Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)

Provision for income taxes consisted of the following:


	Years ended December 31,
(in thousands)	2025		2024		2023
Income before income taxes:
U.S.	$	(114,505)	$	26,660	$	68,872
Non-U.S.	52,718		90,429		91,584
	$	(61,787)	$	117,089	$	160,456
Income tax expense/(benefit)
Current:
Federal	$	1,920	$	2,682	$	17,005
State	2,021		4,724		2,030
Non-U.S.	27,502		34,053		34,110
	$	31,443	$	41,459	$	53,145
Deferred:
Federal	$	(25,281)	$	1,699	$	(1,700)
State	(1,731)		(804)		863
Non-U.S.	(9,259)		(13,320)		(3,462)
	$	(36,271)	$	(12,425)	$	(4,299)
Total income tax expense	$	(4,828)	$	29,034	$	48,846

Schedule of Cash Payments for Taxes

Cash payments for taxes in 2025 consisted of the following:


	Years ended December 31,
(in thousands)	2025
Income Taxes Paid:
Domestic
Federal	$	2,291
State	2,319

Foreign
Brazil	12,588
Canada	4,787
China	6,836
France	2,308
Mexico	8,166
Other	3,143
Total	$	42,438

Schedule of Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate


	Years ended December 31,
		2024		2023
U.S. federal statutory tax rate		21.0	%	21.0	%
State taxes, net of federal benefit		2.3		1.9
Non-U.S. local income taxes		2.3		1.4
U.S. permanent adjustments		0.6		0.8
Foreign permanent adjustments		1.0		0.7
Foreign rate differential		2.1		2.0
Net U.S. tax on non-U.S. earnings and foreign withholdings		2.8		5.1
Provision for/(resolution) of tax audits and contingencies, net		(1.3)		0.3
U.S. Pension Settlement - Release of Residual Tax Effect		—		—
Change in valuation allowances		4.4		(1.2)
Impact of Mexico net operating loss inflation revaluation		(2.2)		—
Establishment of deferred tax asset for Non-U.S. reserves		(4.3)		—
Impact of amended tax returns		(0.8)		—
Return to provision		(2.2)		(1.2)
Other adjustments		(0.9)		(0.4)
Effective income tax rate		24.8	%	30.4	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:


For the year ended December 31	U.S.				Non-U.S.
(in thousands)	2025		2024		2025		2024
Deferred tax assets:
Accounts receivable, net	$	667	$	502	$	1,466	$	1,138
Inventories	2,542		2,473		1,471		1,636
Incentive compensation	2,289		1,453		1,054		750
Property, plant, equipment and intangibles, net	—		—		—		—
Pension, post retirement benefits - non-current	6,388		6,440		4,832		2,202
Tax loss carryforwards	30		49		49,776		32,963
Tax credit carryforwards	3,935		3,602		238		29
Leases	13,149		12,192		2,500		2,205
Reserves	32,871		2,639		6,999		7,150
Deferred revenue	—		—		—		—
Other	749		373		239		909
Deferred tax assets before valuation allowance	62,769		29,723		68,575		48,982
Less: valuation allowance	(340)		(1,826)		(17,135)		(13,670)
Total deferred tax assets	$	62,429	$	27,897	$	51,440	$	35,312
Deferred tax liabilities:
Unrepatriated foreign earnings	$	5,744	$	4,961	$	—	$	—
Property, plant, equipment and intangibles, net	9,822		4,626		17,440		14,483
Basis difference in partner capital	989		1,420		—		—
Basis difference in investment	5,732		5,081		—		—
Derivatives	—		38		151		125
Leases	12,201		11,433		2,303		2,053
Deferred revenue	279		380		2,688		4,663
Other	(11,743)		—		(144)		—
Total deferred tax liabilities	23,024		27,939		22,438		21,324
Net deferred tax (liability)/asset	$	39,405	$	(42)	$	29,002	$	13,988

Schedule of Operating and Capital Loss and Tax Credit Carryforwards

As of December 31, 2025, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:


(in thousands)	Expiration Period	Net Operating and Capital Loss Carryforwards		Tax Credit Carryforwards
Jurisdiction
U.S. Federal	2026 - 2045	$	—	$	2,558
U.S. State	2035 - 2042	30		1,010
U.S. State	Indefinite	—		367
Non-U.S.	2026 - 2040	3,287		—
Non-U.S.	Indefinite	45,806		—
Balance at end of year		$	49,123	$	3,935

Schedule of Unrecognized Tax Benefits

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, the $2.3 million would impact the effective tax rate as of December 31, 2025 as follows:


(in thousands)	2025		2024		2023
Unrecognized tax benefits balance at January 1,	$	3,142	$	2,741	$	792
Increase in gross amounts of tax positions related to prior years	678		1,102		2,373
Decrease in gross amounts of tax positions related to prior years	—		(224)		—
Increase in gross amounts of tax positions related to current years			—		196
Decrease due to settlements with tax authorities	(1,714)		(460)		—
Increase (decrease) due to lapse in statute of limitations	—		116		(656)
Currency translation	206		(133)		36
Unrecognized tax benefits balance at December 31,	$	2,312	$	3,142	$	2,741