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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | 1,215,909 |  |  | $ | 1,806,704 |  |  | $ | 3,160,111 |
Foreign |  |  | (380,371 | ) |  |  | (23,897 | ) |  |  | 69,280 |
|  | $ | 835,538 |  |  | $ | 1,782,807 |  |  | $ | 3,229,391 |
Provision for Income Taxes | The provision for income taxes consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (177,159 | ) |  | $ | 241,074 |  |  | $ | 633,868 |
State |  |  | (4,298 | ) |  |  | 62,685 |  |  |  | 96,622 |
Foreign |  |  | 18,131 |  |  |  | 8,981 |  |  |  | 14,800 |
Total current |  |  | (163,326 | ) |  |  | 312,740 |  |  |  | 745,290 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 177,035 |  |  |  | 101,946 |  |  |  | 4,953 |
State |  |  | (25,500 | ) |  |  | 8,013 |  |  |  | 6,847 |
Foreign |  |  | 11,301 |  |  |  | (10,802 | ) |  |  | (8,783 | )
Total deferred |  |  | 162,836 |  |  |  | 99,157 |  |  |  | 3,017 |
Total provision for income taxes |  | $ | (490 | ) |  | $ | 411,897 |  |  | $ | 748,307 |
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,
|  | 2020 |  | 2019 |  | 2018
Taxes computed at statutory rate |  | 21.00% |  | 21.00% |  | 21.00%
State income taxes, net of federal income tax benefit |  | -3.36% |  | 3.16% |  | 2.52%
Federal research credit |  | -0.79% |  | -0.34% |  | -0.14%
Equity in losses of foreign joint venture |  | 0.64% |  | 0.19% |  | 0.08%
Impairment on investment in foreign joint venture |  | 11.20% |  | — |  | —
Tax loss on investment in foreign joint venture |  | -22.73% |  | — |  | —
Foreign rate differential |  | 1.15% |  | — |  | -0.07%
Noncontrolling interests |  | -2.88% |  | -1.18% |  | -0.78%
Tax Reform Act |  | — |  | — |  | 0.18%
CARES Act NOL carryback |  | -5.77% |  | — |  | —
Other, net |  | 1.49% |  | 0.27% |  | 0.38%
Provision for income taxes |  | -0.06% |  | 23.10% |  | 23.17%
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulted from the following (in thousands):
|  | December 31, |
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued liabilities and reserves |  | $ | 171,998 |  |  | $ | 146,658 |
Allowance for doubtful accounts |  |  | 16,434 |  |  |  | 18,479 |
Inventory |  |  | 62,755 |  |  |  | 79,363 |
Post-retirement benefits |  |  | 12,714 |  |  |  | 10,288 |
Commodity hedges |  |  | 4,033 |  |  |  | 5,164 |
Net operating loss carryforward |  |  | 63,952 |  |  |  | 59,083 |
Tax credit carryforwards |  |  | 187,267 |  |  |  | 164,132 |
Other deferred tax assets |  |  | 10,674 |  |  |  | 8,508 |
Valuation allowance |  |  | (207,653 | ) |  |  | (192,295 | )
Total deferred tax assets |  |  | 322,174 |  |  |  | 299,380 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Holdbacks and amounts not due under contracts |  |  | (14,051 | ) |  |  | (12,930 | )
Intangibles |  |  | (177,061 | ) |  |  | (171,531 | )
Property, plant and equipment |  |  | (680,688 | ) |  |  | (545,890 | )
Book/Tax differences on debt modifications |  |  | (46,813 | ) |  |  | - |
Total deferred tax liabilities |  |  | (918,613 | ) |  |  | (730,351 | )
Total net deferred tax liabilities |  | $ | (596,439 | ) |  | $ | (430,971 | )
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Balance at beginning of year |  | $ | 50,920 |  |  | $ | 48,605 |  |  | $ | 48,845 |
Additions based on tax positions related to current year |  |  | 4,138 |  |  |  | 9,272 |  |  |  | 16,424 |
Reductions based on tax positions related to current year |  |  | — |  |  |  | — |  |  |  | — |
Additions based on tax positions related to prior years |  |  | 223 |  |  |  | 2,106 |  |  |  | 199 |
Reductions based on tax positions related to prior years |  |  | — |  |  |  | (2,863 | ) |  |  | (8,198 | )
Reductions due to settlements with taxing authorities |  |  | — |  |  |  | (1,514 | ) |  |  | (2,160 | )
Reductions due to statute of limitations lapse |  |  | (7,316 | ) |  |  | (4,686 | ) |  |  | (6,505 | )
Balance at end of year |  | $ | 47,965 |  |  | $ | 50,920 |  |  | $ | 48,605 |

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