Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Earnings Before Income Taxes

Earnings before income taxes were as follows:

(In thousands)	2022		2021		2020
United States	$	73,192	$	71,764	$	72,593
Foreign		109,012		85,720		65,252
Total	$	182,204	$	157,484	$	137,845

Provision for Income Taxes

The provision for income taxes was as follows:

(In thousands)	2022			2021			2020
Current income tax expense:
Federal	$	21,640		$	16,807		$	9,660
State		5,138			5,128			3,000
Foreign		25,549			22,875			24,418
		52,327			44,810			37,078
Deferred benefit:
Federal		(8,520	)		(4,159	)		(6,918	)
State		(1,353	)		(1,189	)		(565	)
Foreign		(1,137	)		(723	)		(1,222	)
		(11,010	)		(6,071	)		(8,705	)
Income taxes	$	41,317		$	38,739		$	28,373

Effective Income Tax Rate Reconciliation

The reconciliation between the U.S. Federal tax rate and the actual effective tax rate was as follows:

	2022			2021			2020
Taxes at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		1.7			3.0			2.2
Tax credits		(1.3	)		(1.4	)		(1.5	)
Taxes on foreign earnings		2.9			4.7			2.8
Global Intangible Low-Taxed Income		0.4			0.7			0.1
Foreign Derived Intangible Income		(1.0	)		(0.9	)		(1.1	)
Loss on balance sheet hedge		-			0.7			2.0
Resolution of prior years’ tax matters		(0.1	)		(0.4	)		(0.1	)
Valuation allowance adjustments		(2.7	)		(2.9	)		(3.7	)
Nondeductible compensation		1.9			1.1			-
Other, net		(0.1	)		(1.0	)		(1.1	)
Effective tax rate		22.7	%		24.6	%		20.6	%

Certain reclassifications to prior year amounts have been made to conform to current year presentation.

Tax Effects of Temporary Differences - Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

(In thousands)	2022			2021
Deferred tax assets:
Benefit plans	$	8,601		$	8,144
Liabilities and reserves		18,623			16,577
Operating loss and credit carryovers		60,070			68,646
Capitalized research and development costs		7,882			-
Other		4,414			10,031
Gross deferred tax assets		99,590			103,398
Valuation allowance		(28,073	)		(34,242	)
Deferred tax assets		71,517			69,156
Deferred tax liabilities:
Property, plant, and equipment		(34,174	)		(32,560	)
Goodwill		(20,603	)		(21,044	)
Deferred tax liabilities		(54,777	)		(53,604	)
Net deferred tax assets	$	16,740		$	15,552

Certain reclassifications to prior year amounts have been made to conform to current year presentation.

Reconciliation of Change in Liability for Unrecognized Tax Benefits

A reconciliation of the change in the liability for unrecognized tax benefits for 2022 and 2021 is as follows:

(In thousands)	2022			2021
Balance at beginning of year	$	3,761		$	7,445
Increases for tax positions taken in the current year		800			715
Decreases related to settlements with tax authorities		(209	)		(3,643	)
Decreases as a result of lapse of the applicable statutes of limitations		(338	)		(367	)
Foreign currency exchange rate changes		(75	)		(389	)
Balance at the end of year	$	3,939		$	3,761