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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Earnings Before Income Taxes | Earnings before income taxes were as follows:
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 73,192 |  |  | $ | 71,764 |  |  | $ | 72,593 |
Foreign |  |  | 109,012 |  |  |  | 85,720 |  |  |  | 65,252 |
Total |  | $ | 182,204 |  |  | $ | 157,484 |  |  | $ | 137,845 |
Provision for Income Taxes | The provision for income taxes was as follows:
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current income tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 21,640 |  |  | $ | 16,807 |  |  | $ | 9,660 |
State |  |  | 5,138 |  |  |  | 5,128 |  |  |  | 3,000 |
Foreign |  |  | 25,549 |  |  |  | 22,875 |  |  |  | 24,418 |
|  |  | 52,327 |  |  |  | 44,810 |  |  |  | 37,078 |
Deferred benefit: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (8,520 | ) |  |  | (4,159 | ) |  |  | (6,918 | )
State |  |  | (1,353 | ) |  |  | (1,189 | ) |  |  | (565 | )
Foreign |  |  | (1,137 | ) |  |  | (723 | ) |  |  | (1,222 | )
|  |  | (11,010 | ) |  |  | (6,071 | ) |  |  | (8,705 | )
Income taxes |  | $ | 41,317 |  |  | $ | 38,739 |  |  | $ | 28,373 |
Effective Income Tax Rate Reconciliation | The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Taxes at statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 1.7 |  |  |  | 3.0 |  |  |  | 2.2 |
Tax credits |  |  | (1.3 | ) |  |  | (1.4 | ) |  |  | (1.5 | )
Taxes on foreign earnings |  |  | 2.9 |  |  |  | 4.7 |  |  |  | 2.8 |
Global Intangible Low-Taxed Income |  |  | 0.4 |  |  |  | 0.7 |  |  |  | 0.1 |
Foreign Derived Intangible Income |  |  | (1.0 | ) |  |  | (0.9 | ) |  |  | (1.1 | )
Loss on balance sheet hedge |  |  | - |  |  |  | 0.7 |  |  |  | 2.0 |
Resolution of prior years’ tax matters |  |  | (0.1 | ) |  |  | (0.4 | ) |  |  | (0.1 | )
Valuation allowance adjustments |  |  | (2.7 | ) |  |  | (2.9 | ) |  |  | (3.7 | )
Nondeductible compensation |  |  | 1.9 |  |  |  | 1.1 |  |  |  | - |
Other, net |  |  | (0.1 | ) |  |  | (1.0 | ) |  |  | (1.1 | )
Effective tax rate |  |  | 22.7 | % |  |  | 24.6 | % |  |  | 20.6 | %
Certain reclassifications to prior year amounts have been made to conform to current year presentation.
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) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Benefit plans |  | $ | 8,601 |  |  | $ | 8,144 |
Liabilities and reserves |  |  | 18,623 |  |  |  | 16,577 |
Operating loss and credit carryovers |  |  | 60,070 |  |  |  | 68,646 |
Capitalized research and development costs |  |  | 7,882 |  |  |  | - |
Other |  |  | 4,414 |  |  |  | 10,031 |
Gross deferred tax assets |  |  | 99,590 |  |  |  | 103,398 |
Valuation allowance |  |  | (28,073 | ) |  |  | (34,242 | )
Deferred tax assets |  |  | 71,517 |  |  |  | 69,156 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (34,174 | ) |  |  | (32,560 | )
Goodwill |  |  | (20,603 | ) |  |  | (21,044 | )
Deferred tax liabilities |  |  | (54,777 | ) |  |  | (53,604 | )
Net deferred tax assets |  | $ | 16,740 |  |  | $ | 15,552 |
Certain reclassifications to prior year amounts have been made to conform to current year presentation.
Reconciliation of Change in Liability for Unrecognized Tax Benefits | A reconciliation of the change in the liability for unrecognized tax benefits for 2022 and 2021 is as follows:
(In thousands) |  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | 3,761 |  |  | $ | 7,445 |
Increases for tax positions taken in the current year |  |  | 800 |  |  |  | 715 |
Decreases related to settlements with tax authorities |  |  | (209 | ) |  |  | (3,643 | )
Decreases as a result of lapse of the applicable statutes of limitations |  |  | (338 | ) |  |  | (367 | )
Foreign currency exchange rate changes |  |  | (75 | ) |  |  | (389 | )
Balance at the end of year |  | $ | 3,939 |  |  | $ | 3,761 |

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