INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Earnings before income taxes and equity in earnings of nonconsolidated subsidiaries are as follows:

	2022		2021		2020
United States	$	224,370	$	202,051	$	169,281
Foreign		139,518		58,032		23,487
	$	363,888	$	260,083	$	192,768

Schedule of Income Tax Expense (Benefit)

(10) INCOME TAXES – CONTINUED

Income tax expense (benefit) consists of:

	2022		2021		2020
Current:
Federal	$	48,309	$	30,031	$	30,431
State		11,888		8,891		8,302
Foreign		48,273		20,644		12,730
		108,470		59,566		51,463
Non-current:		1,442		1,777		(451)
Deferred:
Federal		(7,544)		4,587		(6,086)
State		(1,973)		558		(822)
Foreign		8,292		(5,074)		5,511
		(1,225)		71		(1,397)
	$	108,687	$	61,414	$	49,615

Schedule of Reconciliation of Statutory Federal Income Tax Rate and Effective Tax Rate

The reconciliations of the statutory federal income tax rate and the effective tax rate follows:

	2022		2021		2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.3		2.9		3.5
Carryforwards, credits and changes in valuation allowances	1.0		1.5		(1.6)
Foreign jurisdictional tax rate differences	4.2		(0.1)		(1.7)
Changes in unrecognized tax benefits	0.3		0.7		0.2
Goodwill and intangible impairment	—		—		2.4
Loss on divestiture of offshore wind energy structures business	2.2		—		—
Other	(1.1)		(2.4)		1.9
	29.9	%	23.6	%	25.7	%

Schedule of Tax Effects of Significant Items Comprising Net Deferred Income Tax Liabilities

The tax effects of significant items comprising the Company’s net deferred income tax assets/liabilities are as follows:

	2022		2021
Deferred income tax assets:
Accrued expenses and allowances	$	33,577	$	21,241
Tax credits and loss carryforwards		67,249		83,690
Defined benefit pension liability		—		134
Inventory allowances		7,912		2,818
Accrued compensation and benefits		24,398		24,302
Lease liabilities		40,709		41,128
Deferred compensation		16,308		10,893
Gross deferred income tax assets		190,153		184,206
Valuation allowance		(48,974)		(54,256)
Net deferred income tax assets		141,179		129,950
Deferred income tax liabilities:
Property, plant and equipment		45,300		37,686
Intangible assets		52,750		48,244
Defined benefit pension asset		6,054		—
Lease assets		40,708		41,128
Other deferred tax liabilities		4,941		5,041
Total deferred income tax liabilities		149,753		132,099
Net deferred income tax asset (liability)	$	(8,574)	$	(2,149)

Schedule of Deferred Income Tax Assets (Liabilities) Presented on the Consolidated Balance Sheets

Deferred income tax assets (liabilities) are presented as follows on the Consolidated Balance Sheets:

Balance Sheet Caption	2022		2021
Other assets	$	32,517	$	45,700
Deferred income taxes		(41,091)		(47,849)
Net deferred income tax asset (liability)	$	(8,574)	$	(2,149)

Schedule of Activity Related to Unrecognized Tax Benefits

The following summarizes the activity related to the unrecognized tax benefits in 2022 and 2021:

	2022		2021
Gross unrecognized tax benefits—beginning of year	$	2,664	$	1,864
Gross increases—tax positions in prior period		1,133		1,315
Gross decreases—tax positions in prior period		—		(6)
Gross increases—current‑period tax positions		523		240
Settlements with taxing authorities		(1,576)		—
Lapse of statute of limitations		(208)		(749)
Gross unrecognized tax benefits—end of year	$	2,536	$	2,664