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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
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) |  | 2019 |  | 2018 |  | 2017
Income tax based on income from continuing operations, at estimated tax rates of 28%, 31%, and 32%, respectively |  | $49,977 |  | $36,044 |  | $17,519
Income tax before discrete items |  | 49,977 |  | 36,044 |  | 17,519
Discrete tax expense/(benefit): |  |  |  |  |  |
Net impact of mandatory deemed repatriation |  | — |  | (1,003) |  | 5,758
Provision for/resolution of tax audits and contingencies, net |  | (2,874) |  | 1,286 |  | 1,329
Adjustments to prior period tax liabilities |  | (1,637) |  | (1,284) |  | (840)
Provision for/adjustment to beginning of year valuation allowances |  | (525) |  | (4,882) |  | (3,522)
Enacted tax legislation |  | (112) |  | 2,067 |  | 1,879
Total income tax expense |  | $44,829 |  | $32,228 |  | $22,123
(in thousands) |  | 2019 |  | 2018 |  | 2017
Income/(loss) before income taxes: |  |  |  |  |  |
U.S. |  | $76,024 |  | $41,875 |  | $(5,865)
Non-U.S. |  | 102,188 |  | 73,372 |  | 60,573
|  | $178,212 |  | $115,247 |  | $54,708
Income tax provision |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $780 |  | $304 |  | $1,551
State |  | 6,357 |  | 4,996 |  | 1,770
Non-U.S. |  | 25,255 |  | 21,557 |  | 19,282
|  | $32,392 |  | $26,857 |  | $22,603
Deferred: |  |  |  |  |  |
Federal |  | $10,583 |  | $10,700 |  | $1,881
State |  | 253 |  | (338) |  | (1,237)
Non-U.S. |  | 1,601 |  | (4,991) |  | (1,124)
|  | $12,437 |  | $5,371 |  | $(480)
Total income tax expense |  | $44,829 |  | $32,228 |  | $22,123
Schedule of Income/(Loss) From Continuing Operations | The significant components of deferred income tax expense/(benefit) are as follows:
(in thousands) |  | 2019 |  | 2018 |  | 2017
Net effect of temporary differences |  | $(18) |  | $(4,657) |  | $(5,774)
Foreign tax credits |  | 12,530 |  | 9,437 |  | 8,340
Retirement benefits |  | (752) |  | 2,360 |  | (502)
Net impact to operating loss carryforwards |  | 1,314 |  | 1,046 |  | (900)
Enacted changes in tax laws and rates |  | (112) |  | 2,067 |  | 1,878
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances |  | (525) |  | (4,882) |  | (3,522)
Total |  | $12,437 |  | $5,371 |  | $(480)
Schedule of significant components of deferred income tax expense/(benefit) | A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:
|  | 2019 |  | 2018 |  | 2017
U.S. federal statutory tax rate |  | 21.0% |  | 21.0% |  | 35.0%
State taxes, net of federal benefit |  | 3.0 |  | 2.9 |  | 0.4
Non-U.S. local income taxes |  | 4.4 |  | 3.3 |  | 5.9
US permanent adjustments |  | — |  | (0.3) |  | 0.5
Foreign permanent adjustments |  | 0.4 |  | (0.4) |  | 0.4
Foreign rate differential |  | 0.5 |  | 0.2 |  | (10.5)
Net U.S. tax on non-U.S. earnings and foreign withholdings |  | 0.3 |  | 5.7 |  | 11.9
Provision for/resolution of tax audits and contingencies, net |  | (1.6) |  | 1.1 |  | 2.4
Research and development and other tax credits |  | (0.3) |  | (0.1) |  | (1.5)
Provision for/adjustment to beginning of year valuation allowances |  | (0.3) |  | (4.2) |  | (6.4)
Enacted tax legislation and rate change |  | (0.1) |  | 1.8 |  | 3.0
Return to provision and other adjustments |  | (2.1) |  | (3.0) |  | (0.7)
Effective income tax rate |  | 25.2% |  | 28.0% |  | 40.4%
Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate |
|  | U.S. |  | Non-U.S.
(in thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $823 |  | $686 |  | $1,050 |  | $1,224
Inventories |  | 636 |  | 442 |  | 1,231 |  | 829
Deferred compensation |  | 4,730 |  | 4,460 |  | 1,386 |  | 1,053
Depreciation and amortization |  | — |  | — |  | 4,892 |  | 4,252
Postretirement benefits |  | 14,885 |  | 14,759 |  | 1,048 |  | 1,667
Tax loss carryforwards |  | 2,266 |  | 1,199 |  | 21,467 |  | 21,890
Tax credit carryforwards |  | 15,931 |  | 30,523 |  | 936 |  | 1,197
Derivatives |  | 1,411 |  | — |  | — |  | —
Reserves |  | 2,953 |  | 3,954 |  | — |  | —
Deferred Revenue |  | 2,417 |  | 3,556 |  | — |  | —
Other |  | — |  | 516 |  | — |  | 990
Noncurrent deferred tax assets before valuation allowance |  | 46,052 |  | 60,095 |  | 32,010 |  | 33,102
Less: valuation allowance |  | — |  | — |  | (9,102) |  | (8,389)
Total noncurrent deferred tax assets |  | 46,052 |  | 60,095 |  | 22,908 |  | 24,713
Total deferred tax assets |  | $46,052 |  | $60,095 |  | $22,908 |  | $24,713
Noncurrent deferred tax liabilities: |  |  |  |  |  |  |  |
Unrepatriated foreign earnings |  | $2,202 |  | $4,028 |  | $— |  | $—
Depreciation and amortization |  | 4,404 |  | 12,848 |  | — |  | —
Postretirement benefits |  | — |  | — |  | — |  | —
Deferred gain |  | 3,391 |  | 3,762 |  | — |  | —
Derivatives |  | — |  | 1,162 |  | — |  | —
Flow-through DTL's |  | 6,205 |  | 2,192 |  | — |  | —
Deferred Revenue |  | — |  | — |  | 8,492 |  | 5,740
Other |  | 510 |  | — |  | 3,137 |  | —
Total noncurrent deferred tax liabilities |  | $16,712 |  | $23,992 |  | $11,629 |  | $5,740
Net deferred tax liabilities |  | $16,712 |  | $23,992 |  | $11,629 |  | $5,740
Net deferred tax asset |  | $29,340 |  | $36,103 |  | $11,279 |  | $18,973
Schedule of Deferred Tax Assets and Liabilities | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, $1.0 million of which, if recognized, would impact the effective tax rate:
(in thousands) |  | 2019 |  | 2018 |  | 2017
Unrecognized tax benefits balance at January 1st |  | $3,790 |  | $4,509 |  | $4,183
Increase in gross amounts of tax positions related to prior years |  | 4,874 |  | 2,008 |  | 480
Decrease in gross amounts of tax positions related to prior years |  | (2,239) |  | (358) |  | (50)
Increase in gross amounts of tax positions related to current years |  | — |  | — |  | —
Decrease due to settlements with tax authorities |  | — |  | (1,626) |  | (381)
Decrease due to lapse in statute of limitations |  | (626) |  | (479) |  | (29)
Currency translation |  | 35 |  | (264) |  | 306
Unrecognized tax benefits balance at December 31 |  | $5,834 |  | $3,790 |  | $4,509
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | As of December 31, 2019, and 2018, current income taxes prepaid and receivable consisted of the following:
(in thousands) |  | 2019 |  | 2018
Prepaid taxes |  | $4,399 |  | $4,859
Taxes receivable |  | 1,763 |  | 2,614
Total current income taxes prepaid and receivable |  | $6,162 |  | $7,473
Schedule of Current Income Taxes Prepaid and Deferred |
Schedule of Non-Current Deferred Taxes and Other Liabilities | As of December 31, 2019, and 2018, noncurrent deferred taxes and other liabilities consisted of the following:
(in thousands) |  | 2019 |  | 2018
Deferred income taxes |  | $11,002 |  | $7,547
Other liabilities |  | 1,224 |  | 875
Total noncurrent deferred taxes and other liabilities |  | $ 12,226 |  | $ 8,422

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- 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
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