XML 64 R43.htm IDEA: XBRL DOCUMENT
v3.20.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
INCOME TAXES |
Components of income (loss) before income taxes | The components of income before income taxes were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
U.S. | ​ | $ | 179,650 | ​ | $ | 237,296 | ​ | $ | 255,088
Non-U.S. | ​ |  | 84,390 | ​ |  | 131,197 | ​ |  | 113,572
Total | ​ | $ | 264,040 | ​ | $ | 368,493 | ​ | $ | 368,660
Components of income tax expense (benefit) | The components of income tax expense (benefit) were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Current: | ​ | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 30,091 | ​ | $ | 25,063 | ​ | $ | 45,521
Non-U.S. | ​ |  | 18,020 | ​ |  | 26,540 | ​ |  | 28,894
State and local | ​ |  | 8,770 | ​ |  | 9,064 | ​ |  | 10,515
​ | ​ |  | 56,881 | ​ |  | 60,667 | ​ |  | 84,930
Deferred: | ​ |  | ​ | ​ |  |  | ​ |  |
Federal | ​ |  | (1,898) | ​ |  | 6,971 | ​ |  | (691)
Non-U.S. | ​ |  | 3,196 | ​ |  | 6,513 | ​ |  | (3,121)
State and local | ​ |  | (283) | ​ |  | 1,259 | ​ |  | 549
​ | ​ |  | 1,015 | ​ |  | 14,743 | ​ |  | (3,263)
Total | ​ | $ | 57,896 | ​ | $ | 75,410 | ​ | $ | 81,667
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes | The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ |  | 2020 |  | 2019 |  | 2018 |
Statutory rate applied to pre-tax income | ​ | $ | 55,448 | ​ | $ | 77,384 | ​ | $ | 77,419 | ​
State and local income taxes, net of federal tax benefit | ​ |  | 6,149 | ​ |  | 8,830 | ​ |  | 8,844 | ​
Net impact of the U.S. Tax Act | ​ |  | — | ​ |  | — | ​ |  | 4,823 | ​
Foreign withholding taxes | ​ |  | — | ​ |  | — | ​ |  | (4,424) | ​
Resolution and settlements to uncertain tax positions | ​ |  | (4,146) | ​ |  | (9,432) | ​ |  | (457) | ​
Foreign Derived Intangible Income Deduction | ​ |  | (1,267) | ​ |  | (4,315) | ​ |  | (2,647) | ​
Foreign rate variance | ​ |  | 85 | ​ |  | 7,023 | ​ |  | (4,560) | ​
Valuation allowances | ​ |  | 4,753 | ​ |  | 3,198 | ​ |  | 5,596 | ​
Research and development credit | ​ |  | (4,400) | ​ |  | (4,786) | ​ |  | (3,859) | ​
Other | ​ |  | 1,274 | ​ |  | (2,492) | ​ |  | 932 | ​
Total | ​ | $ | 57,896 | ​ | $ | 75,410 | ​ | $ | 81,667 | ​
Effective tax rate | ​ |  | 21.9 | % |  | 20.5 | % |  | 22.2 | %
Significant components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities at December 31, 2020 and 2019, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2020 |  | 2019
Deferred tax assets: | ​ | ​ |  |  | ​ |
Tax loss and credit carry-forwards | ​ | $ | 56,076 | ​ | $ | 64,712
Inventory | ​ |  | 2,525 | ​ |  | 3,442
Other accruals | ​ |  | 14,084 | ​ |  | 13,048
Employee benefits | ​ |  | 27,673 | ​ |  | 24,532
Pension obligations | ​ |  | 13,021 | ​ |  | 11,561
Other | ​ |  | 4,306 | ​ |  | 3,401
Deferred tax assets, gross | ​ |  | 117,685 | ​ |  | 120,696
Valuation allowance | ​ |  | (65,413) | ​ |  | (71,546)
Deferred tax assets, net | ​ |  | 52,272 | ​ |  | 49,150
Deferred tax liabilities: | ​ |  | ​ | ​ |  |
Property, plant and equipment | ​ |  | 36,795 | ​ |  | 39,583
Intangible assets | ​ |  | 13,595 | ​ |  | 16,695
Inventory | ​ |  | 5,586 | ​ |  | 6,427
Pension obligations | ​ |  | 16,070 | ​ |  | 25,171
Other | ​ |  | 10,009 | ​ |  | 11,285
Deferred tax liabilities | ​ |  | 82,055 | ​ |  | 99,161
Total deferred taxes | ​ | $ | (29,783) | ​ | $ | (50,011)
Summary of the activity related to unrecognized tax benefits | The following table summarizes the activity related to unrecognized tax benefits: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 | ​ | 2019
Balance at beginning of year |  | $ | 20,585 |  | $ | 28,804
Increase related to current year tax provisions | ​ |  | 1,661 | ​ |  | 1,204
Increase/(decrease) related to prior years' tax positions | ​ |  | 683 | ​ |  | (101)
Decrease related to settlements with taxing authorities | ​ |  | (1,476) | ​ |  | (3,567)
Resolution of and other decreases in prior years' tax liabilities | ​ |  | (4,537) | ​ |  | (5,692)
Other | ​ |  | 680 | ​ |  | (63)
Balance at end of year | ​ | $ | 17,596 | ​ | $ | 20,585

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&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=84230637&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=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration