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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
Components of income (loss) before income taxes | The components of income before income taxes were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
U.S. | ​ | $ | 143,290 | ​ | $ | 179,650 | ​ | $ | 237,296
Non-U.S. | ​ |  | 181,708 | ​ |  | 84,390 | ​ |  | 131,197
Total | ​ | $ | 324,998 | ​ | $ | 264,040 | ​ | $ | 368,493
Components of income tax expense (benefit) | The components of income tax expense (benefit) were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
Current: | ​ | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 23,415 | ​ | $ | 30,091 | ​ | $ | 25,063
Non-U.S. | ​ |  | 44,828 | ​ |  | 18,020 | ​ |  | 26,540
State and local | ​ |  | 10,298 | ​ |  | 8,770 | ​ |  | 9,064
​ | ​ |  | 78,541 | ​ |  | 56,881 | ​ |  | 60,667
Deferred: | ​ |  | ​ | ​ |  |  | ​ |  |
Federal | ​ |  | (21,538) | ​ |  | (1,898) | ​ |  | 6,971
Non-U.S. | ​ |  | (4,488) | ​ |  | 3,196 | ​ |  | 6,513
State and local | ​ |  | (4,097) | ​ |  | (283) | ​ |  | 1,259
​ | ​ |  | (30,123) | ​ |  | 1,015 | ​ |  | 14,743
Total | ​ | $ | 48,418 | ​ | $ | 57,896 | ​ | $ | 75,410
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, 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ |  | 2021 |  | 2020 |  | 2019 |
Statutory rate applied to pre-tax income | ​ | $ | 68,250 | ​ | $ | 55,448 | ​ | $ | 77,384 | ​
State and local income taxes, net of federal tax benefit | ​ |  | 4,005 | ​ |  | 6,148 | ​ |  | 8,831 | ​
Excess tax benefits resulting from exercises of stock-based compensation | ​ |  | (4,681) | ​ |  | (2,471) | ​ |  | (3,451) | ​
Resolution and settlements to uncertain tax positions | ​ |  | 577 | ​ |  | (4,146) | ​ |  | (9,432) | ​
Foreign Derived Intangible Income Deduction | ​ |  | (2,197) | ​ |  | (1,267) | ​ |  | (4,315) | ​
Foreign rate variance | ​ |  | 2,131 | ​ |  | 85 | ​ |  | 7,023 | ​
Valuation allowances | ​ |  | (4,209) | ​ |  | 4,753 | ​ |  | 3,198 | ​
Research and development credit | ​ |  | (5,300) | ​ |  | (4,400) | ​ |  | (4,786) | ​
Pension plan termination adjustment | ​ | ​ | (14,711) | ​ | ​ | — | ​ | ​ | — | ​
U.S. tax cost (benefit) of foreign source income | ​ | ​ | 3,488 | ​ | ​ | 269 | ​ | ​ | 1,783 | ​
Other | ​ |  | 1,065 | ​ |  | 3,477 | ​ |  | (825) | ​
Total | ​ | $ | 48,418 | ​ | $ | 57,896 | ​ | $ | 75,410 | ​
Effective tax rate | ​ |  | 14.9 | % |  | 21.9 | % |  | 20.5 | %
Significant components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities at December 31, 2021 and 2020, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2021 |  | 2020
Deferred tax assets: | ​ | ​ |  |  | ​ |
Tax loss and credit carry-forwards | ​ | $ | 46,889 | ​ | $ | 56,076
Inventory | ​ |  | 1,929 | ​ |  | 2,525
Other accruals | ​ |  | 13,395 | ​ |  | 14,084
Employee benefits | ​ |  | 28,163 | ​ |  | 27,673
Pension obligations | ​ |  | 9,760 | ​ |  | 13,021
Other | ​ |  | 5,073 | ​ |  | 4,306
Deferred tax assets, gross | ​ |  | 105,209 | ​ |  | 117,685
Valuation allowance | ​ |  | (55,619) | ​ |  | (65,413)
Deferred tax assets, net | ​ |  | 49,590 | ​ |  | 52,272
Deferred tax liabilities: | ​ |  | ​ | ​ |  |
Property, plant and equipment | ​ |  | 40,422 | ​ |  | 36,795
Intangible assets | ​ |  | 18,253 | ​ |  | 13,595
Inventory | ​ |  | 3,716 | ​ |  | 5,586
Pension obligations | ​ |  | 16,397 | ​ |  | 16,070
Other | ​ |  | 9,202 | ​ |  | 10,009
Deferred tax liabilities | ​ |  | 87,990 | ​ |  | 82,055
Total deferred taxes | ​ | $ | (38,400) | ​ | $ | (29,783)
Summary of the activity related to unrecognized tax benefits | The following table summarizes the activity related to unrecognized tax benefits: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 | ​ | 2020
Balance at beginning of year |  | $ | 17,596 |  | $ | 20,585
Increase related to current year tax provisions | ​ |  | 2,693 | ​ |  | 1,661
Increase/(decrease) related to prior years' tax positions | ​ |  | (17) | ​ |  | 683
Decrease related to settlements with taxing authorities | ​ |  | — | ​ |  | (1,476)
Resolution of and other decreases in prior years' tax liabilities | ​ |  | (1,585) | ​ |  | (4,537)
Other | ​ |  | (476) | ​ |  | 680
Balance at end of year | ​ | $ | 18,211 | ​ | $ | 17,596

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- 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=121826272&loc=d3e32687-109319 + Details
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