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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

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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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