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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Earnings Before Income Taxes | Earnings before income taxes were as follows:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
United States |  | $ | 71,764 |  |  | $ | 72,593 |  |  | $ | 38,356 |
Foreign |  |  | 85,720 |  |  |  | 65,252 |  |  |  | 62,647 |
Total |  | $ | 157,484 |  |  | $ | 137,845 |  |  | $ | 101,003 |
Provision for Income Taxes | The provision for income taxes was as follows:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current income tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 16,807 |  |  | $ | 9,660 |  |  | $ | 12,994 |
State |  |  | 5,128 |  |  |  | 3,000 |  |  |  | 2,622 |
Foreign |  |  | 22,875 |  |  |  | 24,418 |  |  |  | 22,680 |
|  |  | 44,810 |  |  |  | 37,078 |  |  |  | 38,296 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (4,159 | ) |  |  | (6,918 | ) |  |  | (17,246 | )
State |  |  | (1,189 | ) |  |  | (565 | ) |  |  | 18 |
Foreign |  |  | (723 | ) |  |  | (1,222 | ) |  |  | (2,112 | )
|  |  | (6,071 | ) |  |  | (8,705 | ) |  |  | (19,340 | )
Income taxes |  | $ | 38,739 |  |  | $ | 28,373 |  |  | $ | 18,956 |
Effective Income Tax Rate Reconciliation | The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 2.9 |  |  |  | 2.2 |  |  |  | 2.2 |
Tax credits |  |  | (1.4 | ) |  |  | (1.5 | ) |  |  | (2.6 | )
Taxes on foreign earnings |  |  | 4.7 |  |  |  | 2.8 |  |  |  | 5.1 |
Global Intangible Low-Taxed Income |  |  | 0.7 |  |  |  | 0.1 |  |  |  | 0.9 |
Foreign Derived Intangible Income |  |  | (0.9 | ) |  |  | (1.1 | ) |  |  | (1.0 | )
Loss on balance sheet hedge |  |  | 0.7 |  |  |  | 2.0 |  |  |  | - |
Resolution of prior years’ tax matters |  |  | (0.4 | ) |  |  | (0.1 | ) |  |  | (0.4 | )
Valuation allowance adjustments |  |  | (1.9 | ) |  |  | (3.7 | ) |  |  | (8.8 | )
Other, net |  |  | (0.8 | ) |  |  | (1.1 | ) |  |  | 2.4 |
Effective tax rate |  |  | 24.6 | % |  |  | 20.6 | % |  |  | 18.8 | %
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) |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Benefit plans |  | $ | 10,360 |  |  | $ | 7,665 |
Liabilities and reserves |  |  | 16,978 |  |  |  | 19,291 |
Operating loss and credit carryovers |  |  | 68,646 |  |  |  | 77,756 |
Other |  |  | 10,031 |  |  |  | 13,228 |
Gross deferred tax assets |  |  | 106,015 |  |  |  | 117,940 |
Valuation allowance |  |  | (36,859 | ) |  |  | (47,813 | )
Deferred tax assets |  |  | 69,156 |  |  |  | 70,127 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (32,560 | ) |  |  | (31,709 | )
Goodwill |  |  | (21,044 | ) |  |  | (22,012 | )
Deferred tax liabilities |  |  | (53,604 | ) |  |  | (53,721 | )
Net deferred tax assets |  | $ | 15,552 |  |  | $ | 16,406 |
Reconciliation of Change in Liability for Unrecognized Tax Benefits | A reconciliation of the change in the liability for unrecognized tax benefits for 2021 and 2020 is as follows:
(In thousands) |  | 2021 |  |  | 2020 |
Balance at beginning of year |  | $ | 7,445 |  |  | $ | 6,032 |
Increases for tax positions taken in the current year |  |  | 715 |  |  |  | 805 |
Increases for tax positions taken in prior years |  |  | - |  |  |  | 1,267 |
Decreases related to settlements with tax authorities |  |  | (3,643 | ) |  |  | (386 | )
Decreases as a result of lapse of the applicable statutes of limitations |  |  | (367 | ) |  |  | (625 | )
Foreign currency exchange rate changes |  |  | (389 | ) |  |  | 352 |
Balance at the end of year |  | $ | 3,761 |  |  | $ | 7,445 |

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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=121826272&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=121826272&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=121826272&loc=d3e32840-109319 + Details
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