Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Taxes on Income and Other Related Income Before Taxes

The provisions for taxes on income and the related income before taxes for the years ended December 31, 2024, 2023 and 2022, were as follows:

(In thousands)	2024			2023			2022
Taxes on Income
Federal
Current (1)	$	2,177		$	(22,215	)	$	39,328
Deferred (1)		(7,248	)		20,268			(20,636	)
State
Current (1)		(482	)		(1,188	)		9,875
Deferred (1)		905			444			(6,943	)
Foreign
Current		18,664			13,287			19,799
Deferred		(3,947	)		(2,409	)		127
Total	$	10,069		$	8,187		$	41,550
Income before Taxes
Domestic	$	7,319		$	11,693		$	103,831
Foreign		53,120			36,698			84,872
Total	$	60,439		$	48,391		$	188,703

(1)In 2023 for the 2022 U.S. tax returns (federal and state), a U.S. tax accounting method change was made for the 2018-2021 tax years and additional assets that qualified for bonus depreciation under IRC 168(k) were identified. Said items increased the income tax receivable with an offset to current tax expense and created deferred tax liabilities with an offset to deferred tax expense. These amounts were booked in 2023 as a provision-to-return adjustment.

Summary of Variations Between the Effective and Statutory U.S. Federal Income Tax Rates

The variations between the effective and statutory U.S. federal income tax rates are summarized as follows:

	2024 (1)						2023						2022
(In thousands)	Amount			%			Amount			%			Amount			%
Federal income tax provision at statutory    tax rate	$	12,692			21.0		$	10,162			21.0		$	39,628			21.0
State income tax provision, less applicable    federal tax benefit		334			0.6			(588	)		(1.2	)		2,316			1.2
Foreign income taxed at different rates		4,556			7.5			1,153			2.4			2,417			1.3
U.S. taxation of foreign earnings (2)		(159	)		(0.3	)		1,079			2.2			1,616			0.9
Unrecognized tax benefits		4,520			7.5			4,090			8.5			3,324			1.8
Prior years return to provision true-up (3)		(6,795	)		(11.2	)		(2,424	)		(5.0	)		(1,915	)		(1.0	)
Stock based compensation, excess tax    benefits		(937	)		(1.6	)		(1,262	)		(2.6	)		(580	)		(0.3	)
U.S. tax credits		(5,500	)		(9.1	)		(4,582	)		(9.5	)		(4,508	)		(2.4	)
Non-deductible expenses and other    items, net		1,358			2.3			559			1.1			(748	)		(0.5	)
Total income tax provision	$	10,069			16.7		$	8,187			16.9		$	41,550			22.0

(1)In general, all permanent differences, whether positive or negative, have a more pronounced effect on the effective tax rate the lower the pre-tax income even if year-over-year the permanent differences did not change significantly.

(2)Includes Subpart F activity, a direct inclusion of foreign affiliate(s) income in U.S. taxable income (all years), global intangible low-taxed income (GILTI) for years 2023 and 2022. For 2024, GILTI was zero due to the High Tax Election. 2024 includes a U.S. permanent foreign exchange tax benefit recognized upon repatriation.

(3)For 2024, amount resulted largely from a fixed asset inflationary tax benefit in Mexico. For 2023 and 2022, amounts resulted from higher federal research credit and lower GILTI.

Schedule Showing Tax Effects of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities

At December 31, 2024 and 2023, the tax effects of significant temporary differences representing deferred tax assets and liabilities were as follows:

(In thousands)	2024			2023
Deferred Tax Assets:
Pensions	$	1,467		$	446
Deferred revenue		2,067			2,640
Other accruals and reserves		12,324			14,638
Legal and environmental accruals		7,244			7,292
Deferred compensation		9,361			12,199
Bad debt and rebate reserves		4,950			4,916
Net operating loss carryforwards		7,615			6,512
Amortization of intangibles		52,868			37,123
Inventories		8,004			8,959
Tax credit carryforwards		19,383			13,682
Disallowed interest expense carryforwards		6,035			—
	$	131,318		$	108,407
Deferred Tax Liabilities:
Depreciation	$	(94,012	)	$	(82,907	)
Unrealized foreign exchange loss		(3,222	)		(2,784	)
Other		(2,878	)		(2,991	)
	$	(100,112	)	$	(88,682	)
Valuation Allowance	$	(764	)	$	(853	)
Net Deferred Tax Assets	$	30,442		$	18,872
Reconciliation to Consolidated Balance Sheet:
Non-current deferred tax assets (in other non-current assets)		40,054			29,245
Non-current deferred tax liabilities		(9,612	)		(10,373	)
Net Deferred Tax Assets	$	30,442		$	18,872

Schedule of Reconciliations of Unrecognized Tax Benefits

Below are reconciliations of the January 1 and December 31 balances of unrecognized tax benefits for 2024, 2023 and 2022:

(In thousands)	2024			2023			2022
Unrecognized tax benefits, opening balance	$	14,590		$	10,682		$	7,292
Gross increases – tax positions in prior period		833			1,891			2,188
Gross increases – current period tax positions		2,477			2,139			1,617
Settlements/State voluntary disclosure		—			(343	)		(454	)
Foreign currency translation		(548	)		241			74
Lapse of statute of limitations		(26	)		(20	)		(35	)
Unrecognized tax benefits, ending balance	$	17,326		$	14,590		$	10,682