v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Reconciliation of Unrecognized Tax Benefits
We apply the provisions of FASB Topic Income Taxes regarding the treatment of uncertain tax positions. As of December 31, 2023 and 2022, we had no uncertain tax positions.
Beginning in 2024, certain jurisdictions will implement the Organization for Economic Cooperation and Development's (OECD) Pillar Two rules regarding a 15% global minimum tax. Considering our current global footprint, we do not anticipate that these new rules will materially impact our provision for income taxes.
Components of Deferred Tax Assets and Liabilities Significant components of deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:
 December 31,
 20232022
 (In thousands)
Deferred tax assets:
Pension liability$17,439 $11,931 
Accrued warranty expense1,641 1,694 
Capitalized Section 174 expenditures23,800 11,145 
Accrued vacation pay3,103 3,246 
Accrued liabilities for self-insurance (including postretirement health care benefits)— 17 
Accrued liabilities for executive and employee incentive compensation13,784 12,475 
Environmental and products liabilities20,576 20,983 
Lease liabilities4,860 5,298 
Investments in joint ventures and affiliated companies224 1,494 
Long-term contracts13,363 14,442 
Accrued payroll taxes— 2,504 
U.S. federal tax credits and loss carryforward7,055 7,113 
U.S. state tax credits and loss carryforward7,935 4,731 
Foreign tax credit and loss carryforward22,869 20,209 
Other2,018 2,719 
Gross deferred tax assets138,667 120,001 
Valuation allowance for deferred tax assets(17,421)(13,022)
Total deferred tax assets121,246 106,979 
Deferred tax liabilities:
Property, plant and equipment85,661 75,334 
Right-of-use lease assets11,550 12,246 
Accrued liabilities for self-insurance (including postretirement health care benefits)341 — 
Intangibles21,976 22,404 
Total deferred tax liabilities119,528 109,984 
Net deferred tax assets (liabilities)$1,718 $(3,005)
Income from Continuing Operations Before Provision for Income Taxes
The components of Income before Provision for Income Taxes were as follows:
 Year Ended December 31,
 202320222021
 (In thousands)
U.S.$282,459 $281,677 $343,091 
Other than U.S.38,941 32,700 52,622 
Income before Provision for Income Taxes$321,400 $314,377 $395,713 
Components of Provision for Income Taxes
The components of Provision for Income Taxes were as follows:
 Year Ended December 31,
 202320222021
 (In thousands)
Current:
U.S. – federal$69,254 $54,683 $31,535 
U.S. – state and local4,255 5,360 1,030 
Other than U.S.6,698 10,199 16,769 
Total current80,207 70,242 49,334 
Deferred:
U.S. – federal(8,968)5,755 40,463 
U.S. – state and local(376)(34)3,473 
Other than U.S.4,216 (206)(3,845)
Total deferred(5,128)5,515 40,091 
Provision for Income Taxes$75,079 $75,757 $89,425 
Reconciliation of Income Tax Provision Related to Continuing Operations from U.S. Statutory Federal Tax Rate
The following is a reconciliation of our income tax provision from the U.S. statutory federal tax rate to our consolidated effective tax rate:
 Year Ended December 31,
 202320222021
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
State and local income taxes1.2 %1.7 %1.1 %
Foreign rate differential0.5 %0.5 %0.6 %
Excess tax deductions on equity compensation(0.3)%(0.1)%(0.1)%
Other1.0 %1.0 %— %
Effective tax rate23.4 %24.1 %22.6 %
Valuation Allowance for Deferred Tax Assets
The following is an analysis of our valuation allowance for deferred tax assets:
Beginning
Balance		Charges To
Costs and
Expenses		Charged To
Other
Accounts		Ending
Balance
 (In thousands)
Year Ended December 31, 2023$(13,022)(4,399)— $(17,421)
Year Ended December 31, 2022$(13,218)196 — $(13,022)
Year Ended December 31, 2021$(12,892)(326)— $(13,218)