Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2020

Taxes on Income [Abstract]

Earnings 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,
	2020			2019			2018
Earnings (loss) before taxes on income:
United States	$	(461,569	)	$	190,839		$	117,800
Foreign		218			(1,019	)		(3,641	)
	$	(461,351	)	$	189,820		$	114,159
Provision (benefit) for taxes on income:
U.S. Federal:
Current	$	(218,613	)	$	(312	)	$	—
Deferred		37,436			45,133			27,102
	$	(181,177	)	$	44,821		$	27,102
U.S. State:
Current	$	3,421		$	76		$	(243	)
Deferred		(12,273	)		1,706			7,619
	$	(8,852	)	$	1,782		$	7,376
Foreign:
Current	$	270		$	198		$	443
Deferred		—			—			160
	$	270		$	198		$	603
Consolidated:
Current	$	(214,922	)	$	(38	)	$	200
Deferred		25,163			46,839			34,881
	$	(189,759	)	$	46,801		$	35,081

Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2020			2019			2018
United States income tax statutory rate		21.0	%		21.0	%		21.0	%
State and local taxes, net of federal benefit		1.2			0.7			6.5
CARES Act – net operating loss carryback		21.3			—			—
Other – net		(2.4	)		3.0			3.2
		41.1	%		24.7	%		30.7	%

Deferred Tax Assets and Liabilities

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

	December 31,
	2020			2019
Deferred tax assets:
Allowance for doubtful accounts	$	1,793		$	1,758
Inventory		13,496			13,401
Insurance accruals		4,864			4,397
Deferred compensation		6,040			1,109
Unrealized loss on defined benefit plans		15,929			10,253
Goodwill and other intangibles		44,487			—
Operating loss carryforwards		82,186			143,181
Pension benefits		7,444			6,825
Other		5,480			7,392
		181,719			188,316
Valuation allowances		(18,025	)		(20,525	)
		163,694			167,791
Deferred tax liabilities:
Property		(678,916	)		(620,891	)
Deferred state taxes		(74,468	)		(63,640	)
Goodwill and other intangibles		—			(54,844	)
Other		(17,154	)		(16,620	)
		(770,538	)		(755,995	)
	$	(606,844	)	$	(588,204	)

Reconciliation of Liability for Unrecognized Tax Benefits

As of December 31, 2020, the Company has provided a liability of $971,000 for unrecognized tax benefits related to various income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, is $790,000, with the difference between the total amount of unrecognized tax benefits and the amount that would impact the effective tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the liability for unrecognized tax benefits will significantly change prior to December 31, 2021 due to the uncertainty of possible examination results.  A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2020			2019			2018
Balance at beginning of year	$	883		$	1,443		$	1,787
Additions based on tax positions related to the current year		262			51			254
Additions for tax positions of prior years		114			58			70
Reductions for tax positions of prior years		(266	)		(669	)		(668	)
Settlements		(210	)		—			—
Balance at end of year	$	783		$	883		$	1,443