Our effective tax rate reflects the impact of having operations outside of the U.S. which are taxed at statutory rates different from the U.S. statutory rate, with some income being fully or partially exempt from income taxes due to various operating and financing activities.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(in thousands)	2023		2022		2021
Balance at beginning of year	$	19,621	$	19,501	$	23,237
Additions based on tax positions related to the current year	2,584		1,475		2,196
Additions for tax positions of prior years	1,752		89		156
Reductions for tax positions for prior years	(70)		(523)		(733)
Reduction for lapse in statute of limitations	(2,713)		(921)		(2,843)
Settlements	(647)		—		(2,512)
Balance at end of year	$	20,527	$	19,621	$	19,501