Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Earnings (Loss) Before Income Taxes

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

	Years Ended December 31,
	2023			2022		2021
U.S.	$	(9,265	)	$	1,005	$	(128,699	)
Non-U.S.		84,418			79,732		67,819
Total	$	75,153		$	80,737	$	(60,880	)

Significant Components of Income Tax Provision/(Benefit)

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

	Years Ended December 31,
	2023			2022		2021
Current:
U.S.	$	(668	)	$	1,365	$	36
Non-U.S.		16,279			19,305		11,932
Total Current		15,611			20,670		11,968
Deferred:
U.S.		(1,475	)		249		(35,979	)
Non-U.S.		485			243		4,997
Total Deferred		(990	)		492		(30,982	)
Total provision for income taxes	$	14,621		$	21,162	$	(19,014	)

Significant Components of Deferred Tax Assets and Liabilities

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

	As of December 31,
	2023			2022
Post-retirement benefits	$	976		$	947
Inventory reserves		1,323			1,361
Loss carry-forwards		3,911			4,547
Credit carry-forwards		13,415			10,467
Accrued expenses		4,852			4,543
Research and development expenditures		18,980			19,448
Operating lease liabilities		6,715			5,865
Stock compensation		2,371			2,426
Foreign exchange loss		2,010			2,075
Other		762			835
Gross deferred tax assets		55,315			52,514
Depreciation and amortization		23,349			23,067
Statutory inventory adjustments		1,359			1,110
Qualified replacement plan		3,080			3,507
Operating lease assets		6,355			5,531
Subsidiaries' unremitted earnings		1,599			2,562
Other		749			900
Gross deferred tax liabilities		36,491			36,677
Net deferred tax assets		18,824			15,837
Deferred tax asset valuation allowance		(8,370	)		(8,386	)
Total net deferred tax assets	$	10,454		$	7,451

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

	As of December 31,
	2023			2022
Non-current deferred tax assets	$	25,183		$	23,461
Non-current deferred tax liabilities	$	(14,729	)	$	(16,010	)
Total net deferred tax assets	$	10,454		$	7,451

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,
	2023	2022	2021
Taxes at the U.S. statutory rate	21.0%	21.0%	21.0%
State income taxes, net of federal income tax benefit	(0.1)%	0.2%	4.3%
Non-U.S. earnings taxed at rates different than the U.S. statutory rate	(4.4)%	(3.2)%	3.1%
Foreign source earnings, net of associated foreign tax credits	2.7%	(0.6)%	0.1%
Benefit of tax credits	(2.4)%	(0.2)%	0.8%
Non-deductible expenses	0.9%	2.6%	(1.6)%
Stock compensation - excess tax benefits	(0.7)%	(0.2)%	0.7%
Adjustment to valuation allowances	1.2%	1.4%	(3.1)%
Change in unrecognized tax benefits	(0.2)%	(0.1)%	0.4%
Impacts of unremitted foreign earnings	2.0%	2.7%	(4.5)%
Release of disproportionate tax effects of OCI	—	—	8.8%
Excise tax paid upon U.S. pension termination	—	1.8%	—
Other	(0.5)%	0.8%	1.2%
Effective income tax rate	19.5%	26.2%	31.2%

Reconciliation of Unrecognized Tax Benefits

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

	As of December 31,
	2023			2022
Balance at January 1	$	2,079		$	2,196
Increase related to current year tax positions		208			48
Decrease related to prior year tax positions		(122	)		(165	)
Decrease related to lapse in statute of limitation		(222	)		—
Balance at December 31	$	1,943		$	2,079