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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes [Abstract]  
Components of income (loss) from continuing operations before taxes and noncontrolling interest
Income before taxes consists of the following components:

 
Years ended December 31,
  
 
2024
  
2023
  
2022
  
 
            
Domestic
  
$
(172,519
)
  
$
67,938
    
$
132,426
  
Foreign
    
170,130
      
399,464
      
461,079
  
 
  
$
(2,389
)
  
$
467,402
    
$
593,505
  
Components of income taxes
Significant components of income taxes are as follows:

   
Years ended December 31,
  
 
  
2024
    
2023
    
2022
  
 
                  
Current:
                  
Federal
  
$
1,936
    
$
14,594
    
$
24,423
  
State and local
    
407
      
1,769
      
3,313
  
Foreign
    
63,537
      
152,343
      
121,810
  
     
65,880
      
168,706
      
149,546
  
Deferred:
                        
Federal
    
(24,492
)
    
(4,871
)
    
(40,136
)
State and local
    
(788
)
    
(3,651
)
    
532
  
Foreign
    
(13,234
)
    
(18,295
)
    
53,080
  
     
(38,514
)
    
(26,817
)
    
13,476
  
Total income tax expense
  
$
27,366
    
$
141,889
    
$
163,022
  
Deferred tax assets and liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

   
December 31,
  
 
  
2024
    
2023
  
             
Deferred tax assets:
            
Pension and other retiree obligations
  
$
27,779
    
$
29,400
  
Inventories
    
26,004
      
23,836
  
Net operating loss carryforwards
    
74,244
      
81,497
  
Tax credit carryforwards
    
67,192
      
54,363
  
   Research and development costs
     25,582       17,829  
   Interest
     23,886       20,039  
Other accruals and reserves
    
36,232
      
25,179
  
Total gross deferred tax assets
    
280,919
      
252,143
  
Less valuation allowance
    
(92,876
)
    
(99,663
)
     
188,043
      
152,480
  
Deferred tax liabilities:
                
Property and equipment
    
(20,032
)
    
(9,429
)
Tax deductible goodwill
    
(7,889
)
    
(7,040
)
Intangibles other than goodwill
     (8,937 )     (6,327 )
Earnings not indefinitely reinvested
    
(78,977
)
    
(88,004
)
Other - net
    
(8,802
)
    
(62
)
Total gross deferred tax liabilities
    
(124,637
)
    
(110,862
)
                 
Net deferred tax assets
 
$
63,406
    
$
41,618
  
Federal statutory income tax rate reconciliation
A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows:

   
Years ended December 31,
  
 
  
2024
    
2023
    
2022
  
                   
Tax at statutory rate
  
$
(502
)
  
$
98,154
    
$
124,636
  
State income taxes, net of U.S. federal tax benefit
    
(301
)
    
(1,487
)
    
3,038
  
Effect of foreign operations
    
(962
)
    
9,260
      
13,422
  
Impairment of goodwill
     13,962       -       -  
Tax on earnings not indefinitely reinvested
     9,016      
37,061
      
71,141
  
Change in valuation allowance on deferred tax assets
    
-
      
(1,770
)
    
(58,696
)
Foreign income taxable in the U.S.
    
16,571
      
11,829
      
14,925
  
Foreign tax credit
    
(11,506
)
    
(29,997
)
    
(20,408
)
U.S. Base Erosion Anti-Abuse Tax
    
1,063
      
16,837
      
20,918
  
Other
    
25
   
2,002
      
(5,954
)
Total income tax expense
  
$
27,366
    
$
141,889
    
$
163,022
  
Net operating loss carryforwards
At December 31, 2024, the Company had the following significant net operating loss carryforwards for tax purposes:

 
      
Expires
  
Belgium
  
$
144,966
  
No expiration
  
Israel
    
3,576
  
No expiration
  
Italy
     8,356   No expiration
  
Japan
    
3,592
      
2025 - 2033
  
Netherlands
    
9,452
  
No expiration
  
The Republic of China (Taiwan)
    
7,676
      
2027 - 2028
  
United Kingdom
     76,940   No expiration
  
 
                
California
    
15,841
      
2028 - 2037
  
Pennsylvania
    
497,048
      
2025 - 2044
  
Arizona
     15,999       2032 - 2044  
Summary of significant tax credit carryforwards available
At December 31, 2024, the Company had the following significant tax credit carryforwards available:

 
      
Expires
  
U.S. Foreign Tax Credit
  
$
42,425
      
2028 - 2034
  
California Research Credit
    
22,822
  
No expiration
  
Unrecognized tax benefits
The following table summarizes changes in the liabilities associated with unrecognized tax benefits:

 
  
Years ended December 31,
  
 
  
2024
    
2023
    
2022
  
 
                  
Balance at beginning of year
  
$
12,857
    
$
18,429
    
$
26,719
  
Addition based on tax positions related to the current year
    
922
      
1,210
      
-
  
Addition based on tax positions related to prior years
    
19,905
      
5,455
      
3,197
  
Currency translation adjustments
    
(185
)
    
230
      
(366
)
Reduction for settlements
    
-
      
(10,000
)
    
(9,420
)
Reduction for lapses of statute of limitation
    
(999
)
    
(2,467
)
    
(1,701
)
Balance at end of year
  
$
32,500
    
$
12,857
    
$
18,429