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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
						2021						2020						2019
						(In thousands)
Balance at beginning of period						$	5,852					$	3,899					$	274
Increases based on tax positions taken in the current year						964						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						(6,775)						—						—
Decreases due to lapse of applicable statute of limitation						(41)						(123)						(127)
Other, net						—						1						16
Balance at end of period						$	—					$	5,852					$	3,899

Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:

						December 31,
						2021						2020
						(In thousands)
Deferred tax assets:
Pension liability						$	12,047					$	31,152
Accrued warranty expense						1,363						1,338
Accrued vacation pay						7,633						7,442
Accrued liabilities for self-insurance (including postretirement health care benefits)						2,095						2,602
Accrued liabilities for executive and employee incentive compensation						10,733						13,312
Environmental and products liabilities						21,050						20,261
Lease liabilities						3,667						2,155
Investments in joint ventures and affiliated companies						2,283						1,148
Long-term contracts						21,562						15,974
Accrued payroll taxes						4,753						4,828
U.S. federal tax credits and loss carryforward						7,023						7,224
U.S. state tax credits and loss carryforward						4,866						6,819
Foreign tax credit and loss carryforward						16,477						9,919
Other						2,568						4,961
Total deferred tax assets						118,120						129,135
Valuation allowance for deferred tax assets						(13,218)						(12,892)
Deferred tax assets						104,902						116,243
Deferred tax liabilities:
Property, plant and equipment						66,636						39,315
Right-of-use lease assets						11,666						10,509
Intangibles						16,365						17,004
Total deferred tax liabilities						94,667						66,828
Net deferred tax assets						$	10,235					$	49,415

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,
						2021						2020						2019
						(In thousands)
U.S.						$	343,091					$	314,150					$	270,569
Other than U.S.						52,622						48,022						43,173
Income before Provision for Income Taxes						$	395,713					$	362,172					$	313,742

Components of Provision for Income Taxes

The components of Provision for Income Taxes were as follows:

						Year Ended December 31,
						2021						2020						2019
						(In thousands)
Current:
U.S. – federal						$	31,535					$	53,340					$	47,693
U.S. – state and local						1,030						7,587						2,180
Other than U.S.						16,769						14,159						15,398
Total current						49,334						75,086						65,271
Deferred:
U.S. – federal						40,463						10,852						7,975
U.S. – state and local						3,473						(536)						872
Other than U.S.						(3,845)						(2,426)						(5,053)
Total deferred						40,091						7,890						3,794
Provision for Income Taxes						$	89,425					$	82,976					$	69,065

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,
						2021						2020						2019
U.S. federal statutory tax rate						21.0		%				21.0		%				21.0		%
State and local income taxes						1.1		%				1.9		%				1.0		%
Foreign rate differential						0.6		%				0.6		%				0.6		%
Excess tax deductions on equity compensation						(0.1)		%				(0.3)		%				(0.7)		%
Other						—		%				(0.3)		%				0.1		%
Effective tax rate						22.6		%				22.9		%				22.0		%

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, 2021						$	(12,892)					(326)						—						$	(13,218)
Year Ended December 31, 2020						$	(13,578)					771						(85)						$	(12,892)
Year Ended December 31, 2019						$	(13,257)					(414)						93						$	(13,578)

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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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