Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income (Loss) before Income Tax, Domestic and Foreign |
Income (loss) before income taxes and noncontrolling interest within or outside the United States are shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Domestic |
|
$ |
53,169 |
|
|
$ |
3,935 |
|
|
$ |
(137,147 |
) |
Foreign |
|
67,840 |
|
|
84,681 |
|
|
76,513 |
|
Total |
|
$ |
121,009 |
|
|
$ |
88,616 |
|
|
$ |
(60,634 |
) |
|
|
|
|
|
|
|
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision (benefit) for income taxes as shown in the accompanying consolidated statements of income consists of the following:
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|
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|
Years ended
December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
— |
|
State |
|
1,422 |
|
|
2,470 |
|
|
806 |
|
Foreign |
|
20,972 |
|
|
23,080 |
|
|
20,209 |
|
|
|
22,391 |
|
|
25,550 |
|
|
21,015 |
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
Federal |
|
14,179 |
|
|
12,854 |
|
|
(135,970 |
) |
State |
|
3,165 |
|
|
(784 |
) |
|
(1,817 |
) |
Foreign |
|
964 |
|
|
(8,625 |
) |
|
(2,425 |
) |
|
|
18,308 |
|
|
3,445 |
|
|
(140,212 |
) |
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
$ |
40,699 |
|
|
$ |
28,995 |
|
|
$ |
(119,197 |
) |
|
|
|
|
|
|
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of income tax expense (benefit) at the U.S. federal statutory income tax rate to actual income tax expense is as follows:
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|
|
|
|
|
|
Years ended
December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Tax at statutory rate |
|
$ |
25,412 |
|
|
$ |
18,610 |
|
|
$ |
(21,222 |
) |
State income taxes, net of federal income tax benefit |
|
4,779 |
|
|
1,203 |
|
|
(7,754 |
) |
Tax on global intangible low-taxed income |
|
8,517 |
|
|
15,445 |
|
|
— |
|
Impact of US Tax Reform |
|
— |
|
|
— |
|
|
(132,158 |
) |
Non-US earnings transition tax |
|
— |
|
|
— |
|
|
42,903 |
|
Changes in uncertain tax positions |
|
(1,288 |
) |
|
(996 |
) |
|
974 |
|
Change in valuation allowances |
|
2,032 |
|
|
5,075 |
|
|
6,771 |
|
Rate changes |
|
2,322 |
|
|
(3,325 |
) |
|
(151 |
) |
Foreign withholding taxes |
|
(5,869 |
) |
|
570 |
|
|
978 |
|
Foreign tax rate differential |
|
217 |
|
|
3,329 |
|
|
(12,798 |
) |
Non-deductible transaction costs |
|
22 |
|
|
84 |
|
|
1,679 |
|
Permanent difference created by foreign exchange gain or loss |
|
1,880 |
|
|
(7,550 |
) |
|
3,502 |
|
Research and development tax credits |
|
(32 |
) |
|
(1,173 |
) |
|
— |
|
Other, net |
|
2,707 |
|
|
(2,277 |
) |
|
(1,921 |
) |
Provision (benefit) for income taxes |
|
$ |
40,699 |
|
|
$ |
28,995 |
|
|
$ |
(119,197 |
) |
|
|
|
|
|
|
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets (liabilities) are comprised of the following:
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|
|
|
|
|
|
|
|
|
December 31, |
|
|
2019 |
|
2018 |
Deferred tax assets: |
|
|
|
|
Net operating loss carryforwards |
|
$ |
106,763 |
|
|
$ |
116,607 |
|
Section 163(j) interest disallowance carryforward |
|
16,535 |
|
|
13,387 |
|
Pension |
|
15,946 |
|
|
16,397 |
|
Post retirement health |
|
859 |
|
|
1,385 |
|
Transaction costs |
|
1,272 |
|
|
708 |
|
Natural gas contracts and interest rate swaps |
|
1,216 |
|
|
335 |
|
Unrealized translation losses |
|
1,865 |
|
|
3,737 |
|
US research and development credits |
|
1,205 |
|
|
1,173 |
|
Operating lease liability |
|
14,480 |
|
|
— |
|
Other |
|
41,670 |
|
|
38,855 |
|
Valuation allowance |
|
(51,296 |
) |
|
(48,711 |
) |
|
|
$ |
150,515 |
|
|
$ |
143,873 |
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Depreciation |
|
$ |
(108,242 |
) |
|
$ |
(92,911 |
) |
Undistributed earnings of non-US subsidiaries |
|
— |
|
|
(6,648 |
) |
Inventory |
|
(11,481 |
) |
|
(10,432 |
) |
Intangible assets |
|
(159,765 |
) |
|
(174,327 |
) |
Cross currency swaps |
|
(7,354 |
) |
|
(4,654 |
) |
Operating lease right-of-use assets |
|
(14,324 |
) |
|
— |
|
Other |
|
(48,333 |
) |
|
(32,230 |
) |
|
|
$ |
(349,499 |
) |
|
$ |
(321,202 |
) |
|
|
|
|
|
Net deferred tax liabilities |
|
$ |
(198,984 |
) |
|
$ |
(177,329 |
) |
|
|
|
|
|
|
| Summary of Valuation Allowance |
The following are changes in the deferred tax valuation allowance during the years ended December 31, 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
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|
Years ended
December 31, |
|
|
2019 |
|
2018 |
Beginning balance |
|
$ |
48,711 |
|
|
$ |
64,945 |
|
Additions |
|
3,343 |
|
|
5,314 |
|
Reductions |
|
(758 |
) |
|
(21,548 |
) |
Ending balance |
|
$ |
51,296 |
|
|
$ |
48,711 |
|
|
|
|
|
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward |
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:
|
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|
|
|
|
|
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|
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|
Years ended
December 31, |
|
|
2019 |
|
2018 |
Balance at beginning of period |
|
$ |
10,175 |
|
|
$ |
11,431 |
|
Increases related to prior year tax positions |
|
46 |
|
|
— |
|
Decreases related to prior year tax positions |
|
(1,046 |
) |
|
(1,538 |
) |
Increases related to current year tax positions |
|
— |
|
|
282 |
|
Decreases related to settlements with taxing authorities |
|
(100 |
) |
|
— |
|
Balance at end of period |
|
$ |
9,075 |
|
|
$ |
10,175 |
|
|
|
|
|
|
|
| Open Tax Years |
The following describes the open tax years, by significant tax jurisdiction, as of December 31, 2019:
|
|
|
|
Jurisdiction |
|
Period |
United States-Federal |
|
2007-Present |
United States-State |
|
2007-Present |
Canada(1)
|
|
2011-Present |
Germany |
|
2015-Present |
Netherlands |
|
2013-Present |
Mexico |
|
2015-Present |
United Kingdom |
|
2013-Present |
Brazil |
|
2015-Present |
|
|
|
(1)
Includes federal as well as local jurisdictions
|
| Schedule of Tax Payments |
Cash payments for income taxes, net of refunds, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended
December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Domestic |
|
$ |
1,917 |
|
|
$ |
2,160 |
|
|
$ |
1,647 |
|
Foreign |
|
15,489 |
|
|
21,682 |
|
|
27,552 |
|
|
|
$ |
17,406 |
|
|
$ |
23,842 |
|
|
$ |
29,199 |
|
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|
|
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