Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents components of income tax expense for the three and nine months ended September 30, 2023 and 2022:

	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2023		2022		2023		2022
Income tax based on income from operations (1)	$	10,731	$	2,208	$	35,698	$	28,315
Provision for change in estimated tax rate	(119)		674		5		740
Income tax before discrete items	10,612		2,882		35,703		29,055
Discrete tax expense:
Exercise of U.S. stock options	—		(9)		—		(17)
Impact of amended tax returns	—		—		—		(98)
Reconciliation of prior year estimated taxes	(1,833)		(1,185)		(437)		(1,693)
Enacted tax legislation and rate change	—		—		313		—
Provision for/resolution of tax audits and contingencies, net	(602)		24		176		(116)
Impact of long range tax planning	—		—		(443)		—
Withholding tax related to internal restructuring	—		—		3,026		—
US Pension Settlement - Release of Residual Tax Effect	—		(5,217)		—		(5,217)
Impact of non-election of high tax exclusion under GILTI*	1,155		—		1,617		—
Other	(125)		322		(47)		359
Total income tax expense/(benefit)	$	9,207	$	(3,183)	$	39,908	$	22,273
(1) Income tax is calculated at estimated annualized effective tax rate of 29.5% and 28.9% for the three and nine months ended September 30, 2023 and 2022, respectively. * Global Intangible Low-Taxed Income