Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The income tax provision from continuing operations consists of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	21,081	$	30,274	$	38,801
State and local	7,568		5,852		13,541
Foreign	4,780		2,869		4,741
	33,429		38,995		57,083
Deferred:
Federal	(4,028)		(1,012)		(13,425)
State and local	(202)		1,252		(6,775)
Foreign	858		(2,201)		2,745
	(3,372)		(1,961)		(17,455)
Total:
Federal	17,053		29,262		25,376
State and local	7,366		7,104		6,766
Foreign	5,638		668		7,486
	$	30,057	$	37,034	$	39,628

Components of Income Before Income Taxes

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

	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S.	$	199,950	$	161,377	$	173,810
Foreign	807		8,186		20,772
	$	200,757	$	169,563	$	194,582

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,
	2024		2023		2022
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	3.0		2.9		2.4
Effect of noncontrolling interest	(5.9)		(3.9)		(3.9)
Derivative instruments and hedging activities	(0.1)		—		(1.3)
U.S. income taxes on foreign earnings	0.4		1.3		(0.1)
Nondeductible compensation	0.6		0.9		1.2
Unrecognized tax benefits	(0.1)		4.7		8.0
Valuation allowance	1.1		0.4		0.7
Foreign tax credits	(1.0)		(2.9)		(2.1)
Research and development and other tax credits	(6.0)		(2.7)		(7.0)
Other, net	2.0		0.1		1.5
Effective tax rate	15.0	%	21.8	%	20.4	%

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)	2024		2023
Deferred tax liabilities:
Property, plant and equipment	$	(64,934)	$	(66,497)
Operating lease right-of-use assets	(18,029)		(8,716)
Identifiable intangibles	—		(3,565)
Investments	(21,968)		(29,962)
Derivative Instruments	(7,202)		(6,972)
Other	(5,607)		(5,826)
	(117,740)		(121,538)
Deferred tax assets:
Employee benefits	24,346		28,989
Accounts and notes receivable	12,289		10,406
Inventory	3,166		3,718
Identifiable intangibles	655		—
Federal income tax credits	4,203		3,439
Net operating loss carryforwards	1,212		1,015
Operating lease liability	17,685		8,653
Other	7,402		12,324
Total deferred tax assets	70,958		68,544
less: Valuation allowance	6,591		4,416
	64,367		64,128
Net deferred tax liabilities(a)	$	(53,373)	$	(57,410)

(a) The Company had deferred tax assets of $1.7 million and $1.2 million included in Other assets in the Consolidated Balance Sheets as of December 31, 2024, and 2023, 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)	2024		2023		2022
Balance at beginning of period	$	84,719	$	79,262	$	51,754
Tax positions related to the current year
Gross additions	—		—		8,074
Tax positions related to prior years
Gross additions	—		6,134		19,434
Gross reductions	(4,275)		(58)		—
Settlements	(9,993)		—		—
Lapse in statute of limitations	—		(619)		—
Balance at end of period	$	70,451	$	84,719	$	79,262