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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022, were as follows:
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Taxes on Income |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  |  |  |  |
Current (1) |  | $ | 2,177 |  |  | $ | (22,215 | ) |  | $ | 39,328 |
Deferred (1) |  |  | (7,248 | ) |  |  | 20,268 |  |  |  | (20,636 | )
State |  |  |  |  |  |  |  |  |
Current (1) |  |  | (482 | ) |  |  | (1,188 | ) |  |  | 9,875 |
Deferred (1) |  |  | 905 |  |  |  | 444 |  |  |  | (6,943 | )
Foreign |  |  |  |  |  |  |  |  |
Current |  |  | 18,664 |  |  |  | 13,287 |  |  |  | 19,799 |
Deferred |  |  | (3,947 | ) |  |  | (2,409 | ) |  |  | 127 |
Total |  | $ | 10,069 |  |  | $ | 8,187 |  |  | $ | 41,550 |
Income before Taxes |  |  |  |  |  |  |  |  |
Domestic |  | $ | 7,319 |  |  | $ | 11,693 |  |  | $ | 103,831 |
Foreign |  |  | 53,120 |  |  |  | 36,698 |  |  |  | 84,872 |
Total |  | $ | 60,439 |  |  | $ | 48,391 |  |  | $ | 188,703 |
(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:
|  | 2024 (1) |  |  | 2023 |  |  | 2022 |
(In thousands) |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Federal income tax provision at statutory tax rate |  | $ | 12,692 |  |  |  | 21.0 |  |  | $ | 10,162 |  |  |  | 21.0 |  |  | $ | 39,628 |  |  |  | 21.0 |
State income tax provision, less applicable federal tax benefit |  |  | 334 |  |  |  | 0.6 |  |  |  | (588 | ) |  |  | (1.2 | ) |  |  | 2,316 |  |  |  | 1.2 |
Foreign income taxed at different rates |  |  | 4,556 |  |  |  | 7.5 |  |  |  | 1,153 |  |  |  | 2.4 |  |  |  | 2,417 |  |  |  | 1.3 |
U.S. taxation of foreign earnings (2) |  |  | (159 | ) |  |  | (0.3 | ) |  |  | 1,079 |  |  |  | 2.2 |  |  |  | 1,616 |  |  |  | 0.9 |
Unrecognized tax benefits |  |  | 4,520 |  |  |  | 7.5 |  |  |  | 4,090 |  |  |  | 8.5 |  |  |  | 3,324 |  |  |  | 1.8 |
Prior years return to provision true-up (3) |  |  | (6,795 | ) |  |  | (11.2 | ) |  |  | (2,424 | ) |  |  | (5.0 | ) |  |  | (1,915 | ) |  |  | (1.0 | )
Stock based compensation, excess tax benefits |  |  | (937 | ) |  |  | (1.6 | ) |  |  | (1,262 | ) |  |  | (2.6 | ) |  |  | (580 | ) |  |  | (0.3 | )
U.S. tax credits |  |  | (5,500 | ) |  |  | (9.1 | ) |  |  | (4,582 | ) |  |  | (9.5 | ) |  |  | (4,508 | ) |  |  | (2.4 | )
Non-deductible expenses and other items, net |  |  | 1,358 |  |  |  | 2.3 |  |  |  | 559 |  |  |  | 1.1 |  |  |  | (748 | ) |  |  | (0.5 | )
Total income tax provision |  | $ | 10,069 |  |  |  | 16.7 |  |  | $ | 8,187 |  |  |  | 16.9 |  |  | $ | 41,550 |  |  |  | 22.0 |
(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 Subpart F activity, a direct inclusion of foreign affiliate(s) income in U.S. taxable income (all years), global intangible low-taxed income (GILTI) for years 2023 and 2022. For 2024, GILTI was zero due to the High Tax Election. 2024 includes a U.S. permanent foreign exchange tax benefit recognized upon repatriation. (3) For 2024, amount resulted largely from a fixed asset inflationary tax benefit in Mexico. For 2023 and 2022, amounts resulted from higher federal research credit and lower GILTI.
Schedule Showing Tax Effects of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities | At December 31, 2024 and 2023, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:
(In thousands) |  | 2024 |  |  | 2023 |
Deferred Tax Assets: |  |  |  |  |  |
Pensions |  | $ | 1,467 |  |  | $ | 446 |
Deferred revenue |  |  | 2,067 |  |  |  | 2,640 |
Other accruals and reserves |  |  | 12,324 |  |  |  | 14,638 |
Legal and environmental accruals |  |  | 7,244 |  |  |  | 7,292 |
Deferred compensation |  |  | 9,361 |  |  |  | 12,199 |
Bad debt and rebate reserves |  |  | 4,950 |  |  |  | 4,916 |
Net operating loss carryforwards |  |  | 7,615 |  |  |  | 6,512 |
Amortization of intangibles |  |  | 52,868 |  |  |  | 37,123 |
Inventories |  |  | 8,004 |  |  |  | 8,959 |
Tax credit carryforwards |  |  | 19,383 |  |  |  | 13,682 |
Disallowed interest expense carryforwards |  |  | 6,035 |  |  |  | — |
|  | $ | 131,318 |  |  | $ | 108,407 |
Deferred Tax Liabilities: |  |  |  |  |  |
Depreciation |  | $ | (94,012 | ) |  | $ | (82,907 | )
Unrealized foreign exchange loss |  |  | (3,222 | ) |  |  | (2,784 | )
Other |  |  | (2,878 | ) |  |  | (2,991 | )
|  | $ | (100,112 | ) |  | $ | (88,682 | )
Valuation Allowance |  | $ | (764 | ) |  | $ | (853 | )
Net Deferred Tax Assets |  | $ | 30,442 |  |  | $ | 18,872 |
Reconciliation to Consolidated Balance Sheet: |  |  |  |  |  |
Non-current deferred tax assets (in other non-current assets) |  |  | 40,054 |  |  |  | 29,245 |
Non-current deferred tax liabilities |  |  | (9,612 | ) |  |  | (10,373 | )
Net Deferred Tax Assets |  | $ | 30,442 |  |  | $ | 18,872 |
Schedule of Reconciliations of Unrecognized Tax Benefits | Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2024, 2023 and 2022:
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Unrecognized tax benefits, opening balance |  | $ | 14,590 |  |  | $ | 10,682 |  |  | $ | 7,292 |
Gross increases – tax positions in prior period |  |  | 833 |  |  |  | 1,891 |  |  |  | 2,188 |
Gross increases – current period tax positions |  |  | 2,477 |  |  |  | 2,139 |  |  |  | 1,617 |
Settlements/State voluntary disclosure |  |  | — |  |  |  | (343 | ) |  |  | (454 | )
Foreign currency translation |  |  | (548 | ) |  |  | 241 |  |  |  | 74 |
Lapse of statute of limitations |  |  | (26 | ) |  |  | (20 | ) |  |  | (35 | )
Unrecognized tax benefits, ending balance |  | $ | 17,326 |  |  | $ | 14,590 |  |  | $ | 10,682 |

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