Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Earnings (Loss) Before Income Taxes

Earnings (Loss) before income taxes consist of the following:

	Years Ended December 31,
	2022		2021			2020
U.S.	$	1,005	$	(128,699	)	$	(7,101	)
Non-U.S.		79,732		67,819			52,580
Total	$	80,737	$	(60,880	)	$	45,479

Significant Components of Income Tax Provision/(Benefit)

Significant components of income tax provision/(benefit) are as follows:

	Years Ended December 31,
	2022		2021			2020
Current:
U.S.	$	1,365	$	36		$	211
Non-U.S.		19,305		11,932			11,275
Total Current		20,670		11,968			11,486
Deferred:
U.S.		249		(35,979	)		(2,815	)
Non-U.S.		243		4,997			2,122
Total Deferred		492		(30,982	)		(693	)
Total provision for income taxes	$	21,162	$	(19,014	)	$	10,793

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

	As of December 31,
	2022			2021
Post-retirement benefits	$	947		$	1,226
Inventory reserves		251			69
Loss carry-forwards		4,547			5,070
Credit carry-forwards		10,467			19,665
Accrued expenses		4,543			4,917
Research and development expenditures		19,448			19,226
Operating lease liabilities		5,865			5,643
Stock compensation		2,426			1,970
Foreign exchange loss		2,075			2,052
Other		835			769
Gross deferred tax assets		51,404			60,607
Depreciation and amortization		23,067			13,386
Pensions		—			10,958
Qualified replacement plan		3,507			—
Operating lease assets		5,531			5,307
Subsidiaries' unremitted earnings		2,562			1,947
Other		900			—
Gross deferred tax liabilities		35,567			31,598
Net deferred tax assets		15,837			29,009
Deferred tax asset valuation allowance		(8,386	)		(9,489	)
Total net deferred tax assets	$	7,451		$	19,520

The deferred tax assets and deferred tax liabilities, classified as non-current, are as follows below:

	As of December 31,
	2022			2021
Non-current deferred tax assets	$	23,461		$	25,414
Non-current deferred tax liabilities	$	(16,010	)	$	(5,894	)
Total net deferred tax assets	$	7,451		$	19,520

Reconciliation of Effective Income Taxes Rate

The following table reconciles taxes at the U.S. federal statutory rate to the effective income tax rate:

	Years Ended December 31,
	2022	2021	2020
Taxes at the U.S. statutory rate	21.0%	21.0%	21.0%
State income taxes, net of federal income tax benefit	0.2%	4.3%	(0.1)%
Non-U.S. earnings taxed at rates different than the U.S. statutory rate	(3.2)%	3.1%	(0.9)%
Foreign source earnings, net of associated foreign tax credits	(0.6)%	0.1%	(0.7)%
Benefit of tax credits	(0.2)%	0.8%	(0.7)%
Non-deductible expenses	2.6%	(1.6)%	(0.5)%
Stock compensation - excess tax benefits	(0.2)%	0.7%	(0.1)%
Adjustment to valuation allowances	1.4%	(3.1)%	1.6%
Change in unrecognized tax benefits	(0.1)%	0.4%	(0.7)%
Impacts of unremitted foreign earnings	2.7%	(4.5)%	5.2%
Release of disproportionate tax effects of OCI	—	8.8%	—
Excise tax paid upon U.S. pension termination	1.8%	—	—
Other	0.8%	1.2%	(0.4)%
Effective income tax rate	26.2%	31.2%	23.7%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits is provided below:

	As of December 31,
	2022			2021
Balance at January 1	$	2,196		$	3,128
Increase related to current year tax positions		48			70
Decrease related to prior year tax positions		(165	)		(237	)
Decrease related to lapse in statute of limitation		—			(125	)
Decrease related to settlements with taxing authorities		—			(640	)
Balance at December 31	$	2,079		$	2,196