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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020, were as follows:
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Taxes on Income |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  |  |  |  |
Current |  | $ | 39,328 |  |  | $ | 35,057 |  |  | $ | 21,889 |
Deferred |  |  | (20,636 | ) |  |  | (25,653 | ) |  |  | (3,453 | )
State |  |  |  |  |  |  |  |  |
Current |  |  | 9,875 |  |  |  | 9,320 |  |  |  | 4,305 |
Deferred |  |  | (6,943 | ) |  |  | (6,556 | ) |  |  | (562 | )
Foreign |  |  |  |  |  |  |  |  |
Current |  |  | 19,799 |  |  |  | 23,870 |  |  |  | 21,723 |
Deferred |  |  | 127 |  |  |  | (1,396 | ) |  |  | (491 | )
Total |  | $ | 41,550 |  |  | $ | 34,642 |  |  | $ | 43,411 |
Income before Taxes |  |  |  |  |  |  |  |  |
Domestic |  | $ | 103,831 |  |  | $ | 77,696 |  |  | $ | 81,906 |
Foreign |  |  | 84,872 |  |  |  | 94,841 |  |  |  | 89,161 |
Total |  | $ | 188,703 |  |  | $ | 172,537 |  |  | $ | 171,067 |
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:
|  | 2022 |  |  | 2021 |  |  | 2020 |
(In thousands) |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Federal income tax provision at statutory tax rate |  | $ | 39,628 |  |  |  | 21.0 |  |  | $ | 36,233 |  |  |  | 21.0 |  |  | $ | 35,924 |  |  |  | 21.0 |
State income tax provision, less applicable federal tax benefit |  |  | 2,316 |  |  |  | 1.2 |  |  |  | 2,184 |  |  |  | 1.3 |  |  |  | 2,956 |  |  |  | 1.7 |
Foreign income taxed at different rates |  |  | 2,417 |  |  |  | 1.3 |  |  |  | 2,356 |  |  |  | 1.4 |  |  |  | 1,964 |  |  |  | 1.1 |
U.S. taxation of foreign earnings (1) |  |  | 1,616 |  |  |  | 0.9 |  |  |  | (134 | ) |  |  | (0.1 | ) |  |  | 4,134 |  |  |  | 2.4 |
Unrecognized tax benefits |  |  | 3,324 |  |  |  | 1.8 |  |  |  | 1,775 |  |  |  | 1.0 |  |  |  | 1,454 |  |  |  | 0.8 |
Prior years return to provision true-up (2) |  |  | (1,915 | ) |  |  | (1.0 | ) |  |  | (3,314 | ) |  |  | (1.9 | ) |  |  | (588 | ) |  |  | (0.3 | )
Stock based compensation, excess tax benefits |  |  | (580 | ) |  |  | (0.3 | ) |  |  | (1,287 | ) |  |  | (0.7 | ) |  |  | (1,816 | ) |  |  | (1.1 | )
U.S. tax credits (3) |  |  | (4,508 | ) |  |  | (2.4 | ) |  |  | (2,692 | ) |  |  | (1.6 | ) |  |  | (1,831 | ) |  |  | (1.1 | )
Non-deductible expenses and other items, net |  |  | (748 | ) |  |  | (0.5 | ) |  |  | (479 | ) |  |  | (0.3 | ) |  |  | 1,214 |  |  |  | 0.9 |
Total income tax provision |  | $ | 41,550 |  |  |  | 22.0 |  |  | $ | 34,642 |  |  |  | 20.1 |  |  | $ | 43,411 |  |  |  | 25.4 |
(1) Includes cost of global intangible low-taxed income (GILTI) in 2022, 2021 and 2020 plus other taxes paid or withheld on cash repatriated from foreign countries in 2021 and 2020. For 2022, includes Subpart F activity. For 2021, includes the benefit of separate limitation loss foreign tax credit attributes, related to prior years, that were utilized in 2021. (2) For 2022, amount resulted from a higher federal research credit and lower GILTI. For 2021, amount resulted from a higher federal research credit, higher foreign-derived intangible income (FDII), and lower GILTI. (3) For 2022, the increase was partially due to certain pilot model design and engineering costs.
Schedule Showing Tax Effects of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities | At December 31, 2022 and 2021, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:
(In thousands) |  | 2022 |  |  | 2021 |
Deferred Tax Assets: |  |  |  |  |  |
Pensions |  | $ | 144 |  |  | $ | 537 |
Deferred revenue |  |  | 3,483 |  |  |  | 3,444 |
Other accruals and reserves |  |  | 13,949 |  |  |  | 13,331 |
Legal and environmental accruals |  |  | 10,283 |  |  |  | 7,385 |
Deferred compensation |  |  | 13,845 |  |  |  | 16,210 |
Bad debt and rebate reserves |  |  | 3,729 |  |  |  | 2,706 |
Non-U.S. subsidiaries net operating loss carryforwards |  |  | 3,634 |  |  |  | 1,494 |
Amortization of intangibles |  |  | 28,311 |  |  |  | 5,092 |
Inventories |  |  | 10,577 |  |  |  | 3,108 |
Tax credit carryforwards |  |  | 8,183 |  |  |  | 2,829 |
|  | $ | 96,138 |  |  | $ | 56,136 |
Deferred Tax Liabilities: |  |  |  |  |  |
Depreciation |  | $ | (52,130 | ) |  | $ | (42,299 | )
Unrealized foreign exchange loss |  |  | (3,603 | ) |  |  | (2,908 | )
Other |  |  | (3,064 | ) |  |  | (1,614 | )
|  | $ | (58,797 | ) |  | $ | (46,821 | )
Valuation Allowance |  | $ | (836 | ) |  | $ | (862 | )
Net Deferred Tax Assets |  | $ | 36,505 |  |  | $ | 8,453 |
Reconciliation to Consolidated Balance Sheet: |  |  |  |  |  |
Non-current deferred tax assets (in other non-current assets) |  |  | 46,684 |  |  |  | 20,944 |
Non-current deferred tax liabilities |  |  | (10,179 | ) |  |  | (12,491 | )
Net Deferred Tax Assets |  | $ | 36,505 |  |  | $ | 8,453 |
Schedule of Reconciliations of Unrecognized Tax Benefits | Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2022, 2021 and 2020:
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Unrecognized tax benefits, opening balance |  | $ | 7,292 |  |  | $ | 4,735 |  |  | $ | 3,273 |
Gross increases – tax positions in prior period |  |  | 2,188 |  |  |  | 938 |  |  |  | 190 |
Gross increases – current period tax positions |  |  | 1,617 |  |  |  | 1,662 |  |  |  | 1,288 |
Settlements |  |  | (454 | ) |  |  | — |  |  |  | — |
Foreign currency translation |  |  | 74 |  |  |  | (14 | ) |  |  | 15 |
Lapse of statute of limitations |  |  | (35 | ) |  |  | (29 | ) |  |  | (31 | )
Unrecognized tax benefits, ending balance |  | $ | 10,682 |  |  | $ | 7,292 |  |  | $ | 4,735 |

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