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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022 and 2021, were as follows:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Taxes on Income |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  |  |  |  |
Current (1) |  | $ | (22,215 | ) |  | $ | 39,328 |  |  | $ | 35,057 |
Deferred (1) |  |  | 20,268 |  |  |  | (20,636 | ) |  |  | (25,653 | )
State |  |  |  |  |  |  |  |  |
Current (1) |  |  | (1,188 | ) |  |  | 9,875 |  |  |  | 9,320 |
Deferred (1) |  |  | 444 |  |  |  | (6,943 | ) |  |  | (6,556 | )
Foreign |  |  |  |  |  |  |  |  |
Current |  |  | 13,287 |  |  |  | 19,799 |  |  |  | 23,870 |
Deferred |  |  | (2,409 | ) |  |  | 127 |  |  |  | (1,396 | )
Total |  | $ | 8,187 |  |  | $ | 41,550 |  |  | $ | 34,642 |
Income before Taxes |  |  |  |  |  |  |  |  |
Domestic |  | $ | 11,693 |  |  | $ | 103,831 |  |  | $ | 77,696 |
Foreign |  |  | 36,698 |  |  |  | 84,872 |  |  |  | 94,841 |
Total |  | $ | 48,391 |  |  | $ | 188,703 |  |  | $ | 172,537 |
(1) In 2023 for the 2022 U.S. tax returns (federal and state), a U.S. tax accounting method change was made for the 2018-2021 tax years and additional assets that qualified for bonus depreciation under IRC 168(k) were identified. Said items increased the income tax receivable with an offset to current tax expense and created deferred tax liabilities with an offset to deferred tax expense. These amounts were booked in 2023 as a provision-to-return adjustment.
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:
|  | 2023 (1) |  |  | 2022 |  |  | 2021 |
(In thousands) |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Federal income tax provision at statutory tax rate |  | $ | 10,162 |  |  |  | 21.0 |  |  | $ | 39,628 |  |  |  | 21.0 |  |  | $ | 36,233 |  |  |  | 21.0 |
State income tax provision, less applicable federal tax benefit |  |  | (588 | ) |  |  | (1.2 | ) |  |  | 2,316 |  |  |  | 1.2 |  |  |  | 2,184 |  |  |  | 1.3 |
Foreign income taxed at different rates |  |  | 1,153 |  |  |  | 2.4 |  |  |  | 2,417 |  |  |  | 1.3 |  |  |  | 2,356 |  |  |  | 1.4 |
U.S. taxation of foreign earnings (2) |  |  | 1,079 |  |  |  | 2.2 |  |  |  | 1,616 |  |  |  | 0.9 |  |  |  | (134 | ) |  |  | (0.1 | )
Unrecognized tax benefits (3) |  |  | 4,090 |  |  |  | 8.5 |  |  |  | 3,324 |  |  |  | 1.8 |  |  |  | 1,775 |  |  |  | 1.0 |
Prior years return to provision true-up (4) |  |  | (2,424 | ) |  |  | (5.0 | ) |  |  | (1,915 | ) |  |  | (1.0 | ) |  |  | (3,314 | ) |  |  | (1.9 | )
Stock based compensation, excess tax benefits |  |  | (1,262 | ) |  |  | (2.6 | ) |  |  | (580 | ) |  |  | (0.3 | ) |  |  | (1,287 | ) |  |  | (0.7 | )
U.S. tax credits (5) |  |  | (4,582 | ) |  |  | (9.5 | ) |  |  | (4,508 | ) |  |  | (2.4 | ) |  |  | (2,692 | ) |  |  | (1.6 | )
Non-deductible expenses and other items, net |  |  | 559 |  |  |  | 1.1 |  |  |  | (748 | ) |  |  | (0.5 | ) |  |  | (479 | ) |  |  | (0.3 | )
Total income tax provision |  | $ | 8,187 |  |  |  | 16.9 |  |  | $ | 41,550 |  |  |  | 22.0 |  |  | $ | 34,642 |  |  |  | 20.1 |
(1) In general, all permanent differences, whether positive or negative, have a more pronounced effect on the effective tax rate the lower the pre-tax income even if year-over-year the permanent differences did not change significantly. (2) Includes cost of global intangible low-taxed income (GILTI) in 2023, 2022 and 2021 plus other taxes paid or withheld on cash repatriated from foreign countries in 2023 and 2021. For 2023, see footnote below for the impact of repatriation withholding taxes. For 2023 and 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. (3) For 2023, includes certain tax credits, transfer pricing, and the potential settlement of a foreign jurisdiction audit discussed below. (4) For 2023 and 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. (5) For 2023 and 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, 2023 and 2022, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:
(In thousands) |  | 2023 |  |  | 2022 |
Deferred Tax Assets: |  |  |  |  |  |
Pensions |  | $ | 446 |  |  | $ | 144 |
Deferred revenue |  |  | 2,640 |  |  |  | 3,483 |
Other accruals and reserves |  |  | 14,638 |  |  |  | 13,949 |
Legal and environmental accruals |  |  | 7,292 |  |  |  | 10,283 |
Deferred compensation |  |  | 12,199 |  |  |  | 13,845 |
Bad debt and rebate reserves |  |  | 4,916 |  |  |  | 3,729 |
Non-U.S. subsidiaries net operating loss carryforwards |  |  | 6,512 |  |  |  | 3,634 |
Amortization of intangibles |  |  | 37,123 |  |  |  | 28,311 |
Inventories |  |  | 8,959 |  |  |  | 10,577 |
Tax credit carryforwards |  |  | 13,682 |  |  |  | 8,183 |
|  | $ | 108,407 |  |  | $ | 96,138 |
Deferred Tax Liabilities: |  |  |  |  |  |
Depreciation |  | $ | (82,907 | ) |  | $ | (52,130 | )
Unrealized foreign exchange loss |  |  | (2,784 | ) |  |  | (3,603 | )
Other |  |  | (2,991 | ) |  |  | (3,064 | )
|  | $ | (88,682 | ) |  | $ | (58,797 | )
Valuation Allowance |  | $ | (853 | ) |  | $ | (836 | )
Net Deferred Tax Assets |  | $ | 18,872 |  |  | $ | 36,505 |
Reconciliation to Consolidated Balance Sheet: |  |  |  |  |  |
Non-current deferred tax assets (in other non-current assets) |  |  | 29,245 |  |  |  | 46,684 |
Non-current deferred tax liabilities |  |  | (10,373 | ) |  |  | (10,179 | )
Net Deferred Tax Assets |  | $ | 18,872 |  |  | $ | 36,505 |
Schedule of Reconciliations of Unrecognized Tax Benefits | Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2023, 2022 and 2021:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Unrecognized tax benefits, opening balance |  | $ | 10,682 |  |  | $ | 7,292 |  |  | $ | 4,735 |
Gross increases – tax positions in prior period |  |  | 1,891 |  |  |  | 2,188 |  |  |  | 938 |
Gross increases – current period tax positions |  |  | 2,139 |  |  |  | 1,617 |  |  |  | 1,662 |
Settlements/State voluntary disclosure |  |  | (343 | ) |  |  | (454 | ) |  |  | — |
Foreign currency translation |  |  | 241 |  |  |  | 74 |  |  |  | (14 | )
Lapse of statute of limitations |  |  | (20 | ) |  |  | (35 | ) |  |  | (29 | )
Unrecognized tax benefits, ending balance |  | $ | 14,590 |  |  | $ | 10,682 |  |  | $ | 7,292 |

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