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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents components of income tax expense for the three and nine months ended September 30, 2021 and 2020:

			Three months ended September 30,						Nine months ended September 30,
(in thousands, except percentages)			2021			2020			2021			2020
Income tax based on income from continuing operations (1)			$	13,150		$	12,666		$	37,733		$	36,237
Provision for change in estimated tax rate			397			(1,196)			179			(1,687)
Income tax before discrete items			13,547			11,470			37,912			34,550
Discrete tax expense:
Exercise of U.S. stock options			(4)			(7)			(160)			(7)
Adjustments to prior period tax liabilities			(674)			(1,750)			(2,095)			(983)
Revaluation of deferred tax assets due to tax rate change			—			—			352			—
Provision for/resolution of tax audits and contingencies, net			—			(46)			278			(1,779)
Write-off of net operating losses related to tax audit			—			—			—			1,830
Tax effect of non-deductible foreign exchange loss on intercompany loan			—			3			—			3,658
Creation of valuation allowance			—			8			—			230
Other			20			8			88			5
Total income tax expense			$	12,889		$	9,686		$	36,375		$	37,504
(1) Calculated at estimated tax rates of 30.0% and 32.2%, respectively

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- References

No definition available.

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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=121826272&loc=d3e32639-109319

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