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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:
(in thousands)
202020192018
Income tax based on income from continuing operations, at estimated tax rates of 28%, 28%, and 31%, respectively
$39,544 $49,977 $36,044 
Income tax before discrete items39,544 49,977 36,044 
Discrete tax expense/(benefit):
Net impact of mandatory deemed repatriation— — (1,003)
Provision for/resolution of tax audits and contingencies, net752 (2,874)1,286 
Adjustments to prior period tax liabilities(2,420)(1,637)(1,284)
Provision for/adjustment to beginning of year valuation allowances168 (525)(4,882)
Enacted tax legislation— (112)2,067 
Tax effect of non-deductible foreign exchange loss on intercompany loan3,801 — — 
Other(14)— — 
Total income tax expense$41,831 $44,829 $32,228 

(in thousands)
202020192018
Income/(loss) before income taxes:
U.S.
$63,375 $76,024 $41,875 
Non-U.S.
75,699 102,188 73,372 
$139,074 $178,212 $115,247 
Income tax provision
Current:
Federal
$1,415 $780 $304 
State
2,028 6,357 4,996 
Non-U.S.
26,916 25,255 21,557 
$30,359 $32,392 $26,857 
Deferred:
Federal
$11,211 $10,583 $10,700 
State
192 253 (338)
Non-U.S.
69 1,601 (4,991)
$11,472 $12,437 $5,371 
Total income tax expense
$41,831 $44,829 $32,228 
Schedule of Components of Deferred Income Tax Expense/(Benefit)
The significant components of deferred income tax expense/(benefit) are as follows:
(in thousands)
202020192018
Net effect of temporary differences
$5,262 $(18)$(4,657)
Foreign tax credits
7,173 12,530 9,437 
Retirement benefits
401 (752)2,360 
Net impact to operating loss carryforwards
(1,532)1,314 1,046 
Enacted changes in tax laws and rates
(112)2,067 
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances
168 (525)(4,882)
Total
$11,472 $12,437 $5,371 
Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate
A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:
202020192018
U.S. federal statutory tax rate
21.0 %21.0 %21.0 %
State taxes, net of federal benefit
1.8 3.0 2.9 
Non-U.S. local income taxes
3.2 4.4 3.3 
U.S. permanent adjustments0.1 — (0.3)
Foreign permanent adjustments
0.2 0.4 (0.4)
Foreign rate differential
0.6 0.5 0.2 
Net U.S. tax on non-U.S. earnings and foreign withholdings
1.2 0.3 5.7 
Provision for/resolution of tax audits and contingencies, net
0.5 (1.6)1.1 
Research and development and other tax credits
(0.4)(0.3)(0.1)
Provision for/adjustment to beginning of year valuation allowances
0.2 (0.3)(4.2)
Enacted tax legislation and rate change
— (0.1)1.8 
Tax effect of non-deductible foreign exchange loss on intercompany loan2.7 — — 
Return to provision and other adjustments
(1.0)(2.1)(3.0)
Effective income tax rate
30.1 %25.2 %28.0 %
Schedule of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities are as follows:
U.S.
Non-U.S.
(in thousands)
2020201920202019
Noncurrent deferred tax assets:
Accounts receivable, net$672 $823 $1,453 $1,050 
Inventories
762 636 1,995 1,231 
Accrued liabilities, deferred compensation4,490 4,730 1,064 1,386 
Property, plant, equipment and intangibles, net— — 2,382 4,892 
Other noncurrent liabilities12,498 14,885 82 1,048 
Tax loss carryforwards
517 2,266 24,509 21,467 
Tax credit carryforwards
9,236 15,931 954 936 
Derivatives3,283 1,411 — — 
Other noncurrent liabilities, reserves2,704 2,953 — — 
Deferred revenue1,471 2,417 — — 
Other
— 638 — 
Noncurrent deferred tax assets before valuation allowance
35,633 46,052 33,077 32,010 
Less: valuation allowance
(9)— (10,261)(9,102)
Total noncurrent deferred tax assets
35,624 46,052 22,816 22,908 
Total deferred tax assets
$35,624 $46,052 $22,816 $22,908 
Noncurrent deferred tax liabilities:
Unrepatriated foreign earnings
$3,779 $2,202 $— $— 
Property, plant, equipment and intangibles, net3,122 4,404 — — 
Deferred gain
2,911 3,391 — — 
Flow-through deferred tax liabilities6,881 6,205 — — 
Deferred revenue— — 11,989 8,492 
Other
519 510 — 3,137 
Total noncurrent deferred tax liabilities
$17,212 $16,712 $11,989 $11,629 
Net deferred tax liabilities
$17,212 $16,712 $11,989 $11,629 
Net deferred tax asset
$18,412 $29,340 $10,827 $11,279 
Schedule of Current Income Taxes Prepaid and Receivable
The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, $1.3 million of which, if recognized, would impact the effective tax rate:
(in thousands)
202020192018
Unrecognized tax benefits balance at January 1st
$5,834 $3,790 $4,509 
Increase in gross amounts of tax positions related to prior years
540 4,874 2,008 
Decrease in gross amounts of tax positions related to prior years
(637)(2,239)(358)
Increase in gross amounts of tax positions related to current years
— — — 
Decrease due to settlements with tax authorities
— — (1,626)
Decrease due to lapse in statute of limitations
(300)(626)(479)
Currency translation
54 35 (264)
Unrecognized tax benefits balance at December 31,$5,491 $5,834 $3,790 
Schedule of Current Income Taxes Prepaid and Receivable
As of December 31, 2020, and 2019, current income taxes prepaid and receivable consisted of the following:
(in thousands)
20202019
Prepaid taxes
$5,234 $4,399 
Taxes receivable
706 1,763 
Total current income taxes prepaid and receivable
$5,940 $6,162 
Schedule of Non-Current Deferred Taxes and Other Liabilities
As of December 31, 2020, and 2019, non-current deferred taxes and other liabilities consisted of the following:
(in thousands)20202019
Deferred income taxes$9,518 $11,002 
Other liabilities1,266 1,224 
Total noncurrent deferred taxes and other liabilities$10,784 $12,226