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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes

The following table summarizes the U.S. and non-U.S. components of income (loss) from continuing operations before Provision (benefit) for income taxes:

			For the Year Ended December 31,
			2020						2019						2018
			(Dollars in thousands)
U.S.			$	51,672					$	85,365					$	(68,032)
Non-U.S.			458,373						757,462						970,840
			$	510,045					$	842,827					$	902,808

Schedule Of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

			For the Year Ended December 31,
			2020						2019						2018
U.S. income taxes:
Current			$	(7,660)					$	16,589					$	787
Deferred			27,822						5,690						(52,145)
			20,162						22,279						(51,358)
Non-U.S. income taxes:
Current			63,092						64,134						85,252
Deferred			(7,583)						11,812						15,026
			55,509						75,946						100,278
Total income tax expense (benefit)			$	75,671					$	98,225					$	48,920

Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate

			For the Year Ended December 31,
			2020						2019						2018
			(Dollars in thousands)
Tax at statutory U.S. federal rate			$	107,109					$	176,994					$	189,590
Impact of U.S. Tax Act - GILTI			45,539						65,531						93,739
Impact of Tax Receivable Agreement			(4,429)						713						18,160
Valuation allowance			(980)						(14,548)						(93,125)
State taxes, net of federal tax benefit			3,591						4,231						1,529
U.S. tax impact of foreign earnings (net of foreign tax credits)			2,113						2,181						792
Establishment/resolution of uncertain tax positions			(78)						(1,293)						(345)
Adjustment for foreign income taxed at different rates			(38,464)						(76,922)						(95,822)
Foreign tax credits			(37,280)						(56,171)						(65,046)
Other			(1,450)						(2,491)						(552)
Provision (benefit) for income taxes			$	75,671					$	98,225					$	48,920

Schedule Of Deferred Tax Assets And Deferred Tax Liabilities

			As of December 31,
			2020						2019
			(Dollars in thousands)
Deferred tax assets:
Postretirement and other employee benefits			$	18,202					$	18,256
Foreign tax credit and other carryforwards			37,101						55,103
Capitalized research and experimental costs			3,897						5,566
Environmental reserves			1,111						1,110
Inventory adjustments			7,381						14,863
Long-term contract option amortization			1,031						1,080
Provision for rationalization charges			96						232
Mark- to- market Hedges			3,552						768
Other			3,646						1,104
Total gross deferred tax assets			76,017						98,082
Less: valuation allowance			(12,773)						(13,736)
Total deferred tax assets			63,244						84,346
Deferred tax liabilities:
Fixed assets			$	54,485					$	56,659
Inventory			8,573						12,778
Goodwill and acquired intangibles			7,552						6,996
Other			3,254						2,468
Total deferred tax liabilities			73,864						78,901
Net deferred tax ( liability) asset			$	(10,620)					$	5,445

Schedule Of Valuation Allowance Activity

Valuation allowance activity for the years ended December 31, 2018, 2019 and 2020 is as follows:

			(Dollars in thousands)
Balance as of December 31, 2018			$	58,446
Credited to income			(14,548)
Changes attributable to write-off of underlying assets			(30,138)
Translation adjustment			(24)
Balance as of December 31, 2019			$	13,736
Credited to income			(980)
Translation adjustment			17
Balance as of December 31, 2020			$	12,773

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

			(Dollars in thousands)
Balance as of December 31, 2018			$	1,990
Settlements			(1,383)
Reductions for tax positions of prior years			(421)
Foreign currency impact			(2)
Balance as of December 31, 2019			$	184
Lapse of statutes of limitations			(75)
Foreign currency impact			16
Balance as of December 31, 2020			$	125

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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.

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