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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Provision for income taxes consisted of the following:
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Income before income taxes: |  |  |  |  |  |
U.S. |  | $ | 26,660 |  |  | $ | 68,872 |  |  | $ | 20,422 |
Non-U.S. |  | 90,429 |  |  | 91,584 |  |  | 111,558 |
|  | $ | 117,089 |  |  | $ | 160,456 |  |  | $ | 131,980 |
Income tax expense/(benefit) |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | 2,682 |  |  | $ | 17,005 |  |  | $ | 9,781 |
State |  | 4,724 |  |  | 2,030 |  |  | 5,126 |
Non-U.S. |  | 34,053 |  |  | 34,110 |  |  | 28,605 |
|  | $ | 41,459 |  |  | $ | 53,145 |  |  | $ | 43,512 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 1,699 |  |  | $ | (1,700) |  |  | $ | (9,592) |
State |  | (804) |  |  | 863 |  |  | (1,866) |
Non-U.S. |  | (13,320) |  |  | (3,462) |  |  | 3,418 |
|  | $ | (12,425) |  |  | $ | (4,299) |  |  | $ | (8,040) |
Total income tax expense |  | $ | 29,034 |  |  | $ | 48,846 |  |  | $ | 35,472 |
Schedule of 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:
| Years ended December 31, |
| 2024 |  | 2023 |  | 2022 |
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
State taxes, net of federal benefit | 2.3 |  |  | 1.9 |  |  | 2.5 |  |
Non-U.S. local income taxes | 2.3 |  |  | 1.4 |  |  | 3.8 |  |
U.S. permanent adjustments | 0.6 |  |  | 0.8 |  |  | 1.4 |  |
Foreign permanent adjustments | 1.0 |  |  | 0.7 |  |  | (2.1) |  |
Foreign rate differential | 2.1 |  |  | 2.0 |  |  | 3.1 |  |
Net U.S. tax on non-U.S. earnings and foreign withholdings | 2.8 |  |  | 5.1 |  |  | 3.5 |  |
Provision for/(resolution) of tax audits and contingencies, net | (1.3) |  |  | 0.3 |  |  | 0.3 |  |
U.S. Pension Settlement - Release of Residual Tax Effect | — |  |  | — |  |  | (4.0) |  |
Change in valuation allowances | 4.4 |  |  | (1.2) |  |  | (0.6) |  |
Impact of Mexico net operating loss inflation revaluation | (2.2) |  |  | — |  |  | — |  |
Establishment of deferred tax asset for Non-U.S. reserves | (4.3) |  |  | — |  |  | — |  |
Impact of amended tax returns | (0.8) |  |  | — |  |  | (0.1) |  |
Return to provision | (2.2) |  |  | (1.2) |  |  | (1.1) |  |
Other adjustments | (0.9) |  |  | (0.4) |  |  | (0.8) |  |
Effective income tax rate | 24.8 | % |  | 30.4 | % |  | 26.9 | % |
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 502 |  |  | $ | 528 |  |  | $ | 1,138 |  |  | $ | 1,489 |
Inventories |  | 2,473 |  |  | 1,608 |  |  | 1,636 |  |  | 1,429 |
Incentive compensation |  | 1,453 |  |  | 5,843 |  |  | 750 |  |  | 1,162 |
Property, plant, equipment and intangibles, net |  | — |  |  | — |  |  | — |  |  | — |
Pension, post retirement benefits - non-current |  | 6,440 |  |  | 6,939 |  |  | 2,202 |  |  | 4,899 |
Tax loss carryforwards |  | 49 |  |  | 110 |  |  | 32,963 |  |  | 29,811 |
Tax credit carryforwards |  | 3,602 |  |  | 3,167 |  |  | 29 |  |  | 19 |
Leases |  | 12,192 |  |  | 8,685 |  |  | 2,205 |  |  | 2,463 |
Reserves |  | 2,639 |  |  | 877 |  |  | 7,150 |  |  | 1,299 |
Deferred revenue |  | — |  |  | 244 |  |  | — |  |  | — |
Other |  | 373 |  |  | — |  |  | 909 |  |  | — |
Deferred tax assets before valuation allowance |  | 29,723 |  |  | 28,001 |  |  | 48,982 |  |  | 42,571 |
Less: valuation allowance |  | (1,826) |  |  | (118) |  |  | (13,670) |  |  | (9,730) |
Total deferred tax assets |  | $ | 27,897 |  |  | $ | 27,883 |  |  | $ | 35,312 |  |  | $ | 32,841 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrepatriated foreign earnings |  | $ | 4,961 |  |  | $ | 4,270 |  |  | $ | — |  |  | $ | — |
Property, plant, equipment and intangibles, net |  | 4,626 |  |  | 8,433 |  |  | 14,483 |  |  | 19,000 |
Basis difference in partner capital |  | 1,420 |  |  | 1,719 |  |  | — |  |  | — |
Basis difference in investment |  | 5,081 |  |  | 4,192 |  |  | — |  |  | — |
Derivatives |  | 38 |  |  | 3,009 |  |  | 125 |  |  | 109 |
Leases |  | 11,433 |  |  | 8,091 |  |  | 2,053 |  |  | 2,331 |
Deferred revenue |  | 380 |  |  | — |  |  | 4,663 |  |  | 9,843 |
Other |  | — |  |  | 117 |  |  | — |  |  | 249 |
Total deferred tax liabilities |  | 27,939 |  |  | 29,831 |  |  | 21,324 |  |  | 31,532 |
Net deferred tax (liability)/asset |  | $ | (42) |  |  | $ | (1,948) |  |  | $ | 13,988 |  |  | $ | 1,309 |
Schedule of Operating and Capital Loss and Tax Credit Carryforwards | As of December 31, 2024, 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 - 2034 |  | $ | — |  |  | $ | 2,797 |
U.S. State |  | 2033 - 2048 |  | 940 |  |  | 357 |
U.S. State |  | Indefinite |  | — |  |  | 448 |
Non-U.S. |  | 2025 - 2040 |  | 6,192 |  |  | — |
Non-U.S. |  | Indefinite |  | 133,174 |  |  | — |
Balance at end of year |  |  |  | $ | 140,306 |  |  | $ | 3,602 |
Schedule of Unrecognized Tax Benefits | The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, the $3.1 million would impact the effective tax rate as of December 31, 2024 as follows:
(in thousands) |  | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits balance at January 1, |  | $ | 2,741 |  |  | $ | 792 |  |  | $ | 1,459 |
Increase in gross amounts of tax positions related to prior years |  | 1,102 |  |  | 2,373 |  |  | 399 |
Decrease in gross amounts of tax positions related to prior years |  | (224) |  |  | — |  |  | (929) |
Increase in gross amounts of tax positions related to current years |  | — |  |  | 196 |  |  | 37 |
Decrease due to settlements with tax authorities |  | (460) |  |  | — |  |  | — |
Increase (decrease) due to lapse in statute of limitations |  | 116 |  |  | (656) |  |  | — |
Currency translation |  | (133) |  |  | 36 |  |  | (174) |
Unrecognized tax benefits balance at December 31, |  | $ | 3,142 |  |  | $ | 2,741 |  |  | $ | 792 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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