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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
|  | 2022 |  | 2021 |  | 2020
|  | (In thousands)
Balance at beginning of period |  | $ | — |  |  | $ | 5,852 |  |  | $ | 3,899 |
Increases based on tax positions taken in the current year |  | — |  |  | 964 |  |  | 2,075 |
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) |
Other, net |  | — |  |  | — |  |  | 1 |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | 5,852 |
Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows:
|  | December 31,
|  | 2022 |  | 2021
|  | (In thousands)
Deferred tax assets: |  |  |  |
Pension liability |  | $ | 11,931 |  |  | $ | 12,047 |
Accrued warranty expense |  | 1,694 |  |  | 1,363 |
Capitalized Section 174 expenditures |  | 11,145 |  |  | — |
Accrued vacation pay |  | 3,246 |  |  | 7,633 |
Accrued liabilities for self-insurance (including postretirement health care benefits) |  | 17 |  |  | 2,095 |
Accrued liabilities for executive and employee incentive compensation |  | 12,475 |  |  | 10,733 |
Environmental and products liabilities |  | 20,983 |  |  | 21,050 |
Lease liabilities |  | 5,298 |  |  | 3,667 |
Investments in joint ventures and affiliated companies |  | 1,494 |  |  | 2,283 |
Long-term contracts |  | 14,442 |  |  | 21,562 |
Accrued payroll taxes |  | 2,504 |  |  | 4,753 |
U.S. federal tax credits and loss carryforward |  | 7,113 |  |  | 7,023 |
U.S. state tax credits and loss carryforward |  | 4,731 |  |  | 4,866 |
Foreign tax credit and loss carryforward |  | 20,209 |  |  | 16,477 |
Other |  | 2,719 |  |  | 2,568 |
Gross deferred tax assets |  | 120,001 |  |  | 118,120 |
Valuation allowance for deferred tax assets |  | (13,022) |  |  | (13,218) |
Total deferred tax assets |  | 106,979 |  |  | 104,902 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | 75,334 |  |  | 66,636 |
Right-of-use lease assets |  | 12,246 |  |  | 11,666 |
Intangibles |  | 22,404 |  |  | 16,365 |
Total deferred tax liabilities |  | 109,984 |  |  | 94,667 |
Net deferred tax assets (liabilities) |  | $ | (3,005) |  |  | $ | 10,235 |
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,
|  | 2022 |  | 2021 |  | 2020
|  | (In thousands)
U.S. |  | $ | 281,677 |  |  | $ | 343,091 |  |  | $ | 314,150 |
Other than U.S. |  | 32,700 |  |  | 52,622 |  |  | 48,022 |
Income before Provision for Income Taxes |  | $ | 314,377 |  |  | $ | 395,713 |  |  | $ | 362,172 |
Components of Provision for Income Taxes | The components of Provision for Income Taxes were as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (In thousands)
Current: |  |  |  |  |  |
U.S. – federal |  | $ | 54,683 |  |  | $ | 31,535 |  |  | $ | 53,340 |
U.S. – state and local |  | 5,360 |  |  | 1,030 |  |  | 7,587 |
Other than U.S. |  | 10,199 |  |  | 16,769 |  |  | 14,159 |
Total current |  | 70,242 |  |  | 49,334 |  |  | 75,086 |
Deferred: |  |  |  |  |  |
U.S. – federal |  | 5,755 |  |  | 40,463 |  |  | 10,852 |
U.S. – state and local |  | (34) |  |  | 3,473 |  |  | (536) |
Other than U.S. |  | (206) |  |  | (3,845) |  |  | (2,426) |
Total deferred |  | 5,515 |  |  | 40,091 |  |  | 7,890 |
Provision for Income Taxes |  | $ | 75,757 |  |  | $ | 89,425 |  |  | $ | 82,976 |
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,
|  | 2022 |  | 2021 |  | 2020
U.S. federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes |  | 1.7 | % |  | 1.1 | % |  | 1.9 | %
Foreign rate differential |  | 0.5 | % |  | 0.6 | % |  | 0.6 | %
Excess tax deductions on equity compensation |  | (0.1) | % |  | (0.1) | % |  | (0.3) | %
Other |  | 1.0 | % |  | — | % |  | (0.3) | %
Effective tax rate |  | 24.1 | % |  | 22.6 | % |  | 22.9 | %
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, 2022 |  | $ | (13,218) |  |  | 196 |  |  | — |  |  | $ | (13,022) |
Year Ended December 31, 2021 |  | $ | (12,892) |  |  | (326) |  |  | — |  |  | $ | (13,218) |
Year Ended December 31, 2020 |  | $ | (13,578) |  |  | 771 |  |  | (85) |  |  | $ | (12,892) |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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