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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | The components of income before income taxes were as follows:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 1,832,771 |  |  | $ | 1,816,622 |  | $ | 1,775,361
Foreign |  | 339,093 |  |  | 100,449 |  |  | 21,863 |
Income before income taxes |  | $ | 2,171,864 |  |  | $ | 1,917,071 |  | $ | 1,797,224
Schedule of Components of Income Tax Expense (Benefit) | The components of our provision for income taxes were as follows:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | 141,753 |  |  | $ | 121,968 |  |  | $ | 161,402 |
State |  | 83,802 |  |  | 85,741 |  |  | 60,979 |
Foreign |  | 68,289 |  |  | 27,656 |  |  | 78,650 |
|  | 293,844 |  |  | 235,365 |  |  | 301,031 |
Deferred: |  |  |  |  |  |
Federal |  | 28,191 |  |  | 34,848 |  |  | 26,726 |
State |  | (9,531) |  |  | 3,393 |  |  | 8,253 |
Foreign |  | (2,427) |  |  | (1,352) |  |  | (21,605) |
|  | 16,233 |  |  | 36,889 |  |  | 13,374 |
Total provision for income taxes |  | $ | 310,077 |  |  | $ | 272,254 |  |  | $ | 314,405 |
Schedule of Deferred Tax Asset and Liabilities | :
December 31, |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Post-retirement benefit obligations |  | $ | 24,969 |  |  | $ | 40,100 |
Accrued expenses and other reserves |  | 85,601 |  |  | 78,523 |
Stock-based compensation |  | 21,656 |  |  | 19,847 |
Derivative instruments |  | 12,268 |  |  | 3,983 |
Lease liabilities |  | 90,405 |  |  | 91,099 |
Accrued trade promotion reserves |  | 18,796 |  |  | 23,082 |
Net operating loss carryforwards |  | 110,342 |  |  | 130,944 |
Capital loss carryforwards |  | — |  |  | 1,999 |
Other |  | 83,011 |  |  | 52,802 |
Gross deferred tax assets |  | 447,048 |  |  | 442,379 |
Valuation allowance |  | (114,149) |  |  | (137,531) |
Total deferred tax assets |  | 332,899 |  |  | 304,848 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment, net |  | 271,465 |  |  | 247,964 |
Acquired intangibles |  | 228,711 |  |  | 193,160 |
Lease ROU assets |  | 71,150 |  |  | 72,602 |
Inventories |  | 13,250 |  |  | 28,573 |
Pension |  | 10,001 |  |  | 11,038 |
Other |  | 39,566 |  |  | 39,416 |
Total deferred tax liabilities |  | 634,143 |  |  | 592,753 |
Net deferred tax liabilities |  | $ | (301,244) |  |  | $ | (287,905) |
Included in: |  |  |  |
Non-current deferred tax assets, net |  | $ | 44,454 |  |  | $ | 40,498 |
Non-current deferred tax liabilities, net |  | (345,698) |  |  | (328,403) |
Net deferred tax liabilities |  | $ | (301,244) |  |  | $ | (287,905) |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the federal statutory income tax rate with our effective income tax rate:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Federal statutory income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (reduction) resulting from: |  |  |  |  |  |
State income taxes, net of Federal income tax benefits |  | 2.8 |  |  | 3.2 |  |  | 2.8 |
Foreign rate differences |  | (1.0) |  |  | (0.1) |  |  | (0.2) |
Historic and solar tax credits |  | (9.5) |  |  | (9.9) |  |  | (6.2) |
Tax contingencies |  | 1.1 |  |  | 0.4 |  |  | 1.7 |
Stock compensation |  | (0.5) |  |  | (0.7) |  |  | (0.5) |
Other, net |  | 0.4 |  |  | 0.3 |  |  | (1.1) |
Effective income tax rate |  | 14.3 | % |  | 14.2 | % |  | 17.5 | %
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
December 31, |  | 2023 |  | 2022
Balance at beginning of year |  | $ | 148,345 |  |  | $ | 143,305 |
Additions for tax positions taken during prior years |  | 11,567 |  |  | 17,987 |
Reductions for tax positions taken during prior years |  | (26) |  |  | (9,310) |
Additions for tax positions taken during the current year |  | 6,194 |  |  | 4,112 |
Settlements |  | (9,838) |  |  | — |
Expiration of statutes of limitations |  | (6,617) |  |  | (7,749) |
Balance at end of year |  | $ | 149,625 |  |  | $ | 148,345 |

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