Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

Income tax provision from continuing operations consists of the following:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	30,274	$	38,801	$	23,333
State and local	5,852		13,541		4,934
Foreign	2,869		4,741		760
	38,995		57,083		29,027
Deferred:
Federal	(1,012)		(13,425)		(3,687)
State and local	1,252		(6,775)		819
Foreign	(2,201)		2,745		3,069
	(1,961)		(17,455)		201
Total:
Federal	29,262		25,376		19,646
State and local	7,104		6,766		5,753
Foreign	668		7,486		3,829
	$	37,034	$	39,628	$	29,228

Components of Income Before Income Taxes

Income before income taxes from continuing operations consists of the following:

	Year Ended December 31,
(in thousands)	2023		2022		2021
U.S.	$	161,377	$	173,810	$	143,712
Foreign	8,186		20,772		17,058
	$	169,563	$	194,582	$	160,770

Schedule of Effective Tax Rate Reconciliation

A reconciliation from the statutory U.S. federal tax rate to the effective tax rate follows:

	Year Ended December 31,
	2023		2022		2021
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in rate resulting from:
State and local income taxes, net of related federal taxes	2.9		2.4		2.5
Effect of noncontrolling interest	(3.9)		(3.9)		(4.2)
Derivative instruments and hedging activities	—		(1.3)		0.4
U.S. income taxes on foreign earnings	1.3		(0.1)		0.7
Nondeductible compensation	0.9		1.2		1.9
Unrecognized tax benefits	4.7		8.0		2.1
Foreign tax credits	(2.9)		(2.1)		(1.3)
Research and development and other tax credits	(2.7)		(7.0)		(5.0)
Other, net	0.5		2.2		0.1
Effective tax rate	21.8	%	20.4	%	18.2	%

Schedule of Deferred Tax Liabilities and Assets

Significant components of the Company's deferred tax liabilities and assets are as follows:

	December 31,
(in thousands)	2023		2022
Deferred tax liabilities:
Property, plant and equipment	$	(66,497)	$	(58,273)
Operating lease right-of-use assets	(8,716)		(9,370)
Identifiable intangibles	(3,565)		(6,802)
Investments	(29,962)		(34,604)
Derivative Instruments	(6,972)		(7,911)
Other	(5,826)		(5,160)
	(121,538)		(122,120)
Deferred tax assets:
Employee benefits	28,989		28,859
Accounts and notes receivable	10,406		6,726
Inventory	3,718		10,272
Federal income tax credits	3,439		1,914
Net operating loss carryforwards	1,015		1,740
Operating lease liability	8,653		9,526
Other	12,324		7,118
Total deferred tax assets	68,544		66,155
less: Valuation allowance	4,416		3,834
	64,128		62,321
Net deferred tax liabilities(a)	$	(57,410)	$	(59,799)

(a) The Company had deferred tax assets of $1.2 million and $4.3 million included in Other assets in the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.

Schedule of Unrecognized Tax Benefits Excluding Interest and Penalties

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(in thousands)	2023		2022		2021
Balance at beginning of period	$	79,262	$	51,754	$	44,401
Tax positions related to the current year
Gross additions	—		8,074		13,179
Tax positions related to prior years
Gross additions	6,134		19,434		1,364
Gross reductions	(58)		—		(7,190)
Lapse in statute of limitations	(619)		—		—
Balance at end of period	$	84,719	$	79,262	$	51,754