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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:
(in thousands) |  | 2020 |  | 2019 |  | 2018
Income tax based on income from continuing operations, at estimated tax rates of 28%, 28%, and 31%, respectively |  | $ | 39,544 |  |  | $ | 49,977 |  |  | $ | 36,044 |
Income tax before discrete items |  | 39,544 |  |  | 49,977 |  |  | 36,044 |
Discrete tax expense/(benefit): |  |  |  |  |  |
Net impact of mandatory deemed repatriation |  | — |  |  | — |  |  | (1,003) |
Provision for/resolution of tax audits and contingencies, net |  | 752 |  |  | (2,874) |  |  | 1,286 |
Adjustments to prior period tax liabilities |  | (2,420) |  |  | (1,637) |  |  | (1,284) |
Provision for/adjustment to beginning of year valuation allowances |  | 168 |  |  | (525) |  |  | (4,882) |
Enacted tax legislation |  | — |  |  | (112) |  |  | 2,067 |
Tax effect of non-deductible foreign exchange loss on intercompany loan |  | 3,801 |  |  | — |  |  | — |
Other |  | (14) |  |  | — |  |  | — |
Total income tax expense |  | $ | 41,831 |  |  | $ | 44,829 |  |  | $ | 32,228 |
(in thousands) |  | 2020 |  | 2019 |  | 2018
Income/(loss) before income taxes: |  |  |  |  |  |
U.S. |  | $ | 63,375 |  |  | $ | 76,024 |  |  | $ | 41,875 |
Non-U.S. |  | 75,699 |  |  | 102,188 |  |  | 73,372 |
|  | $ | 139,074 |  |  | $ | 178,212 |  |  | $ | 115,247 |
Income tax provision |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 1,415 |  |  | $ | 780 |  |  | $ | 304 |
State |  | 2,028 |  |  | 6,357 |  |  | 4,996 |
Non-U.S. |  | 26,916 |  |  | 25,255 |  |  | 21,557 |
|  | $ | 30,359 |  |  | $ | 32,392 |  |  | $ | 26,857 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 11,211 |  |  | $ | 10,583 |  |  | $ | 10,700 |
State |  | 192 |  |  | 253 |  |  | (338) |
Non-U.S. |  | 69 |  |  | 1,601 |  |  | (4,991) |
|  | $ | 11,472 |  |  | $ | 12,437 |  |  | $ | 5,371 |
Total income tax expense |  | $ | 41,831 |  |  | $ | 44,829 |  |  | $ | 32,228 |
Schedule of Components of Deferred Income Tax Expense/(Benefit) | The significant components of deferred income tax expense/(benefit) are as follows:
(in thousands) |  | 2020 |  | 2019 |  | 2018
Net effect of temporary differences |  | $ | 5,262 |  |  | $ | (18) |  |  | $ | (4,657) |
Foreign tax credits |  | 7,173 |  |  | 12,530 |  |  | 9,437 |
Retirement benefits |  | 401 |  |  | (752) |  |  | 2,360 |
Net impact to operating loss carryforwards |  | (1,532) |  |  | 1,314 |  |  | 1,046 |
Enacted changes in tax laws and rates |  |  |  | (112) |  |  | 2,067 |
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances |  | 168 |  |  | (525) |  |  | (4,882) |
Total |  | $ | 11,472 |  |  | $ | 12,437 |  |  | $ | 5,371 |
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:
| 2020 |  | 2019 |  | 2018 |
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
State taxes, net of federal benefit | 1.8 |  |  | 3.0 |  |  | 2.9 |  |
Non-U.S. local income taxes | 3.2 |  |  | 4.4 |  |  | 3.3 |  |
U.S. permanent adjustments | 0.1 |  |  | — |  |  | (0.3) |  |
Foreign permanent adjustments | 0.2 |  |  | 0.4 |  |  | (0.4) |  |
Foreign rate differential | 0.6 |  |  | 0.5 |  |  | 0.2 |  |
Net U.S. tax on non-U.S. earnings and foreign withholdings | 1.2 |  |  | 0.3 |  |  | 5.7 |  |
Provision for/resolution of tax audits and contingencies, net | 0.5 |  |  | (1.6) |  |  | 1.1 |  |
Research and development and other tax credits | (0.4) |  |  | (0.3) |  |  | (0.1) |  |
Provision for/adjustment to beginning of year valuation allowances | 0.2 |  |  | (0.3) |  |  | (4.2) |  |
Enacted tax legislation and rate change | — |  |  | (0.1) |  |  | 1.8 |  |
Tax effect of non-deductible foreign exchange loss on intercompany loan | 2.7 |  |  | — |  |  | — |  |
Return to provision and other adjustments | (1.0) |  |  | (2.1) |  |  | (3.0) |  |
Effective income tax rate | 30.1 | % |  | 25.2 | % |  | 28.0 | % |
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) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 672 |  |  | $ | 823 |  |  | $ | 1,453 |  |  | $ | 1,050 |
Inventories |  | 762 |  |  | 636 |  |  | 1,995 |  |  | 1,231 |
Accrued liabilities, deferred compensation |  | 4,490 |  |  | 4,730 |  |  | 1,064 |  |  | 1,386 |
Property, plant, equipment and intangibles, net |  | — |  |  | — |  |  | 2,382 |  |  | 4,892 |
Other noncurrent liabilities |  | 12,498 |  |  | 14,885 |  |  | 82 |  |  | 1,048 |
Tax loss carryforwards |  | 517 |  |  | 2,266 |  |  | 24,509 |  |  | 21,467 |
Tax credit carryforwards |  | 9,236 |  |  | 15,931 |  |  | 954 |  |  | 936 |
Derivatives |  | 3,283 |  |  | 1,411 |  |  | — |  |  | — |
Other noncurrent liabilities, reserves |  | 2,704 |  |  | 2,953 |  |  | — |  |  | — |
Deferred revenue |  | 1,471 |  |  | 2,417 |  |  | — |  |  | — |
Other |  |  |  | — |  |  | 638 |  |  | — |
Noncurrent deferred tax assets before valuation allowance |  | 35,633 |  |  | 46,052 |  |  | 33,077 |  |  | 32,010 |
Less: valuation allowance |  | (9) |  |  | — |  |  | (10,261) |  |  | (9,102) |
Total noncurrent deferred tax assets |  | 35,624 |  |  | 46,052 |  |  | 22,816 |  |  | 22,908 |
Total deferred tax assets |  | $ | 35,624 |  |  | $ | 46,052 |  |  | $ | 22,816 |  |  | $ | 22,908 |
Noncurrent deferred tax liabilities: |  |  |  |  |  |  |  |
Unrepatriated foreign earnings |  | $ | 3,779 |  |  | $ | 2,202 |  |  | $ | — |  |  | $ | — |
Property, plant, equipment and intangibles, net |  | 3,122 |  |  | 4,404 |  |  | — |  |  | — |
Deferred gain |  | 2,911 |  |  | 3,391 |  |  | — |  |  | — |
Flow-through deferred tax liabilities |  | 6,881 |  |  | 6,205 |  |  | — |  |  | — |
Deferred revenue |  | — |  |  | — |  |  | 11,989 |  |  | 8,492 |
Other |  | 519 |  |  | 510 |  |  | — |  |  | 3,137 |
Total noncurrent deferred tax liabilities |  | $ | 17,212 |  |  | $ | 16,712 |  |  | $ | 11,989 |  |  | $ | 11,629 |
Net deferred tax liabilities |  | $ | 17,212 |  |  | $ | 16,712 |  |  | $ | 11,989 |  |  | $ | 11,629 |
Net deferred tax asset |  | $ | 18,412 |  |  | $ | 29,340 |  |  | $ | 10,827 |  |  | $ | 11,279 |
Schedule of Current Income Taxes Prepaid and Receivable | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, $1.3 million of which, if recognized, would impact the effective tax rate:
(in thousands) |  | 2020 |  | 2019 |  | 2018
Unrecognized tax benefits balance at January 1st |  | $ | 5,834 |  |  | $ | 3,790 |  |  | $ | 4,509 |
Increase in gross amounts of tax positions related to prior years |  | 540 |  |  | 4,874 |  |  | 2,008 |
Decrease in gross amounts of tax positions related to prior years |  | (637) |  |  | (2,239) |  |  | (358) |
Increase in gross amounts of tax positions related to current years |  | — |  |  | — |  |  | — |
Decrease due to settlements with tax authorities |  | — |  |  | — |  |  | (1,626) |
Decrease due to lapse in statute of limitations |  | (300) |  |  | (626) |  |  | (479) |
Currency translation |  | 54 |  |  | 35 |  |  | (264) |
Unrecognized tax benefits balance at December 31, |  | $ | 5,491 |  |  | $ | 5,834 |  |  | $ | 3,790 |
Schedule of Current Income Taxes Prepaid and Receivable | As of December 31, 2020, and 2019, current income taxes prepaid and receivable consisted of the following:
(in thousands) |  | 2020 |  | 2019
Prepaid taxes |  | $ | 5,234 |  |  | $ | 4,399 |
Taxes receivable |  | 706 |  |  | 1,763 |
Total current income taxes prepaid and receivable |  | $ | 5,940 |  |  | $ | 6,162 |
Schedule of Non-Current Deferred Taxes and Other Liabilities | As of December 31, 2020, and 2019, non-current deferred taxes and other liabilities consisted of the following:
(in thousands) |  | 2020 |  | 2019
Deferred income taxes |  | $ | 9,518 |  |  | $ | 11,002 |
Other liabilities |  | 1,266 |  |  | 1,224 |
Total noncurrent deferred taxes and other liabilities |  | $ | 10,784 |  |  | $ | 12,226 |

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