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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income before income taxes were taxed under the following jurisdictions:
(In thousands) |  | 2022 |  | 2021 |  | 2020
Domestic |  | $ | 737,538 |  |  | $ | 518,080 |  |  | $ | 144,770 |
Foreign |  | 138,493 |  |  | 123,059 |  |  | 64,419 |
Income before income taxes |  | $ | 876,031 |  |  | $ | 641,139 |  |  | $ | 209,189 |
Income tax expense consists of the following:
(In thousands) |  | 2022 |  | 2021 |  | 2020
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 149,269 |  |  | $ | 107,804 |  |  | $ | 37,964 |
Foreign |  | 36,719 |  |  | 34,455 |  |  | 16,221 |
State and local |  | 41,214 |  |  | 16,186 |  |  | 5,182 |
Current tax expense |  | 227,202 |  |  | 158,445 |  |  | 59,367 |
Deferred tax (benefit) expense: |  |  |  |  |  |
Federal |  | (3,312) |  |  | (3,504) |  |  | (5,991) |
Foreign |  | (192) |  |  | 2,572 |  |  | 90 |
State and local |  | (376) |  |  | 8,345 |  |  | 1,855 |
Deferred tax (benefit) expense |  | (3,880) |  |  | 7,413 |  |  | (4,046) |
Income tax expense |  | $ | 223,322 |  |  | $ | 165,858 |  |  | $ | 55,321 |
The difference between the reported income tax expense and a tax determined by applying the applicable U.S. federal statutory income tax rate to income before income taxes is reconciled as follows:
(In thousands) |  | 2022 |  | 2021 |  | 2020
Expected income tax expense |  | $ | 183,967 |  |  | $ | 134,639 |  |  | $ | 43,930 |
State and local income tax, net of federal benefit |  | 32,184 |  |  | 21,132 |  |  | 5,949 |
Effect of foreign statutory rates different from U.S. and other foreign adjustments |  | 7,443 |  |  | 11,185 |  |  | 2,783 |
Investment in unconsolidated affiliates |  | 206 |  |  | (679) |  |  | (387) |
Other, net |  | (478) |  |  | (419) |  |  | 3,046 |
Income tax expense |  | $ | 223,322 |  |  | $ | 165,858 |  |  | $ | 55,321 |
The Company continues to assert that the undistributed earnings of most of its foreign subsidiaries are permanently reinvested. No taxes have been accrued with respect to these undistributed earnings or any outside basis differences. The Company has elected to provide for the tax expense related to global intangible low-taxed income (GILTI) in the year the tax is incurred. The Company includes interest and penalties related to income tax matters as a component of income tax expense, none of which was material in 2022, 2021, and 2020. During 2021, the Internal Revenue Service completed its audit of the Company’s 2015 and 2017 tax returns, the results of which were immaterial to the Consolidated Financial Statements. The statute of limitations is open for the Company’s federal tax return for 2019 and all subsequent years, and some state and foreign returns are also open for some earlier tax years due to differing statute periods. While the Company believes that it is adequately reserved for possible audit adjustments, the final resolution of these examinations cannot be determined with certainty and could result in final settlements that differ from current estimates. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
(In thousands) |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Inventories |  | $ | 16,829 |  |  | $ | 15,153 |
Other postretirement benefits and accrued items |  | 7,260 |  |  | 8,382 |
Other reserves |  | 8,046 |  |  | 9,962 |
Foreign tax attributes |  | 5,750 |  |  | 6,410 |
State tax attributes, net of federal benefit |  | 8,063 |  |  | 12,043 |
Stock-based compensation |  | 5,249 |  |  | 3,608 |
Lease liability |  | 4,540 |  |  | 4,988 |
Basis difference in unconsolidated affiliates |  | 6,881 |  |  | 7,690 |
Total deferred tax assets |  | 62,618 |  |  | 68,236 |
Less valuation allowance |  | (21,505) |  |  | (26,624) |
Deferred tax assets, net of valuation allowance |  | 41,113 |  |  | 41,612 |
Deferred tax liabilities: |  |  |  |
Property, plant, and equipment |  | 44,001 |  |  | 45,804 |
Lease asset |  | 4,970 |  |  | 5,099 |
Other liabilities |  | 2,918 |  |  | 1,765 |
Total deferred tax liabilities |  | 51,889 |  |  | 52,668 |
Net deferred tax liabilities |  | $ | (10,776) |  |  | $ | (11,056) |
As of December 31, 2022, after consideration of the federal impact, the Company had state income tax credit carryforwards of $1.0 million, all of which expire by 2024, and state net operating loss (NOL) carryforwards with potential tax benefits of $7.1 million, after consideration of the federal impact, expiring between 2023 and 2041. The state tax credit and NOL carryforwards were fully offset by valuation allowances. As of December 31, 2022, the Company had other foreign tax attributes with potential tax benefits of $4.0 million, which have an unlimited life, and attributes with potential benefits of $1.1 million that expire between 2034 and 2042; all of these foreign attributes were fully offset by a valuation allowance. The Company also had other foreign tax attributes of $0.7 million, which have limited lives expiring between 2031 and 2036, which are offset by a valuation allowance of $0.4 million. The Company has also recorded a valuation allowance against deferred tax assets related to the book-tax differences in investments in unconsolidated affiliates. Income taxes paid were approximately $238.3 million in 2022, $132.9 million in 2021, and $49.3 million in 2020.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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