Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Expense for Income Taxes

The provision for income taxes is comprised of the following:

	Years Ended December 31,
	2021		2020		2019
	(In thousands)
Current tax benefit (expense):
U.S.	$	(37,169)	$	(9,579)	$	13,968
Foreign	(5,886)		(14,501)		(2,314)
Current tax benefit (expense)	(43,055)		(24,080)		11,654
Deferred tax benefit (expense):
U.S.	3,868		(3,376)		(1,621)
Foreign	(315)		59,490		1,780
Deferred tax benefit (expense)	3,553		56,114		159
Income tax benefit (expense)	$	(39,502)	$	32,034	$	11,813

Income Before Income Taxes

Income (loss) before income taxes is comprised of the following: 

	Years Ended December 31,
	2021		2020		2019
	(In thousands)
Income (loss) before income taxes:
U.S.	$	170,599	$	(484,131)	$	1,998
Foreign	44,475		230,411		42,006
Income (loss) before income taxes	$	215,074	$	(253,720)	$	44,004

Reconciliation of Statutory Income Tax Rate

The provision for income taxes differs from the amount computed by applying the U.S. corporate statutory income tax rate to income (loss) before income taxes for the reasons set forth below:

	Years Ended December 31,
	2021		2020		2019
Income taxes at the statutory rate	(21.0)	%	(21.0)	%	(21.0)	%
Foreign tax rate differential	(1.0)		(0.2)		5.1
State taxes, net of federal benefit	(1.5)		(0.7)		(0.1)
Permanent differences	(0.9)		0.6		8.7
Cariflex disposition	—		(4.3)		—
Dutch transfer of assets	—		(25.9)		—
Tax credits	0.4		(0.5)		3.6
Uncertain tax positions	(0.2)		(1.2)		40.3
Valuation allowance	0.8		(0.6)		10.6
Goodwill impairment	—		33.1		—
Deferred tax rate change and transition tax	0.8		0.2		(7.7)
U.S. minimum tax on foreign entities	2.1		2.0		(17.8)
Return to provision adjustments	2.1		5.9		5.1
Effective tax rate	(18.4)	%	(12.6)	%	26.8	%

Significant Components of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as net operating loss and tax credit carryforwards. The tax effects of temporary differences are comprised of the following:

	December 31,
	2021		2020
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	35,863	$	36,093
Interest carryforwards	6,254		4,974
Tax credit carryforwards	4,732		4,938
Inventory	4,203		8,309
Benefit plans accrual	24,908		31,431
Operating leases	12,013		13,279
Deferred income	31,160		36,999
Other accruals and reserves	6,454		11,821
Deferred tax assets	125,587		147,844
Valuation allowance for deferred tax assets	(33,894)		(39,517)
Net deferred tax assets after valuation allowance	91,693		108,327
Deferred tax liabilities:
Property, plant, and equipment	104,318		117,678
Intangible assets	8,496		2,603
Operating leases	9,806		11,715
Investment in subsidiaries	18,356		18,356
Deferred tax liabilities	140,976		150,352
Net deferred tax liabilities	$	49,283	$	42,025

	December 31,
	2021		2020
	(In thousands)
Net deferred tax liabilities consist of:
Non-current deferred tax assets	$	79,627	$	83,534
Non-current deferred tax liabilities	128,910		125,559
Net deferred tax liabilities	$	49,283	$	42,025

Rollforward of Unrecognized Tax Benefits

The following presents a roll forward of our unrecognized tax benefits including associated interest and penalties. 

	December 31,
	2021		2020
	(In thousands)
Balance at January 1	$	8,849	$	11,294
Increase in current year tax positions	155		148
Increase in prior year tax positions	172		1,142
Decrease in prior year tax positions	(24)		—
Lapse of statute of limitations	(331)		(3,735)
Balance at December 31	$	8,821	$	8,849