XML 58 R44.htm IDEA: XBRL DOCUMENT v3.20.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision for Taxes on Income and Other Related Income Before Taxes

The provisions for taxes on income and the related income before taxes for the years ended December 31, 2020, 2019 and 2018, were as follows:

(In thousands)		2020				2019				2018
Taxes on Income
Federal
Current		$	21,889			$	9,998			$	(296	)
Deferred			(3,453	)			(2,879	)			8,876
State
Current			4,305				2,248				2,095
Deferred			(562	)			(1,783	)			1,821
Foreign
Current			21,723				15,568				14,510
Deferred			(491	)			(354	)			(342	)
Total		$	43,411			$	22,798			$	26,664
Income before Taxes
Domestic		$	81,906			$	63,399			$	86,368
Foreign			89,161				62,500				51,401
Total		$	171,067			$	125,899			$	137,769

Summary of Variations Between the Effective and Statutory U.S. Federal Income Tax Rates

The variations between the effective and statutory U.S. federal income tax rates are summarized as follows:

(In thousands)		2020 Amount				%				2019 Amount				%				2018 Amount				%
Federal income tax provision at statutory tax rate		$	35,924				21.0			$	26,439				21.0			$	28,931				21.0
State income tax provision, less applicable federal tax benefit (1)			2,956				1.7				367				0.3				3,094				2.2
Foreign income taxed at different rates			1,964				1.1				623				0.5				864				0.6
U.S. taxation of foreign earnings (2)			4,134				2.4				2,349				1.9				2,348				1.7
Unrecognized tax benefits			1,454				0.8				2,954				2.3				(460	)			(0.3	)
Nontaxable foreign interest income			—				—				—				—				(1,179	)			(0.9	)
U.S. tax reform, net impact (3)			—				—				—				—				(375	)			(0.3	)
Change in accounting methods (4)			—				—				—				—				(3,383	)			(2.5	)
Prior years return to provision true-up			(588	)			(0.3	)			(1,740	)			(1.4	)			(508	)			(0.4	)
Stock based compensation, excess tax benefits			(1,816	)			(1.1	)			(1,633	)			(1.3	)			(1,648	)			(1.2	)
U.S. tax credits (5)			(1,831	)			(1.1	)			(6,412	)			(5.1	)			(1,324	)			(1.0	)
Non-deductible expenses and other items, net			1,214				0.9				(149	)			(0.1	)			304				0.5
Total income tax provision		$	43,411				25.4			$	22,798				18.1			$	26,664				19.4

(1) For 2019, amount includes incremental state research credits for the tax years 2015 - 2019 that were identified as part of a research and development tax credit study.

(2) Includes cost of global intangible low-taxed income (GILTI) in 2020, 2019 and 2018 plus other taxes paid or withheld on cash repatriated from foreign countries in 2020, 2019 and 2018.

(3) Does not include state tax impacts, which are included in state income tax provision, less applicable federal tax benefit.

(4) For 2018, amount represents the federal tax rate change due to certain accounting methods that were adopted on the 2017 federal income tax return. 

(5) For 2019, amount includes incremental federal research credits for 2015 - 2019 that were identified as part of a research and development tax credit study. Also includes a federal tax rate change due to the classification of certain 2016 and 2017 depreciable fixed assets as deductible research costs.

Schedule Showing Tax Effects of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities

At December 31, 2020 and 2019, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:

(In thousands)		2020				2019
Deferred Tax Liabilities:
Depreciation		$	(62,986	)		$	(59,574	)
Unrealized foreign exchange loss			(2,444	)			(1,479	)
Amortization of intangibles			(842	)			(835	)
Inventories			(2,504	)			(5,855	)
Other			(386	)			(307	)
		$	(69,162	)		$	(68,050	)
Deferred Tax Assets:
Pensions		$	4,935			$	5,855
Deferred revenue			3,073				161
Other accruals and reserves			14,960				12,171
Legal and environmental accruals			7,055				7,758
Deferred compensation			16,222				15,816
Bad debt and rebate reserves			2,821				2,604
Non-U.S. subsidiaries net operating loss carryforwards			2,495				3,966
Tax credit carryforwards			4,713				5,200
		$	56,274			$	53,531
Valuation Allowance		$	(896	)		$	(2,994	)
Net Deferred Tax Liabilities		$	(13,784	)		$	(17,513	)
Reconciliation to Consolidated Balance Sheet:
Non-current deferred tax assets (in other non-current    assets)			6,961				5,878
Non-current deferred tax liabilities			(20,745	)			(23,391	)
Net Deferred Tax (Liabilities) Assets		$	(13,784	)		$	(17,513	)

Schedule of Reconciliations of Unrecognized Tax Benefits

Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2020, 2019 and 2018:

(In thousands)		2020				2019				2018
Unrecognized tax benefits, opening balance		$	3,273			$	168			$	1,927
Gross increases – tax positions in prior period			190				2,760				29
Gross increases – current period tax positions			1,288				355				26
Foreign currency translation			15				7				1
Settlement			—				—				(1,526	)
Lapse of statute of limitations			(31	)			(17	)			(289	)
Unrecognized tax benefits, ending balance		$	4,735			$	3,273			$	168

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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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 http://asc.fasb.org/extlink&oid=121610041&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 http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration