XML 94 R41.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes |
(In thousands) | 2022 |  | 2021 |  | 2020
Components of income before income taxes |  |  |  |  |
U.S. income (loss) | $ | 170,426 |  |  | $ | (59,746) |  |  | $ | 109,726 |
Non-U.S. income | 68,107 |  |  | 83,350 |  |  | 58,421 |
Income before income taxes | $ | 238,533 |  |  | $ | 23,604 |  |  | $ | 168,147 |
Provision for income taxes |  |  |  |  |
Current |  |  |  |  |
Federal | $ | 26,022 |  |  | $ | 13,179 |  |  | $ | 23,587 |
State | 7,708 |  |  | 5,000 |  |  | 4,896 |
Non-U.S. | 20,002 |  |  | 22,487 |  |  | 16,780 |
Total current provision | $ | 53,732 |  |  | $ | 40,666 |  |  | $ | 45,263 |
Deferred |  |  |  |  |
Federal | $ | 7,350 |  |  | $ | (29,631) |  |  | $ | (573) |
State | 862 |  |  | (7,204) |  |  | (579) |
Non-U.S. | (3,041) |  |  | (2,015) |  |  | (1,102) |
Total deferred provision (benefit) | 5,171 |  |  | (38,850) |  |  | (2,254) |
Provision for income taxes | $ | 58,903 |  |  | $ | 1,816 |  |  | $ | 43,009 |
Reconciliation of U.S. Federal Income Tax Rates to Effective Tax Rate | Reconciliation of the U.S. federal income tax rates to our effective tax rate:
| 2022 |  | 2021 |  | 2020
U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes-U.S. | 2.9 | % |  | (7.0) | % |  | 2.0 | %
Nondeductible compensation | 1.2 | % |  | 15.3 | % |  | 3.4 | %
Valuation allowances | 0.8 | % |  | 7.0 | % |  | 0.8 | %
Foreign exchange on entity closures | 0.3 | % |  | (0.4) | % |  | — | %
Taxes on non-U.S. income | 0.1 | % |  | (10.9) | % |  | 2.6 | %
Employee share-based payments | (0.8) | % |  | (18.3) | % |  | (3.9) | %
Research and development credit | (0.4) | % |  | (5.3) | % |  | (1.2) | %
Taxes on non-U.S. income - U.S., Canadian & European reorganization | — | % |  | — | % |  | 0.7 | %
Other | (0.4) | % |  | 6.3 | % |  | 0.2 | %
Effective income tax rate | 24.7 | % |  | 7.7 | % |  | 25.6 | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities:
| December 31,
(In thousands) | 2022 |  | 2021
Deferred tax assets |  |  |
Product liability | $ | 72,950 |  |  | $ | 71,709 |
Capitalized research and development | 26,988 |  |  | 25,644 |
Net operating losses and tax credit carryforwards | 10,696 |  |  | 9,404 |
Accrued expenses and other reserves | 5,738 |  |  | 4,627 |
Share-based compensation | 4,562 |  |  | 3,619 |
Other | 5,068 |  |  | 4,785 |
Total deferred tax assets | 126,002 |  |  | 119,788 |
Valuation allowances | (10,017) |  |  | (8,812) |
Net deferred tax assets | 115,985 |  |  | 110,976 |
Deferred tax liabilities |  |  |
Goodwill and intangibles | (80,383) |  |  | (79,285) |
Property, plant and equipment | (18,735) |  |  | (17,088) |
Employee benefits | (18,899) |  |  | (8,985) |
Inventory | — |  |  | (1,264) |
Other | (4,359) |  |  | (2,434) |
Total deferred tax liabilities | (122,376) |  |  | (109,056) |
Net deferred taxes | $ | (6,391) |  |  | $ | 1,920 |
Reconciliation of Change In Tax Liability for Unrecognized Tax Benefits | A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2022 and 2021 is as follows:
(In thousands) | 2022 |  | 2021
Beginning balance | $ | 4,937 |  |  | $ | 8,092 |
Adjustments for tax positions related to the current year | 100 |  |  | 182 |
Adjustments for tax positions related to prior years | 155 |  |  | 733 |
Settlements | — |  |  | (3,211) |
Statute expiration | — |  |  | (859) |
Ending balance | $ | 5,192 |  |  | $ | 4,937 |

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 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration