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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Earnings Before Income Taxes | Earnings before income taxes were as follows:
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | 72,593 |  |  | $ | 38,356 |  |  | $ | 80,641 |
Foreign |  |  | 65,252 |  |  |  | 62,647 |  |  |  | 100,884 |
Total |  | $ | 137,845 |  |  | $ | 101,003 |  |  | $ | 181,525 |
Provision for Income Taxes | The provision for income taxes was as follows:
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal (1) |  | $ | 9,660 |  |  | $ | 12,994 |  |  | $ | (9,071 | )
State |  |  | 3,000 |  |  |  | 2,622 |  |  |  | 205 |
Foreign |  |  | 24,418 |  |  |  | 22,680 |  |  |  | 23,187 |
|  |  | 37,078 |  |  |  | 38,296 |  |  |  | 14,321 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (6,918 | ) |  |  | (17,246 | ) |  |  | 3,977 |
State |  |  | (565 | ) |  |  | 18 |  |  |  | 3,164 |
Foreign |  |  | (1,222 | ) |  |  | (2,112 | ) |  |  | 2,703 |
|  |  | (8,705 | ) |  |  | (19,340 | ) |  |  | 9,844 |
Income taxes |  | $ | 28,373 |  |  | $ | 18,956 |  |  | $ | 24,165 |
| (1) | In 2018, this amount includes $3.9 million of income tax benefit related to a reduction in the 2017 estimate of the one-time transition tax on earnings of foreign subsidiaries enacted by the 2017 Tax Legislation (see discussion below).
Effective Income Tax Rate Reconciliation | The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 2.2 |  |  |  | 2.2 |  |  |  | 1.1 |
Tax credits |  |  | (1.5 | ) |  |  | (2.6 | ) |  |  | (1.5 | )
Taxes on foreign earnings |  |  | 2.8 |  |  |  | 5.1 |  |  |  | (0.4 | )
Global Intangible Low-Taxed Income |  |  | 0.1 |  |  |  | 0.9 |  |  |  | 0.6 |
Foreign Derived Tangible Income |  |  | (1.1 | ) |  |  | (1.0 | ) |  |  | (0.6 | )
Loss on balance sheet hedge |  |  | 2.0 |  |  |  | - |  |  |  | - |
Resolution of prior years’ tax matters |  |  | (0.1 | ) |  |  | (0.4 | ) |  |  | (0.3 | )
Valuation allowance adjustments |  |  | (3.7 | ) |  |  | (8.8 | ) |  |  | 0.4 |
2017 Tax Legislation |  |  | - |  |  |  | - |  |  |  | (3.7 | )
U.S. tax accounting method changes |  |  | - |  |  |  | - |  |  |  | (2.9 | )
Other, net |  |  | (1.1 | ) |  |  | 2.4 |  |  |  | (0.4 | )
Effective tax rate |  |  | 20.6 | % |  |  | 18.8 | % |  |  | 13.3 | %
Tax Effects of Temporary Differences - Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:
(In thousands) |  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |
Benefit plans |  | $ | 7,665 |  |  | $ | 6,293 |
Liabilities and reserves |  |  | 19,291 |  |  |  | 21,085 |
Operating loss and credit carryovers(1) |  |  | 77,756 |  |  |  | 82,000 |
Other |  |  | 13,228 |  |  |  | 1,126 |
Gross deferred tax assets |  |  | 117,940 |  |  |  | 110,504 |
Valuation allowance(1) |  |  | (47,813 | ) |  |  | (54,326 | )
Deferred tax assets |  |  | 70,127 |  |  |  | 56,178 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (31,709 | ) |  |  | (29,869 | )
Goodwill |  |  | (22,012 | ) |  |  | (21,744 | )
Other |  |  | - |  |  |  | (5,192 | )
Deferred tax liabilities |  |  | (53,721 | ) |  |  | (56,805 | )
Net deferred tax assets (liabilities) |  | $ | 16,406 |  |  | $ | (627 | )
| (1) | In the first quarter of 2019, the Company recognized an increase in its foreign tax credit carryover and corresponding valuation allowance of $16.2 million, related to the finalization of certain tax regulations.
Reconciliation of Change in Liability for Unrecognized Tax Benefits | A reconciliation of the change in the liability for unrecognized tax benefits for 2020 and 2019 is as follows:
(In thousands) |  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 6,032 |  |  | $ | 6,026 |
Increases for tax positions taken in the current year |  |  | 805 |  |  |  | 750 |
Increases for tax positions taken in prior years |  |  | 1,267 |  |  |  | 199 |
Decreases related to settlements with tax authorities |  |  | (386 | ) |  |  | (341 | )
Decreases as a result of lapse of the applicable statutes of limitations |  |  | (625 | ) |  |  | (591 | )
Foreign currency exchange rate changes |  |  | 352 |  |  |  | (11 | )
Balance at the end of year |  | $ | 7,445 |  |  | $ | 6,032 |

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