XML 140 R43.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes

The components of income before income taxes were as follows:

	Year ended December 31,
(in thousands)	2019				2018				2017
Domestic operations	$	70,632			$	54,003			$	61,158
Foreign operations	94,533				96,301				90,518
Income before income taxes	$	165,165			$	150,304			$	151,676

Schedule of income tax expense

Income tax expense/ (benefit) was as follows:

	Year ended December 31,
(in thousands)	2019				2018				2017
Current expense (benefit)
United States	$	1,121			$	1,795			$	(906	)
Foreign	31,005				29,896				28,109
Current income tax expense	32,126				31,691				27,203
Deferred expense (benefit)
United States	9,539				16,222				21,189
Foreign	(1,065		)		(681		)		83
Deferred income tax expense	8,474				15,541				21,272
Total income tax expense	$	40,600			$	47,232			$	48,475

Schedule of reconciliation of income taxes

The following table represents a reconciliation of income taxes computed at the federal statutory income tax rate of 21% for 2019, 21% for 2018, and 35% for 2017 to income tax expense as reported:

	Year ended December 31,
(in thousands)	2019				2018				2017
Income tax expense computed at federal statutory income tax rate	$	34,685			$	31,564			$	53,086
Foreign taxes, net of credits	714				13,316				(16,840		)
Impact of the 2017 Tax Act	—				10,801				12,619
Net adjustments for uncertain tax positions	799				771				508
State and local taxes	1,832				2,349				1,313
Equity appreciation rights	—				—				(765		)
Nondeductible expenses	1,179				962				1,407
Valuation allowance	2,882				(10,038		)		90
Tax credits	(607		)		(2,800		)		(3,240		)
Miscellaneous other, net	(884		)		307				297
Income tax expense as reported	$	40,600			$	47,232			$	48,475
Effective income tax rate	24.6		%		31.4		%		32.0		%

Schedule of components of net deferred tax assets (liabilities)

The components of net deferred tax assets (liabilities) were as follows:

	December 31,
(in thousands)	2019				2018
Deferred tax assets
Compensation and benefits	$	13,208			$	14,036
Share-based compensation	2,682				7,446
Pension and other postretirement benefits	24,260				22,285
Inventories	15,379				11,505
R&D capitalization	12,925				6,449
Lease liability	9,669				—
Partnership investment	223				110
Transaction costs	1,365				1,580
Nondeductible accruals and reserves	6,907				7,248
Miscellaneous	2,802				2,379
Net operating loss and other tax carryforwards	74,586				80,671
Gross deferred tax assets	164,006				153,709
Valuation allowance	(18,424		)		(15,542		)
Total deferred tax assets	145,582				138,167
Deferred tax liabilities
Property, plant and equipment	(6,687		)		(8,057		)
Identifiable intangible assets	(62,349		)		(54,681		)
Right-of-use assets	(9,407		)		—
Foreign exchange derivative instruments	(154		)		(1,176		)
Miscellaneous	(1,281		)		(860		)
Total deferred tax liabilities	(79,878		)		(64,774		)
Net deferred tax asset	$	65,704			$	73,393

Schedule of changes in valuation allowance for deferred tax assets

Changes in the valuation allowance for deferred tax assets were as follows:

	Year ended December 31,
(in thousands)	2019				2018				2017
Valuation allowance at beginning of year	$	15,542			$	25,579			$	21,726
Increases (decreases) recorded to income tax provision	2,882				(10,037		)		3,853
Valuation allowance at end of year	$	18,424			$	15,542			$	25,579

Schedule of reconciliation of activity related to unrecognized tax benefits, excluding accrued interest and penalties

The following table represents a reconciliation of the activity related to the unrecognized tax benefits, excluding accrued interest and penalties:

(in thousands)	2019				2018				2017
Unrecognized tax benefits at beginning of year	$	11,646			$	11,049			$	11,347
Gross additions - current year tax positions	787				801				1,159
Gross additions - acquired tax positions	659				—				—
Gross reductions - prior year tax positions	(248		)		(91		)		(348		)
Gross reductions - Acquired tax positions settled with tax authorities	(461		)		(113		)		(1,241		)
Impact of change in foreign exchange rates	(16		)		—				132
Unrecognized tax benefits at end of year	$	12,367			$	11,646			$	11,049

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 income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320

Reference 2: 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

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ 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
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration