Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes

The following table summarizes the U.S. and non-U.S. components of income (loss) from continuing operations before Provision (benefit) for income taxes:

	For the Year Ended December 31,
	2019		2018			2017
	(Dollars in thousands)
U.S.	$	85,365	$	(68,032	)	$	(26,981	)
Non-U.S.	757,462		970,840			30,412
	$	842,827	$	902,808		$	3,431

Schedule Of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

	For the Year Ended December 31,
	2019		2018			2017
U.S income taxes:
Current	$	16,589	$	787		$	(1,066	)
Deferred	5,690		(52,145		)	38
	22,279		(51,358		)	(1,028		)
Non-U.S. income taxes:
Current	64,134		85,252			5,924
Deferred	11,812		15,026			(15,677		)
	75,946		100,278			(9,753		)
Total income tax expense (benefit)	$	98,225	$	48,920		$	(10,781	)

Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate

35% for the year ended December 31, 2017 to income before Provision (benefit) expense for income taxes as set forth in the following table:

	For the Year Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
Tax at statutory U.S. federal rate	$	176,994		$	189,590		$	1,201
Impact of U.S. Tax Act - GILTI	65,531			93,739			—
Impact of the 2017 Tax Act - transition tax	—			—			39,628
Impact of the 2017 Tax Act - tax rate change	—			—			52,228
Impact of Tax Receivable Agreement	713			18,160			—
Valuation allowance	(14,548		)	(93,125		)	(89,269		)
State taxes, net of federal tax benefit	4,231			1,529			3,437
U.S. tax impact of foreign earnings (net of foreign tax credits)	2,181			792			1,151
Establishment/resolution of uncertain tax positions	(1,293		)	(345		)	(840		)
Adjustment for foreign income taxed at different rates	(76,922		)	(95,822		)	(2,359		)
Foreign tax credits	(56,171		)	(65,046		)	(17,956		)
Other	(2,491		)	(552		)	1,998
Provision (benefit) for income taxes	$	98,225		$	48,920		$	(10,781	)

Schedule Of Deferred Tax Assets And Deferred Tax Liabilities

	As of December 31,
	2019			2018
	(Dollars in thousands)
Deferred tax assets:
Postretirement and other employee benefits	$	18,256		$	18,395
Foreign tax credit and other carryforwards	55,103			111,325
Capitalized research and experimental costs	5,566			7,695
Environmental reserves	1,110			976
Inventory adjustments	14,863			14,251
Long-term contract option amortization	1,080			1,144
Provision for rationalization charges	232			351
Other	1,872			4,270
Total gross deferred tax assets	98,082			158,407
Less: valuation allowance	(13,736		)	(58,446		)
Total deferred tax assets	84,346			99,961
Deferred tax liabilities:
Fixed assets	$	56,659		$	59,521
Inventory	12,778			7,751
Goodwill and acquired intangibles	6,996			3,668
Other	2,468			3,138
Total deferred tax liabilities	78,901			74,078
Net deferred tax asset	$	5,445		$	25,883

Schedule Of Valuation Allowance Activity

Valuation allowance activity for the years ended December 31, 2018 and 2019 was as follows:

	(Dollars in thousands)
Balance as of December 31, 2017	$	150,839
Credited to income	(93,125		)
Translation adjustment	(302		)
Changes attributable to movement in underlying assets	1,034
Balance as of December 31, 2018	$	58,446
Credited to income	(14,548		)
Changes attributable to write-off of underlying assets	(30,138		)
Translation adjustment	(24		)
Balance as of December 31, 2019	$	13,736

Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

	(Dollars in thousands)
Balance as of December 31, 2017	$	2,492
Reductions for tax positions of prior years	(100		)
Lapse of statutes of limitations	(373		)
Foreign currency impact	(21		)
Settlements	(8		)
Balance as of December 31, 2018	$	1,990
Settlements	(1,383		)
Reductions for tax positions of prior years	(421		)
Foreign currency impact	(2		)
Balance as of December 31, 2019	$	184