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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliation of Unrecognized Tax Benefits

We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. A reconciliation of unrecognized tax benefits (exclusive of interest and federal and state benefits) is as follows:

						Year Ended December 31,
						2020						2019						2018
						(In thousands)
Balance at beginning of period						$	3,899					$	274					$	1,680
Increases based on tax positions taken in the current year						2,075						3,736						—
Increases based on tax positions taken in the prior years						—						—						—
Decreases based on tax positions taken in the prior years						—						—						—
Decreases due to settlements with tax authorities						—						—						—
Decreases due to lapse of applicable statute of limitation						(123)						(127)						(1,379)
Other, net						1						16						(27)
Balance at end of period						$	5,852					$	3,899					$	274

Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows:

						December 31,
						2020						2019
						(In thousands)
Deferred tax assets:
Pension liability						$	31,152					$	36,791
Accrued warranty expense						1,338						2,365
Accrued vacation pay						7,442						7,077
Accrued liabilities for self-insurance (including postretirement health care benefits)						2,602						2,991
Accrued liabilities for executive and employee incentive compensation						13,312						12,121
Environmental and products liabilities						20,261						20,100
Lease liabilities						2,155						1,856
Investments in joint ventures and affiliated companies						1,148						4,702
Long-term contracts						15,974						10,790
Accrued payroll taxes						4,828						—
U.S. federal tax credits and loss carryforward						7,224						4,177
U.S. state tax credits and loss carryforward						6,819						7,297
Foreign tax credit and loss carryforward						9,919						5,848
Other						4,961						4,621
Total deferred tax assets						129,135						120,736
Valuation allowance for deferred tax assets						(12,892)						(13,578)
Deferred tax assets						116,243						107,158
Deferred tax liabilities:
Property, plant and equipment						39,315						23,889
Right-of-use lease assets						10,509						10,446
Intangibles						17,004						14,134
Total deferred tax liabilities						66,828						48,469
Net deferred tax assets						$	49,415					$	58,689

Income from Continuing Operations Before Provision for Income Taxes

The components of Income before Provision for Income Taxes were as follows:

						Year Ended December 31,
						2020						2019						2018
						(In thousands)
U.S.						$	314,150					$	270,569					$	231,721
Other than U.S.						48,022						43,173						48,424
Income before Provision for Income Taxes						$	362,172					$	313,742					$	280,145

Components of Provision for Income Taxes

The components of Provision for Income Taxes were as follows:

						Year Ended December 31,
						2020						2019						2018
						(In thousands)
Current:
U.S. – federal						$	53,340					$	47,693					$	14,680
U.S. – state and local						7,587						2,180						4,597
Other than U.S.						14,159						15,398						16,117
Total current						75,086						65,271						35,394
Deferred:
U.S. – federal						10,852						7,975						20,327
U.S. – state and local						(536)						872						1,564
Other than U.S.						(2,426)						(5,053)						(4,445)
Total deferred						7,890						3,794						17,446
Provision for Income Taxes						$	82,976					$	69,065					$	52,840

Reconciliation of Income Tax Provision Related to Continuing Operations from U.S. Statutory Federal Tax Rate

The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate:

						Year Ended December 31,
						2020						2019						2018
U.S. federal statutory tax rate						21.0		%				21.0		%				21.0		%
State and local income taxes						1.9		%				1.0		%				2.1		%
Foreign rate differential						0.6		%				0.6		%				0.7		%
Excess tax deductions on equity compensation						(0.3)		%				(0.7)		%				(1.0)		%
Impact of U.S. Tax Cuts & Jobs Act						—		%				—		%				(4.7)		%
Other						(0.3)		%				0.1		%				0.8		%
Effective tax rate						22.9		%				22.0		%				18.9		%

Valuation Allowance for Deferred Tax Assets

The following is an analysis of our valuation allowance for deferred tax assets:

						Beginning Balance						Charges To Costs and Expenses						Charged To Other Accounts						Ending Balance
						(In thousands)
Year Ended December 31, 2020						$	(13,578)					771						(85)						$	(12,892)
Year Ended December 31, 2019						$	(13,257)					(414)						93						$	(13,578)
Year Ended December 31, 2018						$	(15,252)					2,017						(22)						$	(13,257)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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