Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020 2019 2018
Domestic $ (175,143) $ 41,019  $ (1,559)
Foreign (52,442) 64,411  85,579 
Total $ (227,585) $ 105,430  $ 84,020 
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:
Years ended
December 31,
2020 2019 2018
Current:  
Federal $ —  $ (3) $ — 
State 1,087  1,381  2,507 
Foreign 15,484  22,810  27,062 
16,571  24,188  29,569 
Deferred:
Federal (58,744) 11,824  10,875 
State (2,910) 3,175  67 
Foreign (3,039) 490  (6,870)
(64,693) 15,489  4,072 
Provision (benefit) for income taxes $ (48,122) $ 39,677  $ 33,641 
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:
Years ended
December 31,
2020 2019 2018
Tax at statutory rate $ (47,793) $ 22,140  $ 17,644 
State income taxes, net of federal income tax benefit (2,324) 6,802  2,541 
Tax on global intangible low-taxed income 7,820  8,741  14,465 
Change in valuation allowances 135  1,415  5,070 
Rate changes 4,274  1,054  (4,016)
Foreign withholding taxes 258  (6,116) 142 
Foreign tax rate differential 1,240  3,278  6,439 
Non-taxable interest (5,353) —  — 
Non-deductible goodwill 53,342  —  — 
Foreign tax credits (56,359) —  — 
Permanent difference created by foreign exchange gain or loss (1,324) 1,852  (4,839)
Other, net (2,038) 511  (3,805)
Provision (benefit) for income taxes $ (48,122) $ 39,677  $ 33,641 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) are comprised of the following:
December 31,
2020 2019
Deferred tax assets:
Net operating loss carryforwards $ 28,145  $ 77,062 
Section 163(j) interest disallowance carryforward 266  16,535 
Pension 12,701  14,359 
Operating lease liability 11,803  14,455 
Other 36,545  29,298 
State credits 12,733  12,280 
Foreign tax credit 62,752  — 
Valuation allowance (37,880) (39,379)
$ 127,065  $ 124,610 
Deferred tax liabilities:
Depreciation $ (107,805) $ (103,796)
Inventory (4,946) (11,481)
Intangible assets (162,301) (184,764)
Operating lease right-of-use assets (12,060) (14,278)
Other (15,348) (22,619)
$ (302,460) $ (336,938)
Net deferred tax liabilities $ (175,395) $ (212,328)
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:
Years ended
December 31,
2020 2019
Balance at beginning of period $ 8,310  $ 9,434 
Increases related to prior year tax positions —  22 
Decreases related to prior year tax positions (14) (1,046)
Increases related to current year tax positions 164  — 
Decreases related to settlements with taxing authorities (626) (100)
Balance at end of period $ 7,834  $ 8,310 
Open Tax Years The following describes the open tax years, by significant tax jurisdiction, as of December 31, 2020:
Jurisdiction Period
United States-Federal 2007-Present
United States-State 2007-Present
Canada(1)
2012-Present
Netherlands 2014-Present
Mexico 2016-Present
United Kingdom 2014-Present
Brazil 2016-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,
2020 2019 2018
Domestic $ 2,198  $ 1,879  $ 2,154 
Foreign 20,810  12,354  17,654 
$ 23,008  $ 14,233  $ 19,808