Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of the Company’s income before income taxes and adjustment for noncontrolling interests were as follows:

The Company’s income tax (benefit) expense consists of the following:

A reconciliation of the U.S. statutory federal rate to the income tax provision was as follows:



	Year Ended December 31,
	2019			2018			2017
Tax at U.S. statutory rate	$	20,643		$	14,627		$	74,461
State and local taxes	209			1,273			1,177
Tax credits and incentives	(8,034		)	(11,702		)	(11,436		)
Changes in tax law, other	2,909			(3,008		)	7,279
U.S. tax reform/Global Intangible Low-Taxed Income ("GILTI")/foreign derived intangible income	1,102			(6,860		)	30,412
Effect of foreign tax rates	(1,656		)	(10,388		)	(23,103		)
Nonrecurring permanent items	(5,250		)	—			(13,947		)
Goodwill impairment	—			6,887			—
Capital loss	—			—			(19,931		)
Foreign branch	(2,258		)	(3,753		)	9,562
Stock compensation (ASU 2016-09)	1,596			(2,097		)	(3,563		)
Non deductible expenses	2,820			2,451			—
Tax reserves/audit settlements	(206		)	(3,760		)	1,701
Valuation allowance	24,625			(7,844		)	25,809
Other, net	(411		)	(5,226		)	(6,915		)
Income tax provision	$	36,089		$	(29,400	)	$	71,506
Effective income tax rate	36.7		%	(42.2		)%	33.6		%

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows:



	2019			2018
Deferred tax assets:
Pension, postretirement and other benefits	$	48,589		$	51,736
Capitalized expenditures	2,908			3,186
Capital loss carryforward	—			13,780
Net operating loss and tax credit carryforwards	167,719			157,319
Operating lease	20,599			—
Intangibles	4,220			2,122
All other items	49,394			44,999
Total deferred tax assets	293,429			273,142
Deferred tax liabilities:
Property, plant and equipment	(19,479		)	(23,312		)
Operating lease right-of-use	(20,599		)	—
All other items	(12,680		)	(13,221		)
Total deferred tax liabilities	(52,758		)	(36,533		)
Valuation allowances	(194,794		)	(171,126		)
Net deferred tax assets	$	45,877		$	65,483

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:




	2019			2018
Balance at beginning of period	$	9,631		$	9,000
Tax positions related to the current period
Gross additions	895			612
Gross reductions	—			—
Tax positions related to prior years
Gross additions	—			2,551
Gross reductions	(52		)	(1,736		)
Settlements	—			—
Lapses on statutes of limitations	(351		)	(796		)
Balance at end of period	$	10,123		$	9,631