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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and 2021:

			Three months ended September 30,						Nine months ended September 30,
(in thousands, except percentages)			2022			2021			2022			2021
Income tax based on income from continuing operations (1)			$	2,208		$	13,150		$	28,315		$	37,733
Provision for change in estimated tax rate			674			397			740			179
Income tax before discrete items			2,882			13,547			29,055			37,912
Discrete tax expense:
Exercise of U.S. stock options			(9)			(4)			(17)			(160)
Impact of amended tax returns			—			—			(98)			—
True-up of prior year estimated taxes			(1,185)			(674)			(1,693)			(2,095)
Enacted tax legislation and rate change			—			—			—			352
Provision for/resolution of tax audits and contingencies, net			24			—			(116)			278
US Pension Settlement - Release of Residual Tax Effect			(5,217)			—			(5,217)			—
Other			322			20			359			88
Total income tax expense/(benefit)			$	(3,183)		$	12,889		$	22,273		$	36,375
(1) Calculated at estimated annual tax rates of 28.9% and 30.0% for the three and nine months ended September 30, 2022 and 2021.

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- References

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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