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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax Expense | Our income before income tax expense, as well as our provision for income taxes is shown in the table below.
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Income before income tax expense |  |  |  |  |  |
Domestic |  | $ | 203,327 |  |  | $ | 183,907 |  |  | $ | 157,459 |
Foreign |  | 127,960 |  |  | 147,683 |  |  | 132,826 |
|  | $ | 331,287 |  |  | $ | 331,590 |  |  | $ | 290,285 |
Income tax expense |  |  |  |  |  |
Current income taxes |  |  |  |  |  |
Federal |  | $ | 14,861 |  |  | $ | 29,955 |  |  | $ | 9,153 |
State |  | 6,106 |  |  | 9,551 |  |  | 4,679 |
Foreign |  | 32,198 |  |  | 30,414 |  |  | 27,192 |
|  | 53,165 |  |  | 69,920 |  |  | 41,024 |
Deferred income taxes |  |  |  |  |  |
Federal |  | 4,498 |  |  | 1,671 |  |  | 16,545 |
State |  | 1,090 |  |  | 630 |  |  | 2,888 |
Foreign |  | 1,966 |  |  | 5,083 |  |  | (4,906) |
|  | 7,554 |  |  | 7,384 |  |  | 14,527 |
Total income tax expense |  | $ | 60,719 |  |  | $ | 77,304 |  |  | $ | 55,551 |
Schedule of Provision for Income Taxes | Our income before income tax expense, as well as our provision for income taxes is shown in the table below.
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Income before income tax expense |  |  |  |  |  |
Domestic |  | $ | 203,327 |  |  | $ | 183,907 |  |  | $ | 157,459 |
Foreign |  | 127,960 |  |  | 147,683 |  |  | 132,826 |
|  | $ | 331,287 |  |  | $ | 331,590 |  |  | $ | 290,285 |
Income tax expense |  |  |  |  |  |
Current income taxes |  |  |  |  |  |
Federal |  | $ | 14,861 |  |  | $ | 29,955 |  |  | $ | 9,153 |
State |  | 6,106 |  |  | 9,551 |  |  | 4,679 |
Foreign |  | 32,198 |  |  | 30,414 |  |  | 27,192 |
|  | 53,165 |  |  | 69,920 |  |  | 41,024 |
Deferred income taxes |  |  |  |  |  |
Federal |  | 4,498 |  |  | 1,671 |  |  | 16,545 |
State |  | 1,090 |  |  | 630 |  |  | 2,888 |
Foreign |  | 1,966 |  |  | 5,083 |  |  | (4,906) |
|  | 7,554 |  |  | 7,384 |  |  | 14,527 |
Total income tax expense |  | $ | 60,719 |  |  | $ | 77,304 |  |  | $ | 55,551 |
Reconciliation Of U.S. Federal Statutory Rate To Effective Income Tax Rate | The reconciliation of the U.S. federal statutory rate to the effective income tax rate follows.
|  | % of Income Before Income Tax Expense
|  | 2020 |  | 2019 |  | 2018
Federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal tax |  | 1.7 |  |  | 2.4 |  |  | 2.1 |
Foreign operations |  | 0.7 |  |  | 1.7 |  |  | (0.9) |
Research tax credit |  | (1.7) |  |  | (1.7) |  |  | (1.5) |
Foreign-derived intangible tax benefit |  | (0.4) |  |  | (2.1) |  |  | (2.4) |
U.S. minimum tax on foreign income |  | 0.5 |  |  | 1.0 |  |  | 1.5 |
Uncertain tax positions |  | (1.7) |  |  | 0.8 |  |  | 0.7 |
Taxes applicable to prior years |  | (1.4) |  |  | (0.3) |  |  | (0.7) |
Change in U.S. tax rate |  | 0.0 |  |  | 0.0 |  |  | (2.0) |
Other items and adjustments |  | (0.4) |  |  | 0.5 |  |  | 1.3 |
Effective income tax rate |  | 18.3 | % |  | 23.3 | % |  | 19.1 | %
Schedule of Deferred Income Tax Assets and Liabilities | Our deferred income tax assets and liabilities follow.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Deferred income tax assets |  |  |  |
Operating loss and credit carryforwards |  | $ | 14,965 |  |  | $ | 13,375 |
Trademark expenses |  | 3,678 |  |  | 3,892 |
Foreign currency translation adjustments |  | 3,728 |  |  | 4,772 |
Other |  | 6,238 |  |  | 7,015 |
Gross deferred income tax assets |  | 28,609 |  |  | 29,054 |
Valuation allowance |  | (12,548) |  |  | (13,152) |
Total deferred income tax assets |  | 16,061 |  |  | 15,902 |
Deferred income tax liabilities |  |  |  |
Depreciation and amortization |  | 59,847 |  |  | 56,618 |
Future employee benefits |  | 1,670 |  |  | 4,064 |
Other |  | 6,593 |  |  | 6,089 |
Total deferred income tax liabilities |  | 68,110 |  |  | 66,771 |
Net deferred income tax (liabilities) assets |  | $ | (52,049) |  |  | $ | (50,869) |
Schedule of Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the unrecognized tax benefits from uncertain positions is as follows:
|  | December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Balance at beginning of year |  | $ | 13,543 |  |  | $ | 10,660 |  |  | $ | 9,102 |
Increases for tax positions of prior years |  | 363 |  |  | 3,176 |  |  | 2,123 |
Increases for tax positions of the current year |  | 824 |  |  | 703 |  |  | 614 |
Settlements |  | 0 |  |  | (440) |  |  | (252) |
Lapses of statutes |  | (7,825) |  |  | (556) |  |  | (927) |
Balance at end of year |  | $ | 6,905 |  |  | $ | 13,543 |  |  | $ | 10,660 |

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- 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
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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 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
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