Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Provision for income taxes for the years ended December 31, consists of the following (in thousands):



	2019		2018			2017
Current:
Federal	$	82,484	$	136,202		$	245,189
State	6,421		23,134			24,898
Foreign	23,328		29,823			21,138
	112,233		189,159			291,225
Deferred:
Federal	18,760		(23,181		)	47,046
State	402		(6,787		)	2,688
Foreign	2,385		(4,013		)	1,121
	21,547		(33,981		)	50,855
	$	133,780	$	155,178		$	342,080

Components Of Income Before Taxes

The components of Income before provision for income taxes for the years ended December 31, were as follows (in thousands):



	2019		2018		2017
Domestic	$	465,798	$	593,099	$	788,878
Foreign	91,617		93,530		74,961
	$	557,415	$	686,629	$	863,839

Provision For Income Tax Rate To Statutory Rate Reconciliation

The Provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate for the years ended December 31, due to the following items:



	2019		2018		2017
Provision at statutory rate	21.0	%	21.0	%	35.0	%
State taxes, net of federal benefit	2.5		2.6		1.9
Foreign rate differential	0.3		0.4		(0.8	)
Domestic manufacturing deduction	—		—		(2.2	)
Foreign derived intangible income	(0.6	)	(1.2	)	—
Research and development credit	(1.5	)	(1.1	)	(0.7	)
Unrecognized tax benefits including interest and penalties	0.1		(0.6	)	2.3
Valuation allowance adjustments	1.4		0.1		(0.1	)
State credits	(0.8	)	—		—
Deferred tax balance remeasurement for rate change	—		(1.2	)	5.5
Territorial tax	—		1.4		(0.1	)
Global intangible low-taxed income	0.2		0.4		—
Adjustments for previously accrued taxes	(0.3	)	(1.0	)	(1.2	)
Rate differential on intercompany transfers	—		0.9		—
Executive compensation limitation	0.5		0.5		—
Other foreign inclusions	0.8		—		—
Other	0.4		0.4		—
Provision for income taxes	24.0	%	22.6	%	39.6	%

Principal Components Of The Company's Deferred Tax Assets And Liabilities

The principal components of the Company’s deferred income tax assets and liabilities as of December 31, include the following (in thousands):



	2019			2018
Deferred income tax assets:
Accruals not yet tax deductible	$	95,746		$	108,284
Pension and postretirement healthcare plan obligations	17,685			48,347
Stock compensation	11,867			13,295
Net operating loss carryforward	45,279			34,842
Valuation allowance	(29,024		)	(21,868		)
Other, net	64,833			43,870
	206,386			226,770
Deferred income tax liabilities:
Depreciation, tax in excess of book	(83,477		)	(79,326		)
Other	(29,840		)	(5,980		)
	(113,317		)	(85,306		)
	$	93,069		$	141,464

Summary of Gross Operating Loss Carryforwards

The Company's gross state operating loss carryforwards were as follows as of December 31, (in thousands):



Year of Expiration	2019
2031	$	256,956
2033	166
2034	1,915
2038	4,460
2039	9,922
	$	273,419

Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties

The Company recognizes interest and penalties related to unrecognized tax benefits in Provision for income taxes. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):



	2019			2018
Unrecognized tax benefits, beginning of period	$	61,411		$	72,230
Increase in unrecognized tax benefits for tax positions taken in a prior period	1,067			940
Decrease in unrecognized tax benefits for tax positions taken in a prior period	(5,608		)	(9,783		)
Increase in unrecognized tax benefits for tax positions taken in the current period	4,576			3,355
Statute lapses	(325		)	—
Settlements with taxing authorities	(1,009		)	(5,331		)
Unrecognized tax benefits, end of period	$	60,112		$	61,411