XML 51 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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. As of December 31, 2023 and 2022, we had no uncertain tax positions.

Beginning in 2024, certain jurisdictions will implement the Organization for Economic Cooperation and Development's (OECD) Pillar Two rules regarding a 15% global minimum tax. Considering our current global footprint, we do not anticipate that these new rules will materially impact our provision for income taxes.

Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:

						December 31,
						2023						2022
						(In thousands)
Deferred tax assets:
Pension liability						$	17,439					$	11,931
Accrued warranty expense						1,641						1,694
Capitalized Section 174 expenditures						23,800						11,145
Accrued vacation pay						3,103						3,246
Accrued liabilities for self-insurance (including postretirement health care benefits)						—						17
Accrued liabilities for executive and employee incentive compensation						13,784						12,475
Environmental and products liabilities						20,576						20,983
Lease liabilities						4,860						5,298
Investments in joint ventures and affiliated companies						224						1,494
Long-term contracts						13,363						14,442
Accrued payroll taxes						—						2,504
U.S. federal tax credits and loss carryforward						7,055						7,113
U.S. state tax credits and loss carryforward						7,935						4,731
Foreign tax credit and loss carryforward						22,869						20,209
Other						2,018						2,719
Gross deferred tax assets						138,667						120,001
Valuation allowance for deferred tax assets						(17,421)						(13,022)
Total deferred tax assets						121,246						106,979
Deferred tax liabilities:
Property, plant and equipment						85,661						75,334
Right-of-use lease assets						11,550						12,246
Accrued liabilities for self-insurance (including postretirement health care benefits)						341						—
Intangibles						21,976						22,404
Total deferred tax liabilities						119,528						109,984
Net deferred tax assets (liabilities)						$	1,718					$	(3,005)

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,
						2023						2022						2021
						(In thousands)
U.S.						$	282,459					$	281,677					$	343,091
Other than U.S.						38,941						32,700						52,622
Income before Provision for Income Taxes						$	321,400					$	314,377					$	395,713

Components of Provision for Income Taxes

The components of Provision for Income Taxes were as follows:

						Year Ended December 31,
						2023						2022						2021
						(In thousands)
Current:
U.S. – federal						$	69,254					$	54,683					$	31,535
U.S. – state and local						4,255						5,360						1,030
Other than U.S.						6,698						10,199						16,769
Total current						80,207						70,242						49,334
Deferred:
U.S. – federal						(8,968)						5,755						40,463
U.S. – state and local						(376)						(34)						3,473
Other than U.S.						4,216						(206)						(3,845)
Total deferred						(5,128)						5,515						40,091
Provision for Income Taxes						$	75,079					$	75,757					$	89,425

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,
						2023						2022						2021
U.S. federal statutory tax rate						21.0		%				21.0		%				21.0		%
State and local income taxes						1.2		%				1.7		%				1.1		%
Foreign rate differential						0.5		%				0.5		%				0.6		%
Excess tax deductions on equity compensation						(0.3)		%				(0.1)		%				(0.1)		%
Other						1.0		%				1.0		%				—		%
Effective tax rate						23.4		%				24.1		%				22.6		%

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, 2023						$	(13,022)					(4,399)						—						$	(17,421)
Year Ended December 31, 2022						$	(13,218)					196						—						$	(13,022)
Year Ended December 31, 2021						$	(12,892)					(326)						—						$	(13,218)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration