Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

(In thousands)	2022		2021		2020
Components of income before income taxes
U.S. income (loss)	$	170,426	$	(59,746)	$	109,726
Non-U.S. income	68,107		83,350		58,421
Income before income taxes	$	238,533	$	23,604	$	168,147
Provision for income taxes
Current
Federal	$	26,022	$	13,179	$	23,587
State	7,708		5,000		4,896
Non-U.S.	20,002		22,487		16,780
Total current provision	$	53,732	$	40,666	$	45,263
Deferred
Federal	$	7,350	$	(29,631)	$	(573)
State	862		(7,204)		(579)
Non-U.S.	(3,041)		(2,015)		(1,102)
Total deferred provision (benefit)	5,171		(38,850)		(2,254)
Provision for income taxes	$	58,903	$	1,816	$	43,009

Reconciliation of U.S. Federal Income Tax Rates to Effective Tax Rate

Reconciliation of the U.S. federal income tax rates to our effective tax rate:

	2022		2021		2020
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes-U.S.	2.9	%	(7.0)	%	2.0	%
Nondeductible compensation	1.2	%	15.3	%	3.4	%
Valuation allowances	0.8	%	7.0	%	0.8	%
Foreign exchange on entity closures	0.3	%	(0.4)	%	—	%
Taxes on non-U.S. income	0.1	%	(10.9)	%	2.6	%
Employee share-based payments	(0.8)	%	(18.3)	%	(3.9)	%
Research and development credit	(0.4)	%	(5.3)	%	(1.2)	%
Taxes on non-U.S. income - U.S., Canadian & European reorganization	—	%	—	%	0.7	%
Other	(0.4)	%	6.3	%	0.2	%
Effective income tax rate	24.7	%	7.7	%	25.6	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities:

	December 31,
(In thousands)	2022		2021
Deferred tax assets
Product liability	$	72,950	$	71,709
Capitalized research and development	26,988		25,644
Net operating losses and tax credit carryforwards	10,696		9,404
Accrued expenses and other reserves	5,738		4,627
Share-based compensation	4,562		3,619
Other	5,068		4,785
Total deferred tax assets	126,002		119,788
Valuation allowances	(10,017)		(8,812)
Net deferred tax assets	115,985		110,976
Deferred tax liabilities
Goodwill and intangibles	(80,383)		(79,285)
Property, plant and equipment	(18,735)		(17,088)
Employee benefits	(18,899)		(8,985)
Inventory	—		(1,264)
Other	(4,359)		(2,434)
Total deferred tax liabilities	(122,376)		(109,056)
Net deferred taxes	$	(6,391)	$	1,920

Reconciliation of Change In Tax Liability for Unrecognized Tax Benefits

A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2022 and 2021 is as follows:

(In thousands)	2022		2021
Beginning balance	$	4,937	$	8,092
Adjustments for tax positions related to the current year	100		182
Adjustments for tax positions related to prior years	155		733
Settlements	—		(3,211)
Statute expiration	—		(859)
Ending balance	$	5,192	$	4,937