Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Components of Income from Continuing Operations before Income Taxes and Noncontrolling Shareholders' Interests

Components of income (loss) from continuing operations before income taxes and noncontrolling shareholders’ interests were as follows:


	2020		2019		2018
United States	$	161,885	$	(4,720)	$	108,838
Foreign	29,018		114,392		5,220
Total	$	190,903	$	109,672	$	114,058

Provision (Benefit) for Income Tax for Continuing Operations

The provision (benefit) for income tax for continuing operations consisted of the following:


	2020		2019		2018
Current:
Federal	$	35,715	$	2,659	$	56
State and local	10,796		5,386		5,350
Foreign	3,343		9,733		7,214
	49,854		17,778		12,620
Deferred:
Federal	(5,919)		1,356		18,293
State and local	1,300		(4,027)		3,266
Foreign	1,764		(3,752)		(684)
	(2,855)		(6,423)		20,875
	$	46,999	$	11,355	$	33,495

Reconciliation of Income Tax Expense (Benefit) for Continuing Operations

A reconciliation of the income tax provision (benefit) for continuing operations to the tax based on the U.S. statutory rate is as follows:


	2020		2019		2018
Income tax provision at 21%	$	40,090	$	23,031	$	23,952
Difference in effective tax rates of international operations	(868)		(21,399)		(1,124)
State and local income tax, net of federal income tax effect	9,959		(2,366)		2,983
Valuation allowance	5,139		6,306		(2,433)
U.S. tax credits	(3,444)		(6,292)		(4,401)
Income tax contingencies, net of federal income tax effect	3,077		4,246		1,263
Remeasurement of deferred taxes	(3,653)		—		—
Reversal of outside basis difference in former minority investment	(1,103)		—		—
Mexico inflationary deferred tax adjustments	(626)		(1,790)		259
Net U.S. GILTI inclusion	—		8,419		1,455
U.S. tax reform - transition tax	—		1,661		5,026
Goodwill Impairment	—		—		8,432
U.S. tax reform - remeasurement of deferred taxes	—		—		(3,576)
Other - net	(1,572)		(461)		1,659
Income tax provision	$	46,999	$	11,355	$	33,495

Components of Company's Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial reporting purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31 were as follows:


	2020		2019
Deferred tax assets:
Postretirement and other employee benefits	$	103,699	$	94,581
Product liability	24,023		30,791
Net operating loss, capital loss, and tax credit carryforwards	17,862		14,291
All other items	41,439		37,296
Total deferred tax assets	187,023		176,959
Deferred tax liabilities:
Property, plant and equipment	(114,641)		(117,148)
All other items	(8,134)		(6,141)
Total deferred tax liabilities	(122,775)		(123,289)
	64,248		53,670
Valuation allowances	(35,145)		(27,270)
Net deferred tax asset	$	29,103	$	26,400

Unrecognized Tax Benefits for Permanent and Temporary Book/Tax Differences for Continuing Operations, Exclusive of Interest


	Unrecognized Tax Benefits
Balance at January 1, 2018	$	2,283
Settlements for tax positions of prior years	(364)
Additions for tax positions of current year	2,555
Additions for tax positions of prior years	2,881
Statute lapses	(830)
Balance at December 31, 2018	6,525
Settlements for tax positions of prior years	(1,567)
Additions for tax positions of prior years	5,644
Statute lapses	(668)
Balance at December 31, 2019	9,934
Additions for tax positions of the current year	4,598

Statute lapses	(1,642)
Balance at December 31, 2020	$	12,890