Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

	2023		2022		2021
Income from continuing operations before income taxes:
U.S.	$	(61,688)	$	(53,088)	$	(28,832)
International	94,952		91,273		156,649
Income from continuing operations before income taxes	$	33,264	$	38,185	$	127,817
Income tax provision:
Current:
U.S. – federal	$	535	$	276	$	4,733
U.S. – state	972		778		1,009
International	21,875		29,374		38,609
	23,382		30,428		44,351
Deferred:
U.S. – federal	$	(407)	$	(790)	$	(6,800)
U.S. – state	(58)		(579)		(1,051)
International	(5,649)		(4,353)		(8,556)
	(6,114)		(5,722)		(16,407)
Income taxes	$	17,268	$	24,706	$	27,944

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:

	2023		2022
Deferred tax assets:
Pension	$	3,578	$	11,505
Tax loss carryforwards	24,277		10,970
Inventory valuation	10,363		8,015
Other postretirement/postemployment costs	5,073		7,715
Accrued compensation	11,631		7,430
Goodwill	6,313		8,981
Lease obligation	13,052		8,493
Other	55,248		17,310
Valuation allowance	(41,625)		(6,456)
Total deferred tax assets	87,910		73,963
Deferred tax liabilities:
Depreciation and amortization	(130,227)		(81,409)
Goodwill	(41,313)		(9,899)
Swedish tax incentive	(7,105)		(7,196)
Right of use liability	(14,355)		(8,456)
Other	(5,223)		(11,537)
Total deferred tax liabilities	(198,223)		(118,497)
Net deferred tax liabilities	$	(110,313)	$	(44,534)

Amounts related to deferred taxes in the balance sheets as of December 31, 2023 and 2022 are presented as follows:

	2023		2022
Non-current deferred tax assets	$	10,295	$	18,028
Non-current deferred tax liabilities	(120,608)		(62,562)
Net deferred tax liabilities	$	(110,313)	$	(44,534)

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:

	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign operations taxed at different rates	13.9		0.6		0.1
Foreign losses without tax benefit	20.7		7.5		1.9
Italian goodwill & intangible realignment	—		—		(2.1)
Goodwill impairment	—		37.5		—
GILTI	9.8		12.0		2.3
Capitalized Transaction Costs	8.2		—		—
Tax holidays	(45.8)		(30.2)		(2.5)
Stock awards excess tax expense	2.8		3.3		0.4
Charge for change in valuation allowances	20.4		9.3		—
Tax Reserves and audits including MAP Approval	2.3		2.8		(1.5)
Adjustment to prior year's tax return	(3.8)		(2.2)		1.0
Foreign tax rate change	(0.1)		—		0.4
Other	2.5		3.1		0.9
Consolidated effective income tax rate	51.9	%	64.7	%	21.9	%

Summary of Income Tax Contingencies

A reconciliation of the unrecognized tax benefits for 2023, 2022 and 2021 follows:

	2023		2022		2021
Balance at January 1	$	8,250	$	8,671	$	9,156
Increase (decrease) in unrecognized tax benefits due to:
Tax positions taken during prior periods	—		—		—
Tax positions taken during the current period	637		873		637
Acquisition	2,950		—		—
Settlements	—		—		(70)
Lapse of the applicable statute of limitations	(790)		(1,171)		(1,218)
Foreign currency translation	(54)		(123)		166
Balance at December 31	$	10,993	$	8,250	$	8,671