Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign and Components of Income Tax Expense

The components of Income from continuing operations before income taxes and Income taxes follow:

	2020		2019		2018
Income from continuing operations before income taxes:
U.S.	$	(21,538)	$	2,424	$	(10,719)
International	123,033		204,420		218,214
Income from continuing operations before income taxes	$	101,495	$	206,844	$	207,495
Income tax provision:
Current:
U.S. – federal	$	3,697	$	2,068	$	3,110
U.S. – state	(92)		(1,873)		(623)
International	41,506		60,866		57,871
	45,111		61,061		60,358
Deferred:
U.S. – federal	$	1,914	$	(1,356)	$	(2,206)
U.S. – state	222		344		(826)
International	(9,127)		(11,555)		(16,017)
	(6,991)		(12,567)		(19,049)
Income taxes	$	38,120	$	48,494	$	41,309

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:

	2020		2019
Deferred tax assets:
Pension	$	15,403	$	16,256
Tax loss carryforwards	9,521		9,167
Inventory valuation	10,642		12,251
Other postretirement/postemployment costs	7,735		8,066
Accrued compensation	8,085		7,753
Lease obligation	9,846		9,188
Other	16,309		14,769
Valuation allowance	(3,757)		(3,592)
Total deferred tax assets	73,784		73,858
Deferred tax liabilities:
Depreciation and amortization	(109,391)		(110,230)
Goodwill	(9,850)		(9,757)
Swedish tax incentive	(9,170)		(7,436)
Right of use liability	(9,758)		(9,050)
Other	(5,191)		(4,558)
Total deferred tax liabilities	(143,360)		(141,031)
Net deferred tax liabilities	$	(69,576)	$	(67,173)

Amounts related to deferred taxes in the balance sheets as of December 31, 2020 and 2019 are presented as follows:

	2020		2019
Non-current deferred tax assets	$	22,092	$	21,235
Non-current deferred tax liabilities	(91,668)		(88,408)
Net deferred tax liabilities	$	(69,576)	$	(67,173)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:

	2020		2019		2018
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes (net of federal benefit)	—		0.1		—
Foreign operations taxed at different rates	5.6		2.0		1.3
Foreign losses without tax benefit	3.0		2.0		1.5
GILTI	3.0		0.6		1.2
Tax holidays	(1.0)		(1.3)		(1.7)
Stock awards excess tax expense/(benefit)	0.6		(0.9)		(0.8)
Tax on Seeger transaction	4.9		—		—
Benefit for change in valuation allowances	(0.5)		(0.3)		(2.5)
Audit settlements	0.2		0.3		—
Transition tax	—		—		(0.3)
U.S. Corporate tax rate change	—		—		(0.4)
Indefinite reinvestment assertion	—		—		(0.6)
Other	0.8		(0.1)		1.2
Consolidated effective income tax rate	37.6	%	23.4	%	19.9	%

Summary of Income Tax Contingencies

A reconciliation of the unrecognized tax benefits for 2020, 2019 and 2018 follows:

	2020		2019		2018
Balance at January 1	$	8,919	$	11,594	$	9,209
Increase (decrease) in unrecognized tax benefits due to:
Tax positions taken during prior periods	550		11		649
Tax positions taken during the current period	649		1,114		367
Acquisition	—		—		2,516
Settlements	—		(1,351)		—
Lapse of the applicable statute of limitations	(900)		(2,344)		(1,290)
Foreign currency translation	(62)		(105)		143
Balance at December 31	$	9,156	$	8,919	$	11,594