Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023
Deferred tax assets related to:
Expenses not yet deducted for tax purposes	$	344,858	$	327,946
Operating lease liabilities	622,732		354,594
Pension liability not yet deducted for tax purposes	201,971		175,643
Net operating loss	59,154		49,270
	1,228,715		907,453
Deferred tax liabilities related to:
Employee and retiree benefits	257,640		242,132
Inventory	67,437		92,383
Operating lease assets	635,041		351,821
Other intangible assets	495,227		472,222
Property, plant and equipment	135,073		113,115
Other	52,330		40,264
	1,642,748		1,311,937
Net deferred tax liability before valuation allowance	(414,033)		(404,484)
Valuation allowance	(25,758)		(30,273)
Total net deferred tax liability	$	(439,791)	$	(434,757)

Schedule of Components of Income before Income Taxes

The components of income before income taxes are as follows:

(in thousands)	2024		2023		2022
United States	$	761,230	$	1,164,914	$	1,100,584
Foreign	414,738		577,434		472,018
Income before income taxes	$	1,175,968	$	1,742,348	$	1,572,602

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows:

(in thousands)	2024		2023		2022
Current:
Federal	$	129,542	$	201,929	$	196,634
State	41,344		51,244		70,453
Foreign	123,048		130,538		120,594
Deferred:
Federal	(3,774)		26,166		12,727
State	(1,477)		10,241		4,981
Foreign	(16,791)		5,706		(15,488)
	$	271,892	$	425,824	$	389,901

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)	2024		2023		2022
Statutory rate applied to income (1)	$	246,953	$	365,892	$	330,246
Plus state income taxes, net of Federal tax benefit	31,495		48,573		59,593
Taxation of foreign operations, net (2)	3,201		4,666		3,347
Valuation allowance	412		2,911		(7,153)
Other (3)	(10,169)		3,782		3,868
	$	271,892	$	425,824	$	389,901

(1)U.S. statutory rates applied to income are as follows: 2024, 2023 and 2022 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.

(3)Includes investment benefits and associated unrecognized tax benefits.

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)	2024		2023		2022
Balance at beginning of year	$	20,527	$	19,621	$	19,501
Additions based on tax positions related to the current year	15,493		2,584		1,475
Additions for tax positions of prior years	3,462		1,752		89
Reductions for tax positions for prior years	(542)		(70)		(523)
Reduction for lapse in statute of limitations	(2,203)		(2,713)		(921)
Settlements	(547)		(647)		—
Balance at end of year	$	36,190	$	20,527	$	19,621