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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 Years Ended December 31,
 202320222021
 (in thousands)
Income from continuing operations before taxes:
United States operations$86,805 $97,900 $188,650 
Foreign operations198,951 219,493 38,130 
Income from continuing operations before taxes$285,756 $317,393 $226,780 
Income tax expense (benefit):
Currently payable
United States federal$34,091 $34,310 $1,649 
United States state and local3,900 4,801 2,453 
Foreign18,166 6,677 15,984 
56,157 45,788 20,086 
Deferred
United States federal(7,497)(446)16,354 
United States state and local(623)(50)5,988 
Foreign(4,837)4,353 (14,489)
(12,957)3,857 7,853 
Income tax expense$43,200 $49,645 $27,939 
In addition to the above income tax expense associated with continuing operations, we also recorded an income tax benefit associated with discontinued operations of $0.0 million, $2.5 million, and $2.7 million in 2023, 2022, and 2021, respectively.

 Years Ended December 31,
 202320222021
Effective income tax rate reconciliation from continuing operations:
United States federal statutory rate21.0%21.0%21.0%
State and local income taxes0.8%1.2%3.4%
Impact of change in tax contingencies0.3%0.1%(0.7)%
Foreign income tax rate differences(10.5)%(10.9)%0.7%
Impact of change in deferred tax asset valuation allowance0.5%(2.5)%(19.1)%
Domestic permanent differences and tax credits2.9%6.3%6.0%
Impact of share-based compensation0.1%0.4%1.0%
15.1%15.6%12.3%

In 2023, the most significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of foreign tax rate differences. Foreign tax rate differences resulted in an income tax expense (benefit) of $(30.1) million, $(34.4) million, and $1.5 million in 2023, 2022, and 2021, respectively.

An additional significant difference between the U.S. federal statutory tax rate and our effective tax rate was the impact of domestic permanent differences and tax credits. We recognized a total income tax expense from domestic permanent differences and tax credits of $8.4 million in 2023, primarily associated with our foreign income inclusions.

If we were to repatriate foreign cash to the U.S., we may be required to accrue and pay U.S. taxes in accordance with applicable U.S. tax rules and regulations as a result of the repatriation. However, it is our intent to permanently reinvest the earnings of our non-U.S. subsidiaries in those operations and for continued non-U.S. growth opportunities.
The components of deferred income taxes were as follows:

 December 31,
 20232022
 (In thousands)
Components of deferred income tax balances:
Deferred income tax liabilities:
Plant, equipment, and intangibles$(98,112)$(94,189)
Right of use asset(21,440)(19,853)
(119,552)(114,042)
Deferred income tax assets:
Postretirement, pensions, and stock compensation17,052 17,368 
Reserves and accruals41,474 25,519 
Net operating loss, capital loss, and tax credit carryforwards114,896 149,607 
Lease liability22,073 19,938 
Valuation allowances(109,676)(142,330)
85,819 70,102 
Net deferred income tax liability$(33,733)$(43,940)

The decreases in valuation allowances and deferred tax assets related to net operating loss, capital loss, and tax credit carryforwards primarily relate to the write-offs of the $35.0 million deferred tax asset and corresponding $35.0 million valuation allowance associated with a capital loss from the divestiture of Tripwire that we will not be able to utilize prior to its expiration.

As of December 31, 2023, we had $93.6 million of gross net operating loss carryforwards, $6.2 million of tax credit carryforwards, and $399.5 million of gross capital loss carryforwards. Unless otherwise utilized, net operating loss carryforwards will expire upon the filing of the tax returns for the following respective years: $8.8 million between 2024 and 2026 and $42.2 million between 2027 and 2042. Net operating loss with an indefinite carryforward period total $42.6 million. Of the $93.6 million in net operating loss carryforwards, we have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $30.2 million of these net operating loss carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the net operating loss carryforwards.

Unless otherwise utilized, tax credit carryforwards of $6.2 million will expire as follows: $0.6 million between 2024 and 2026 and $3.4 million between 2027 and 2042. Tax credit carryforwards with an indefinite carryforward period total $2.2 million. We have determined, based on the weight of all available evidence, both positive and negative, that we will utilize $3.9 million of these tax credit carryforwards within their respective expiration periods. A valuation allowance has been recorded on the remaining portion of the tax credit carryforwards.

Unless otherwise utilized, of the $399.5 million in gross capital loss carryforwards, $355.2 million will expire between 2025 and 2027 and the remaining $44.2 million have an indefinite carryforward period. A full valuation allowance has been recorded as we do not expect to be able to utilize the capital losses.
The following tables summarize our net operating loss carryforwards and tax credit carryforwards as of December 31, 2023 by jurisdiction:
 Net Operating Loss Carryforwards
 (In thousands)
United States - Federal and various states$44,066 
Germany19,418 
United Kingdom13,641 
Other8,290 
Australia8,234 
Total$93,649 
 Tax Credit Carryforwards
 (In thousands)
United States$4,705 
Belgium1,509 
Total$6,214 
In 2023, we recognized a net $1.0 million increase to reserves for uncertain tax positions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
20232022
 (In thousands)
Balance at beginning of year$6,180 $5,821 
Additions for tax positions of prior years605 — 
Additions based on tax positions related to the current year358 359 
Balance at end of year$7,143 $6,180 
The balance of $7.1 million at December 31, 2023 reflects tax positions that, if recognized, would impact our effective tax rate.

Our practice is to recognize interest and penalties related to uncertain tax positions in interest expense and operating expenses, respectively. We have no accrual for the payment of interest and penalties as of December 31, 2023 and 2022.

Our federal tax return for the tax years 2015 and later remain subject to examination by the Internal Revenue Service. Our state and foreign income tax returns for the tax years 2013 and later remain subject to examination by various state and foreign tax authorities.