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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax (Benefit)/Expense | The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:
(in thousands) |  |  | 2018 |  | 2017 |  | 2016 |
Income tax based on income from continuing operations, at |  |  |  |  |  |
estimated tax rates of 31%, 32%, and 35%, respectively | $36,044 |  | $17,519 |  | $27,629 |
Income tax before discrete items |  | 36,044 |  | 17,519 |  | 27,629 |
Discrete tax expense(benefit): |  |  |  |  |  |  |
Net impact of mandatory deemed repatriation | (1,003 | ) | 5,758 |  | - |
Provision for/resolution of tax audits and contingencies, net | 1,286 |  | 1,329 |  | (2,856 | )
Adjustments to prior period tax liabilities | (1,284 | ) | (840 | ) | 586 |
Provision for/adjustment to beginning of year valuation allowances | (4,882 | ) | (3,522 | ) | (88 | )
Enacted tax legislation |  |  | 2,067 |  | 1,879 |  | 183 |
Total income tax expense |  |  | $32,228 |  | $22,123 |  | $25,454 |
Schedule of Income/(Loss) From Continuing Operations |
(in thousands) |  | 2018 |  | 2017 |  | 2016
Income/(loss) before income taxes: |  |  |  |  |  |  |  |  |
U.S. |  | $41,875 |  |  | $(5,865 | ) |  | $8,556 |
Non-U.S. |  | 73,372 |  |  | 60,573 |  |  | 69,710 |
|  | $115,247 |  |  | $54,708 |  |  | $78,266 |
Income tax provision |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $304 |  |  | $1,551 |  |  | $3,728 |
State |  | 4,996 |  |  | 1,770 |  |  | 176 |
Non-U.S. |  | 21,557 |  |  | 19,282 |  |  | 19,979 |
|  | $26,857 |  |  | $22,603 |  |  | $23,883 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | $10,700 |  |  | $1,881 |  |  | $2,138 |
State |  | (338 | ) |  | (1,237 | ) |  | 1,984 |
Non-U.S. |  | (4,991 | ) |  | (1,124 | ) |  | (2,551 | )
|  | $5,371 |  |  | $(480 | ) |  | $1,571 |
Total income tax expense |  | $32,228 |  |  | $22,123 |  |  | $25,454 |
Schedule of significant components of deferred income tax expense/(benefit) | The significant components of deferred income tax expense/(benefit) are as follows:
(in thousands) |  |  | 2018 |  | 2017 |  | 2016 |
Net effect of temporary differences | $(4,657 | ) | $(5,774 | ) | $7,214 |
Foreign tax credits |  |  | 9,437 |  | 8,340 |  | (6,869 | )
Retirement benefits |  |  | 2,360 |  | (502 | ) | 1,734 |
Net impact to operating loss carryforwards | 1,046 |  | (900 | ) | (603 | )
Enacted changes in tax laws and rates | 2,067 |  | 1,878 |  | 183 |
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances | (4,882 | ) | (3,522 | ) | (88 | )
Total |  |  |  | $5,371 |  | $(480 | ) | $1,571
Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate | A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:
| 2018 |  | 2017 |  | 2016 |
U.S. federal statutory tax rate | 21.0 | % | 35.0 | % | 35.0 | %
State taxes, net of federal benefit | 2.9 |  | 0.4 |  | 1.2 |
Non-U.S. local income taxes | 3.3 |  | 5.9 |  | 3.5 |
U.S. permanent adjustments | (0.3 | ) | 0.5 |  | 1.5 |
Foreign permanent adjustments | (0.4 | ) | 0.4 |  | 1.6 |
Foreign rate differential | 0.2 |  | (10.5 | ) | (11.3 | )
Net U.S. tax on non-U.S. earnings and foreign withholdings | 5.7 |  | 11.9 |  | 5.8 |
Provision for/resolution of tax audits and contingencies, net | 1.1 |  | 2.4 |  | (3.4 | )
Research and development and other tax credits | (0.1 | ) | (1.5 | ) | (1.2 | )
Provision for/adjustment to beginning of year valuation allowances | (4.2 | ) | (6.4 | ) | (0.1 | )
Enacted tax legislation and rate change | 1.8 |  | 3.0 |  | - |
Return to provision and other adjustments | (3.0 | ) | (0.7 | ) | (0.1 | )
Effective income tax rate | 28.0 | % | 40.4 | % | 32.5 | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
| U.S. | Non-U.S. |
(in thousands) | 2018 | 2017 | 2018 |  | 2017 |
Noncurrent deferred tax assets: |  |  |  |  |  |
Accounts receivable | $686 | $557 | $1,224 |  | $1,341 |
Inventories | 442 | 1,109 | 829 |  | 961 |
Deferred compensation | 4,460 | 3,300 | 1,053 |  | 1,362 |
Depreciation and amortization | - | - | 4,252 |  | 3,211 |
Postretirement benefits | 14,759 | 18,286 | 1,667 |  | 1,464 |
Tax loss carryforwards | 1,199 | 1,368 | 21,890 |  | 22,639 |
Tax credit carryforwards | 30,523 | 41,920 | 1,197 |  | 1,654 |
Other | 5,834 | 3,891 | - |  | - |
Noncurrent deferred tax assets |  |  |  |  |  |
before valuation allowance | 57,903 | 70,431 | 32,112 |  | 32,632 |
Less: valuation allowance | - | - | (8,389 | ) | (16,057 | )
Total noncurrent deferred tax assets | 57,903 | 70,431 | 23,723 |  | 16,575 |
Total deferred tax assets | $57,903 | $70,431 | $23,723 |  | $16,575 |
Noncurrent deferred tax liabilities: |  |  |  |  |  |
Unrepatriated foreign earnings | $4,028 | $914 | $- |  | $- |
Depreciation and amortization | 12,848 | 20,170 | - |  | - |
Deferred gain | 3,762 | 4,169 | - |  | - |
Other | 1,162 | 81 | 4,750 |  | 2,597 |
Total noncurrent deferred tax liabilities | $21,800 | $25,334 | $4,750 |  | $2,597 |
Net deferred tax liabilities | $21,800 | $25,334 | $4,750 |  | $2,597 |
Net deferred tax asset | $36,103 | $45,097 | $18,973 |  | $13,978
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, all of which, if recognized, would impact the effective tax rate:
(in thousands) |  |  | 2018 |  | 2017 |  | 2016 |
Unrecognized tax benefits balance at January 1st | $4,509 |  | $4,183 |  | $19,606 |
Increase in gross amounts of tax positions related to prior years | 2,008 |  | 480 |  | 62 |
Decrease in gross amounts of tax positions related to prior years | (358 | ) | (50 | ) | (2,129 | )
Increase in gross amounts of tax positions related to current years | - |  | - |  | 585 |
Decrease due to settlements with tax authorities | (1,626 | ) | (381 | ) | (14,029 | )
Decrease due to lapse in statute of limitations | (479 | ) | (29 | ) | (163 | )
Currency translation |  |  | (264 | ) | 306 |  | 251 |
Unrecognized tax benefits balance at December 31 | $3,790 |  | $4,509 |  | $4,183 |
Schedule of Current Income Taxes Prepaid and Deferred | As of December 31, 2018, and 2017, current income taxes prepaid and receivable consisted of the following:
(in thousands) |  |  | 2018 | 2017
Prepaid taxes |  |  | $ 4,859 | $ 4,872
Taxes receivable |  |  | 2,614 | 1,394
Total current income taxes prepaid and receivable | $ 7,473 | $ 6,266
Schedule of Non-Current Deferred Taxes and Other Liabilities | As of December 31, 2018, and 2017, noncurrent deferred taxes and other liabilities consisted of the following:
(in thousands) |  |  | 2018 | 2017
Deferred income taxes |  |  | $ 7,547 | $ 9,573
Other liabilities |  |  | 875 | 1,418
Total noncurrent deferred taxes and other liabilities |  |  | $ 8,422 | $ 10,991

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