XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Consolidated Income (loss) from Continuing Operations Before Income Taxes by Location | The “Income before income tax expense” line item in the consolidated statements of operations consisted of:
(Dollars in thousands) | 2022 |  | 2021 |  | 2020
Domestic | $ | 58,390 |  |  | $ | 34,435 |  |  | $ | (4,371) |
International | 81,990 |  |  | 91,845 |  |  | 72,905 |
Total | $ | 140,380 |  |  | $ | 126,280 |  |  | $ | 68,534 |
Schedule of Income Tax Expense (Benefit) by Location | The “Income tax expense” line item in the consolidated statements of operations consisted of:
(Dollars in thousands) | Current |  | Deferred |  | Total
2022 |  |  |  |  |
Domestic | $ | 26,666 |  |  | $ | (18,730) |  |  | $ | 7,936 |
International | 17,641 |  |  | (1,826) |  |  | 15,815 |
Total | $ | 44,307 |  |  | $ | (20,556) |  |  | $ | 23,751 |
2021 |  |  |  |  |
Domestic | $ | 5,155 |  |  | $ | (2,938) |  |  | $ | 2,217 |
International | 16,187 |  |  | (257) |  |  | 15,930 |
Total | $ | 21,342 |  |  | $ | (3,195) |  |  | $ | 18,147 |
2020 |  |  |  |  |
Domestic | $ | 5,340 |  |  | $ | (11,012) |  |  | $ | (5,672) |
International | 26,610 |  |  | (2,394) |  |  | 24,216 |
Total | $ | 31,950 |  |  | $ | (13,406) |  |  | $ | 18,544 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities as of December 31, 2022 and 2021, were comprised of the following:
(Dollars in thousands) | 2022 |  | 2021
Deferred tax assets |  |  |
Accrued employee benefits and compensation | $ | 8,678 |  |  | $ | 10,647 |
Net operating loss carryforwards | 4,433 |  |  | 3,785 |
Tax credit carryforwards | 2,823 |  |  | 13,170 |
Reserves and accruals | 4,716 |  |  | 5,145 |
Operating leases | 4,227 |  |  | 4,191 |
Capitalized research and development | 21,305 |  |  | 16,622 |
Other | 10,205 |  |  | 5,299 |
Total deferred tax assets | 56,387 |  |  | 58,859 |
Less deferred tax asset valuation allowance | (2,843) |  |  | (9,775) |
Total deferred tax assets, net of valuation allowance | 53,544 |  |  | 49,084 |
Deferred tax liabilities |  |  |
Depreciation and amortization | 14,368 |  |  | 32,669 |
Postretirement benefit obligations | 687 |  |  | 2,071 |
Unremitted earnings | 2,551 |  |  | 2,335 |
Operating leases | 4,618 |  |  | 4,422 |
Other | 4,228 |  |  | 4,367 |
Total deferred tax liabilities | 26,452 |  |  | 45,864 |
Net deferred tax asset (liability) | $ | 27,092 |  |  | $ | 3,220 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differs from the amount computed by applying the U.S. federal statutory income tax rate to income before income taxes. The reasons for this difference were as follows:
(Dollars in thousands) | 2022 |  | 2021 |  | 2020
Tax expense at Federal statutory income tax rate | $ | 29,480 |  |  | $ | 26,519 |  |  | $ | 14,392 |
Impact of foreign operations | 1,531 |  |  | 2,020 |  |  | 1,193 |
Foreign source income, net of tax credits | (6,461) |  |  | (4,944) |  |  | 1,050 |
State tax, net of federal | 6,898 |  |  | 175 |  |  | (313) |
Unrecognized tax benefits | 1,921 |  |  | (8,823) |  |  | 5,800 |
Equity compensation excess tax deductions | (3,025) |  |  | 262 |  |  | (791) |
General business credits | (821) |  |  | (867) |  |  | (931) |
Distribution related foreign taxes | 1,504 |  |  | 2,516 |  |  | 2,332 |
Executive compensation limitation | 2,859 |  |  | 1,570 |  |  | 900 |
Valuation allowance change | (6,932) |  |  | 525 |  |  | (5,375) |
Disproportionate tax effect of pension settlement charges | — |  |  | — |  |  | — |
Other | (3,203) |  |  | (806) |  |  | 287 |
Income tax expense (benefit) | $ | 23,751 |  |  | $ | 18,147 |  |  | $ | 18,544 |
Schedule of Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits, excluding potential interest and penalties, for the years ended December 31, 2022 and 2021, were as follows:
(Dollars in thousands) | 2022 |  | 2021
Beginning balance as of January 1 | $ | 6,583 |  |  | $ | 15,688 |
Gross increases - current period tax positions | 3,402 |  |  | 1,046 |
Gross increases - tax positions in prior periods | 237 |  |  | 1,150 |
Gross decreases - tax positions in prior periods | (178) |  |  | (9,151) |
Foreign currency exchange | (147) |  |  | (10) |
Settlements | (1,028) |  |  | (2,140) |
Ending balance as of December 31 | $ | 8,869 |  |  | $ | 6,583 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration