Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Components of Earnings Before Income Taxes and Noncontrolling Interests

Components of earnings before income taxes and noncontrolling interests are as follows (in thousands):

	Year Ended December 31,
	2021		2020			2019
United States	$	9,076,921	$	1,215,909		$	1,806,704
Foreign		123,937		(380,371	)		(23,897	)
	$	9,200,858	$	835,538		$	1,782,807

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2021			2020			2019
Current:
Federal	$	1,753,376		$	(177,159	)	$	241,074
State		293,752			(4,298	)		62,685
Foreign		19,695			18,131			8,981
Total current		2,066,823			(163,326	)		312,740
Deferred:
Federal		10,916			177,035			101,946
State		(3,042	)		(25,500	)		8,013
Foreign		3,791			11,301			(10,802	)
Total deferred		11,665			162,836			99,157
Total provision for income taxes	$	2,078,488		$	(490	)	$	411,897

Reconciliation of the Federal Statutory Tax Rate to Total Provisions

A reconciliation of the federal statutory tax rate (21%) to the total provision is as follows:

	Year Ended December 31,
	2021	2020	2019
Taxes computed at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	2.49%	-3.37%	3.16%
Federal research credit	-0.07%	-0.79%	-0.34%
Equity in losses of foreign joint venture	—	0.64%	0.19%
Impairment on investment in foreign joint venture	—	11.20%	—
Tax loss on investment in foreign joint venture	—	-22.73%	—
Foreign rate differential	-0.03%	1.15%	—
Noncontrolling interests	-0.67%	-2.88%	-1.18%
CARES Act NOL carryback	—	-5.77%	—
Other, net	-0.13%	1.49%	0.27%
Provision for income taxes	22.59%	-0.06%	23.10%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following (in thousands):

	December 31,
	2021			2020
Deferred tax assets:
Accrued liabilities and reserves	$	232,898		$	171,998
Allowance for doubtful accounts		34,124			16,434
Inventory		81,437			62,755
Post-retirement benefits		10,763			12,714
Commodity hedges		243			4,033
Net operating loss carryforward		38,290			63,952
Tax credit carryforwards		172,629			187,267
Other deferred tax assets		11,336			10,674
Valuation allowance		(183,759	)		(207,653	)
Total deferred tax assets		397,961			322,174
Deferred tax liabilities:
Holdbacks and amounts not due under contracts		(13,956	)		(14,051	)
Intangibles		(178,304	)		(177,061	)
Property, plant and equipment		(770,791	)		(680,688	)
Book/Tax differences on debt modifications		(45,173	)		(46,813	)
Total deferred tax liabilities		(1,008,224	)		(918,613	)
Total net deferred tax liabilities	$	(610,263	)	$	(596,439	)

Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits recorded in deferred credits and other liabilities in the consolidated balance sheets is as follows (in thousands):

	December 31,
	2021			2020			2019
Balance at beginning of year	$	47,965		$	50,920		$	48,605
Additions based on tax positions related to current year		52,853			4,138			9,272
Reductions based on tax positions related to current year		—			—			—
Additions based on tax positions related to prior years		2,405			223			2,106
Reductions based on tax positions related to prior years		(3,060	)		—			(2,863	)
Reductions due to settlements with taxing authorities		—			—			(1,514	)
Reductions due to statute of limitations lapse		(5,027	)		(7,316	)		(4,686	)
Balance at end of year	$	95,136		$	47,965		$	50,920