Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Earnings (Loss) Before Taxes

Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):

	Year Ended December 31,
	2024			2023			2022
Earnings (loss) before taxes on income:
United States	$	363,563		$	293,011		$	164,590
Foreign		(800	)		1,114			385
	$	362,763		$	294,125		$	164,975
Provision (benefit) for taxes on income:
U.S. Federal:
Current	$	36,520		$	(41	)	$	513
Deferred		41,548			61,205			34,980
	$	78,068		$	61,164		$	35,493
U.S. State:
Current	$	7,886		$	5,498		$	3,793
Deferred		(10,160	)		4,093			2,802
	$	(2,274	)	$	9,591		$	6,595
Foreign:
Current	$	73		$	465		$	126
	$	73		$	465		$	126
Consolidated:
Current	$	44,479		$	5,922		$	4,432
Deferred		31,388			65,298			37,782
	$	75,867		$	71,220		$	42,214

Effective Income Tax Rate Reconciliation

The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following:

	Year Ended December 31,
	2024			2023			2022
United States income tax statutory rate		21.0	%		21.0	%		21.0	%
State and local taxes, net of federal benefit		(0.5	)		2.6			3.1
Other – net		0.4			0.6			1.5
		20.9	%		24.2	%		25.6	%

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2024			2023
Deferred tax assets:
Allowance for doubtful accounts	$	1,492		$	1,549
Inventory		20,872			10,500
Insurance accruals		5,523			6,077
Deferred compensation		5,718			11,441
Unrealized gain on defined benefit plans		(19,900	)		(9,982	)
Goodwill and other intangibles		26,888			39,719
Operating loss carryforwards		21,369			52,082
Retirement benefits		1,801			3,548
Other		20,178			13,467
		83,941			128,401
Valuation allowances		(13,667	)		(22,073	)
		70,274			106,328
Deferred tax liabilities:
Property		(717,808	)		(695,233	)
Deferred state taxes		(78,633	)		(90,457	)
Other		(13,305	)		(17,195	)
		(809,746	)		(802,885	)
	$	(739,472	)	$	(696,557	)

Reconciliation of Liability for Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2024			2023			2022
Balance at beginning of year	$	648		$	662		$	737
Additions based on tax positions related to the current year		393			—			13
Additions for tax positions of prior years		494			—			66
Reductions for tax positions of prior years		—			(14	)		(154	)
Settlements		(606	)		—			—
Balance at end of year	$	929		$	648		$	662