Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign and Components of Income Tax Expense

The components of Income from continuing operations before income taxes and Income taxes follow:

	2019			2018			2017
Income from continuing operations before income taxes:
U.S.	$	2,424		$	(10,719	)	$	3,082
International	204,420			218,214			192,617
Income from continuing operations before income taxes	$	206,844		$	207,495		$	195,699
Income tax provision:
Current:
U.S. – federal	$	2,068		$	3,110		$	77,799
U.S. – state	(1,873		)	(623		)	1,762
International	60,866			57,871			48,032
	61,061			60,358			127,593
Deferred:
U.S. – federal	$	(1,356	)	$	(2,206	)	$	9,596
U.S. – state	344			(826		)	819
International	(11,555		)	(16,017		)	(1,724		)
	(12,567		)	(19,049		)	8,691
Income taxes	$	48,494		$	41,309		$	136,284

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 consist of the tax effects of temporary differences related to the following:

	2019			2018
Deferred tax assets:
Pension	$	16,256		$	19,025
Tax loss carryforwards	9,167			11,516
Inventory valuation	12,251			11,576
Other postretirement/postemployment costs	8,066			8,372
Accrued Compensation	7,753			9,384
Lease obligation	9,188			—
Other	14,769			3,349
Valuation allowance	(3,592		)	(4,366		)
Total deferred tax assets	73,858			58,856
Deferred tax liabilities:
Depreciation and amortization	(110,230		)	(122,636		)
Goodwill	(9,757		)	(9,597		)
Swedish tax incentive	(7,436		)	(7,241		)
Right of use liability	(9,050		)	—
Other	(4,558		)	(5,467		)
Total deferred tax liabilities	(141,031		)	(144,941		)
Net deferred tax liabilities	$	(67,173	)	$	(86,085	)

Amounts related to deferred taxes in the balance sheets as of December 31, 2019 and 2018 are presented as follows:

	2019			2018
Non-current deferred tax assets	$	21,235		$	20,474
Non-current deferred tax liabilities	(88,408		)	(106,559		)
Net deferred tax liabilities	$	(67,173	)	$	(86,085	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate from continuing operations follows:

	2019		2018		2017
U.S. federal statutory income tax rate	21.0	%	21.0	%	35.0	%
State taxes (net of federal benefit)	0.1		—		0.1
Transition Tax	—		(0.3	)	45.0
U.S. Corporate Tax Rate change	—		(0.4	)	2.1
Indefinite Reinvestment Assertion	—		(0.6	)	3.5
Foreign operations taxed at different rates	2.0		1.3		(11.5	)
Foreign losses without tax benefit	2.0		1.5		1.5
GILTI	0.6		1.2		—
Tax Holidays	(1.3	)	(1.7	)	(0.8	)
Stock awards excess tax benefit	(0.9	)	(0.8	)	(1.2	)
Swiss Legal Entity Reduction	—		—		(3.4	)
Reduction of Valuation Allowances	(0.3	)	(2.5	)	—
Audit Settlements	0.3		—		(2.7	)
Other	(0.1	)	1.2		2.0
Consolidated effective income tax rate	23.4	%	19.9	%	69.6	%

Summary of Income Tax Contingencies

A reconciliation of the unrecognized tax benefits for 2019, 2018 and 2017 follows:

	2019			2018			2017
Balance at January 1	$	11,594		$	9,209		$	13,320
Increase (decrease) in unrecognized tax benefits due to:
Tax positions taken during prior periods	11			649			1,141
Tax positions taken during the current period	1,114			367			778
Acquisition	—			2,516			—
Settlements	(1,351		)	—			(4,162		)
Lapse of the applicable statute of limitations	(2,344		)	(1,290		)	(1,868		)
Foreign Currency Translation	(105		)	143			—
Balance at December 31	$	8,919		$	11,594		$	9,209