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Taxes on Income (Tables) | 12 Months Ended
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Dec. 31, 2021
Taxes on Income [Abstract] |
Earnings (Loss) Before Taxes | Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Earnings (loss) before taxes on income: |  |  |  |  |  |  |  |  |
United States |  | $ | (290,181 | ) |  | $ | (461,569 | ) |  | $ | 190,839 |
Foreign |  |  | (420 | ) |  |  | 218 |  |  |  | (1,019 | )
|  | $ | (290,601 | ) |  | $ | (461,351 | ) |  | $ | 189,820 |
Provision (benefit) for taxes on income: |  |  |  |  |  |  |  |  |
U.S. Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | (460 | ) |  | $ | (218,613 | ) |  | $ | (312 | )
Deferred |  |  | (48,843 | ) |  |  | 37,436 |  |  |  | 45,133 |
|  | $ | (49,303 | ) |  | $ | (181,177 | ) |  | $ | 44,821 |
U.S. State: |  |  |  |  |  |  |  |  |
Current |  | $ | 1,560 |  |  | $ | 3,421 |  |  | $ | 76 |
Deferred |  |  | 4,424 |  |  |  | (12,273 | ) |  |  | 1,706 |
|  | $ | 5,984 |  |  | $ | (8,852 | ) |  | $ | 1,782 |
Foreign: |  |  |  |  |  |  |  |  |
Current |  | $ | (511 | ) |  | $ | 270 |  |  | $ | 198 |
|  | $ | (511 | ) |  | $ | 270 |  |  | $ | 198 |
Consolidated: |  |  |  |  |  |  |  |  |
Current |  | $ | 589 |  |  | $ | (214,922 | ) |  | $ | (38 | )
Deferred |  |  | (44,419 | ) |  |  | 25,163 |  |  |  | 46,839 |
|  | $ | (43,830 | ) |  | $ | (189,759 | ) |  | $ | 46,801 |
Effective Income Tax Rate Reconciliation | The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
United States income tax statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes, net of federal benefit |  |  | (1.7 | ) |  |  | 1.2 |  |  |  | 0.7 |
CARES Act – net operating loss carryback |  |  | — |  |  |  | 21.3 |  |  |  | — |
Other – net |  |  | (4.2 | ) |  |  | (2.4 | ) |  |  | 3.0 |
|  |  | 15.1 | % |  |  | 41.1 | % |  |  | 24.7 | %
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 1,657 |  |  | $ | 1,793 |
Inventory |  |  | 13,180 |  |  |  | 13,496 |
Insurance accruals |  |  | 4,052 |  |  |  | 4,864 |
Deferred compensation |  |  | 6,081 |  |  |  | 6,040 |
Unrealized loss on defined benefit plans |  |  | 6,126 |  |  |  | 15,929 |
Goodwill and other intangibles |  |  | 65,852 |  |  |  | 44,487 |
Operating loss carryforwards |  |  | 89,966 |  |  |  | 82,186 |
Retirement benefits |  |  | 7,194 |  |  |  | 7,444 |
Other |  |  | 6,247 |  |  |  | 5,480 |
|  |  | 200,355 |  |  |  | 181,719 |
Valuation allowances |  |  | (20,095 | ) |  |  | (18,025 | )
|  |  | 180,260 |  |  |  | 163,694 |
Deferred tax liabilities: |  |  |  |  |  |
Property |  |  | (655,550 | ) |  |  | (678,916 | )
Deferred state taxes |  |  | (83,491 | ) |  |  | (74,468 | )
Other |  |  | (15,371 | ) |  |  | (17,154 | )
|  |  | (754,412 | ) |  |  | (770,538 | )
|  | $ | (574,152 | ) |  | $ | (606,844 | )
Reconciliation of Liability for Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 783 |  |  | $ | 883 |  |  | $ | 1,443 |
Additions based on tax positions related to the current year |  |  | 13 |  |  |  | 262 |  |  |  | 51 |
Additions for tax positions of prior years |  |  | 281 |  |  |  | 114 |  |  |  | 58 |
Reductions for tax positions of prior years |  |  | (340 | ) |  |  | (266 | ) |  |  | (669 | )
Settlements |  |  | — |  |  |  | (210 | ) |  |  | — |
Balance at end of year |  | $ | 737 |  |  | $ | 783 |  |  | $ | 883 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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