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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Provision for income taxes consisted of the following:

For the year ended December 31
(in thousands)						2021						2020						2019
Income before income taxes:
U.S.						$	63,708					$	63,375					$	76,024
Non-U.S.						102,223						75,699						102,188
						$	165,931					$	139,074					$	178,212
Income tax expense/(benefit)
Current:
Federal						$	3,348					$	1,415					$	780
State						2,663						2,028						6,357
Non-U.S.						29,319						26,916						25,255
						$	35,330					$	30,359					$	32,392
Deferred:
Federal						$	9,911					$	11,211					$	10,583
State						(24)						192						253
Non-U.S.						1,946						69						1,601
						$	11,833					$	11,472					$	12,437
Total income tax expense						$	47,163					$	41,831					$	44,829

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:

For the year ended December 31			2021						2020						2019
U.S. federal statutory tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			1.8						1.8						3.0
Non-U.S. local income taxes			2.5						3.2						4.4
U.S. permanent adjustments			1.1						0.1						—
Foreign rate differential			1.2						0.6						0.5
Net U.S. tax on non-U.S. earnings and foreign withholdings			2.1						1.2						0.3
Provision for/(resolution) of tax audits and contingencies, net			0.1						0.5						(1.6)
Tax effect of non-deductible foreign exchange loss on intercompany loan			—						2.7						—
Impact of amended tax returns			(1.3)						—						—
Return to provision and other adjustments			(0.1)						(1.0)						(2.4)
Effective income tax rate			28.4		%				30.1		%				25.2		%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

For the year ended December 31						U.S.												Non-U.S.
(in thousands)						2021						2020						2021						2020
Deferred tax assets:
Accounts receivable, net						$	428					$	672					$	1,378					$	1,453
Inventories						1,450						762						1,752						1,995
Incentive compensation						4,580						4,490						1,084						1,064
Property, plant, equipment and intangibles, net						—						—						4,339						2,382
Pension, post retirement benefits - non-current						12,912						12,498						—						82
Tax loss carryforwards						217						517						19,821						24,509
Tax credit carryforwards						4,643						9,236						—						954
Derivatives						468						3,283						—						—
Reserves						991						2,704						—						—
Deferred revenue						239						1,471						—						—
Other						—						—						1,791						638
Deferred tax assets before valuation allowance						25,928						35,633						30,165						33,077
Less: valuation allowance						(9)						(9)						(10,650)						(10,261)
Total deferred tax assets						$	25,919					$	35,624					$	19,515					$	22,816
Deferred tax liabilities:
Unrepatriated foreign earnings						$	6,308					$	3,779					$	—					$	—
Property, plant, equipment and intangibles, net						5,356						3,122						—						—
Basis difference in partner capital						2,466						2,911						—						—
Basis difference in investment						3,985						6,881						—						—
Deferred revenue						—						—						10,829						11,989
Other						963						519						602						—
Total deferred tax liabilities						$	19,078					$	17,212					$	11,431					$	11,989
Net deferred tax asset						$	6,841					$	18,412					$	8,084					$	10,827

Summary Of Operating And Capital Loss And Tax Credit Carryforwards

As of December 31, 2021, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:

(in thousands)						Expiration Period						Net Operating and Capital Loss Carryforwards						Tax Credit Carryforwards
Jurisdiction
U.S. Federal						2025 - 2040						$	—					$	4,802
U.S. State						2027 - 2035						3,471						400
U.S. State						Indefinite						52						—
Non-U.S.						2025 - 2030						22,383						—
Non-U.S.						Indefinite						43,154						—
Balance at end of year												$	69,060					$	5,202

Schedule of Unrecognized Tax Benefits

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, $1.5 million would impact the effective tax rate at December 31, 2021:

(in thousands)						2021						2020						2019
Unrecognized tax benefits balance at January 1,						$	5,491					$	5,834					$	3,790
Increase in gross amounts of tax positions related to prior years						278						540						4,874
Decrease in gross amounts of tax positions related to prior years						(4,236)						(637)						(2,239)
Increase in gross amounts of tax positions related to current years						—						—						—
Decrease due to settlements with tax authorities						—						—						—
Decrease due to lapse in statute of limitations						(39)						(300)						(626)
Currency translation						(35)						54						35
Unrecognized tax benefits balance at December 31,						$	1,459					$	5,491					$	5,834

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