Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Earnings Before Income Taxes

Earnings before income taxes were as follows:

(In thousands)	2023		2022		2021
United States	$	45,900	$	73,192	$	71,764
Foreign		83,951		109,012		85,720
Total	$	129,851	$	182,204	$	157,484

Provision for Income Taxes

The provision for income taxes was as follows:

(In thousands)	2023			2022			2021
Current income tax expense:
Federal	$	11,153		$	21,640		$	16,807
State		2,814			5,138			5,128
Foreign		27,590			25,549			22,875
		41,557			52,327			44,810
Deferred benefit:
Federal		(4,656	)		(8,520	)		(4,159	)
State		(813	)		(1,353	)		(1,189	)
Foreign		369			(1,137	)		(723	)
		(5,100	)		(11,010	)		(6,071	)
Income taxes	$	36,457		$	41,317		$	38,739

Effective Income Tax Rate Reconciliation

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

	2023			2022			2021
Taxes at statutory rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		1.1			1.7			3.0
Tax credits		(1.9	)		(1.3	)		(1.4	)
Taxes on foreign earnings		4.8			2.9			4.7
Global Intangible Low-Taxed Income		0.6			0.4			0.7
Foreign Derived Intangible Income		(1.3	)		(1.0	)		(0.9	)
Loss on balance sheet hedge		-			-			0.7
Resolution of prior years’ tax matters		0.3			(0.1	)		(0.4	)
Valuation allowance adjustments		2.8			(2.7	)		(2.9	)
Nondeductible compensation		1.2			1.9			1.1
Other, net		(0.5	)		(0.1	)		(1.0	)
Effective tax rate		28.1	%		22.7	%		24.6	%

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)	2023			2022
Deferred tax assets:
Benefit plans	$	8,976		$	8,601
Liabilities and reserves		20,960			18,623
Operating loss and credit carryovers		59,615			60,070
Capitalized research and development costs		13,148			7,882
Other		14,680			4,414
Gross deferred tax assets		117,379			99,590
Valuation allowance		(34,122	)		(28,073	)
Deferred tax assets		83,257			71,517
Deferred tax liabilities:
Property, plant, and equipment		(33,654	)		(34,174	)
Goodwill		(22,299	)		(20,603	)
Deferred tax liabilities		(55,953	)		(54,777	)
Net deferred tax assets	$	27,304		$	16,740

Reconciliation of Change in Liability for Unrecognized Tax Benefits

A reconciliation of the change in the liability for unrecognized tax benefits for 2023 and 2022 is as follows:

(In thousands)	2023			2022
Balance at beginning of year	$	3,939		$	3,761
Increases for tax positions taken in the current year		876			800
Decreases related to settlements with tax authorities		(175	)		(209	)
Decreases as a result of lapse of the applicable statutes of limitations		(610	)		(338	)
Foreign currency exchange rate changes		221			(75	)
Balance at the end of year	$	4,251		$	3,939