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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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) |  | 2022 |  | 2021 |  | 2020
Income before income taxes: |  |  |  |  |  |
U.S. |  | $ | 20,422 |  |  | $ | 63,708 |  |  | $ | 63,375 |
Non-U.S. |  | 111,558 |  |  | 102,223 |  |  | 75,699 |
|  | $ | 131,980 |  |  | $ | 165,931 |  |  | $ | 139,074 |
Income tax expense/(benefit) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 9,781 |  |  | $ | 3,348 |  |  | $ | 1,415 |
State |  | 5,126 |  |  | 2,663 |  |  | 2,028 |
Non-U.S. |  | 28,605 |  |  | 29,319 |  |  | 26,916 |
|  | $ | 43,512 |  |  | $ | 35,330 |  |  | $ | 30,359 |
Deferred: |  |  |  |  |  |
Federal |  | $ | (9,592) |  |  | $ | 9,911 |  |  | $ | 11,211 |
State |  | (1,866) |  |  | (24) |  |  | 192 |
Non-U.S. |  | 3,418 |  |  | 1,946 |  |  | 69 |
|  | $ | (8,040) |  |  | $ | 11,833 |  |  | $ | 11,472 |
Total income tax expense |  | $ | 35,472 |  |  | $ | 47,163 |  |  | $ | 41,831 |
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 | 2022 |  | 2021 |  | 2020 |
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
State taxes, net of federal benefit | 2.5 |  |  | 1.8 |  |  | 1.8 |  |
Non-U.S. local income taxes | 3.8 |  |  | 2.5 |  |  | 3.2 |  |
U.S. permanent adjustments | 1.4 |  |  | 1.1 |  |  | 0.1 |  |
Foreign permanent adjustments | (2.1) |  |  | 0.3 |  |  | — |  |
Foreign rate differential | 3.1 |  |  | 1.2 |  |  | 0.6 |  |
Net U.S. tax on non-U.S. earnings and foreign withholdings | 3.5 |  |  | 2.1 |  |  | 1.2 |  |
Provision for/(resolution) of tax audits and contingencies, net | 0.3 |  |  | 0.1 |  |  | 0.5 |  |
U.S. Pension Settlement - Release of Residual Tax Effect | (4.0) |  |  | — |  |  | — |  |
Tax effect of non-deductible foreign exchange loss on intercompany loan | — |  |  | — |  |  | 2.7 |  |
Impact of amended tax returns | (0.1) |  |  | (1.3) |  |  | — |  |
Return to provision | (1.1) |  |  | (1.4) |  |  | (1.6) |  |
Other adjustments | (1.4) |  |  | 1.0 |  |  | 0.6 |  |
Effective income tax rate | 26.9 | % |  | 28.4 | % |  | 30.1 | % |
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) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 436 |  |  | $ | 428 |  |  | $ | 1,300 |  |  | $ | 1,378 |
Inventories |  | 1,807 |  |  | 1,450 |  |  | 1,111 |  |  | 1,752 |
Incentive compensation |  | 4,619 |  |  | 4,580 |  |  | 1,333 |  |  | 1,084 |
Property, plant, equipment and intangibles, net |  | — |  |  | — |  |  | 1,892 |  |  | 4,339 |
Pension, post retirement benefits - non-current |  | 9,141 |  |  | 12,912 |  |  | — |  |  | — |
Tax loss carryforwards |  | 239 |  |  | 217 |  |  | 14,201 |  |  | 19,821 |
Tax credit carryforwards |  | 2,635 |  |  | 4,643 |  |  | — |  |  | — |
Derivatives |  | — |  |  | 468 |  |  | — |  |  | — |
Leases |  | 7,597 |  |  | 1,658 |  |  | — |  |  | — |
Reserves |  | 721 |  |  | 991 |  |  | — |  |  | — |
Deferred revenue |  | 761 |  |  | 239 |  |  | — |  |  | — |
Other |  | 47 |  |  | 329 |  |  | 1,707 |  |  | 1,791 |
Deferred tax assets before valuation allowance |  | 28,003 |  |  | 27,915 |  |  | 21,544 |  |  | 30,165 |
Less: valuation allowance |  | (8) |  |  | (9) |  |  | (9,778) |  |  | (10,650) |
Total deferred tax assets |  | $ | 27,995 |  |  | $ | 27,906 |  |  | $ | 11,766 |  |  | $ | 19,515 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrepatriated foreign earnings |  | $ | 5,827 |  |  | $ | 6,308 |  |  | $ | — |  |  | $ | — |
Property, plant, equipment and intangibles, net |  | 3,084 |  |  | 5,356 |  |  | — |  |  | — |
Basis difference in partner capital |  | 2,161 |  |  | 2,466 |  |  | — |  |  | — |
Basis difference in investment |  | 4,173 |  |  | 3,985 |  |  | — |  |  | — |
Derivatives |  | 5,941 |  |  | — |  |  | — |  |  | — |
Leases |  | 11,609 |  |  | 2,950 |  |  | — |  |  | — |
Deferred revenue |  | — |  |  | — |  |  | 6,440 |  |  | 10,829 |
Other |  | — |  |  | — |  |  | 419 |  |  | 602 |
Total deferred tax liabilities |  | 32,795 |  |  | 21,065 |  |  | 6,859 |  |  | 11,431 |
Net deferred tax (liability)/asset |  | $ | (4,800) |  |  | $ | 6,841 |  |  | $ | 4,907 |  |  | $ | 8,084 |
Summary Of Operating And Capital Loss And Tax Credit Carryforwards | As of December 31, 2022, 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 |  | $ | — |  |  | $ | 2,792 |
U.S. State |  | 2027 - 2041 |  | 3,973 |  |  | 402 |
U.S. State |  | Indefinite |  | — |  |  | — |
Non-U.S. |  | 2025 - 2030 |  | 9,094 |  |  | — |
Non-U.S. |  | Indefinite |  | 37,008 |  |  | — |
Balance at end of year |  |  |  | $ | 50,075 |  |  | $ | 3,194 |
Schedule of Unrecognized Tax Benefits | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, $0.8 million would impact the effective tax rate at December 31, 2022:
(in thousands) |  | 2022 |  | 2021 |  | 2020
Unrecognized tax benefits balance at January 1, |  | $ | 1,459 |  |  | $ | 5,491 |  |  | $ | 5,834 |
Increase in gross amounts of tax positions related to prior years |  | 399 |  |  | 278 |  |  | 540 |
Decrease in gross amounts of tax positions related to prior years |  | (929) |  |  | (4,236) |  |  | (637) |
Increase in gross amounts of tax positions related to current years |  | 37 |  |  | — |  |  | — |
Decrease due to settlements with tax authorities |  | — |  |  | — |  |  | — |
Decrease due to lapse in statute of limitations |  | — |  |  | (39) |  |  | (300) |
Currency translation |  | (174) |  |  | (35) |  |  | 54 |
Unrecognized tax benefits balance at December 31, |  | $ | 792 |  |  | $ | 1,459 |  |  | $ | 5,491 |

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