Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income before Income Tax, Domestic and Foreign

Income from continuing operations before income taxes and Income tax expense consisted of the following per the table below.


	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Income from continuing operations before income taxes:
Domestic operations	$	50,212	$	37,364	$	(19,234)
Foreign operations	320,193		281,728		319,485
	$	370,405	$	319,092	$	300,251
Income tax expense:
Current:
Federal	$	15,717	$	18,034	$	8,928
State	2,635		3,760		2,451
Foreign	58,761		99,036		77,728
	77,113		120,830		89,107
Deferred:
Federal	2,489		(11,897)		(7,501)
State	(126)		(1,341)		358
Foreign	(2,128)		(11,865)		(12,794)
	235		(25,103)		(19,937)
	$	77,348	$	95,727	$	69,170

Schedule of Components of Income Tax Expense (Benefit)

Income from continuing operations before income taxes and Income tax expense consisted of the following per the table below.


	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Income from continuing operations before income taxes:
Domestic operations	$	50,212	$	37,364	$	(19,234)
Foreign operations	320,193		281,728		319,485
	$	370,405	$	319,092	$	300,251
Income tax expense:
Current:
Federal	$	15,717	$	18,034	$	8,928
State	2,635		3,760		2,451
Foreign	58,761		99,036		77,728
	77,113		120,830		89,107
Deferred:
Federal	2,489		(11,897)		(7,501)
State	(126)		(1,341)		358
Foreign	(2,128)		(11,865)		(12,794)
	235		(25,103)		(19,937)
	$	77,348	$	95,727	$	69,170

Schedule of Effective Income Tax Rate Reconciliation

The Company’s Income tax expense differs from the amount that would be computed by applying the United States federal statutory rate as follows in the table below.


	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Taxes calculated at the United States federal statutory rate	$	77,785	$	67,010	$	63,053
State taxes	1,956		1,630		2,809
Effect of tax rates on international operations	1,823		1,548		(9,010)
Changes in tax reserves	(4,206)		10,753		(350)

Research and development tax credits	(980)		(714)		(542)
Effect of United States taxation on international operations	5,239		1,527		310
Permanent differences, net	(4,061)		10,077		7,209
Provision to return	(8,350)		703		(7,055)
Withholding taxes	6,634		11,172		12,133
Capital gain	—		—		(3,655)
Valuation Allowance	(761)		(12,308)		4,503
Other	2,269		4,329		(235)
Income tax expense	$	77,348	$	95,727	$	69,170

Schedule of Deferred Tax Assets and Liabilities

The table below shows the temporary differences that gave rise to the significant components of deferred tax assets and liabilities.


	December 31,
	2024		2023
	(In thousands)
Deferred tax assets:
Post-retirement benefit obligation	$	1,229	$	1,350
Expenses currently not deductible	59,518		52,526
Net operating loss carryforward	86,716		107,395
Tax credit carryforward	5,137		4,581
Depreciation and amortization	4,286		7,404
Inventory	10,795		12,238
Capitalized R&D costs	20,556		18,178
Leases	21,490		23,987
Other	—		2,867
Valuation allowance	(65,007)		(79,355)
Deferred tax assets, net	$	144,720	$	151,171

Deferred tax liabilities:
Depreciation and amortization	$	(125,227)	$	(120,055)
Leases	(22,084)		(23,987)
Outside basis differences and other	(87,434)		(79,985)
Total deferred tax liabilities	(234,745)		(224,027)
Total deferred tax liabilities, net	$	(90,025)	$	(72,856)

Deferred tax assets and liabilities have been classified as noncurrent and are included in Other assets and Other liabilities in the accompanying Consolidated Balance Sheets on a net jurisdictional basis as broken out in the table below.


	December 31,
	2024		2023
	(In thousands)
Other assets	$	44,816	$	46,602
Other liabilities	(134,841)		(119,458)
Deferred tax liability, net	$	(90,025)	$	(72,856)

Schedule of Unrecognized Tax Benefits Roll Forward

reconciliation of the beginning and ending amount of gross unrecognized tax benefits (inclusive of associated interest and penalties).


	(In thousands)
Balance, January 1, 2022	$	37,681
Addition for tax positions taken in prior periods	1,971
Addition for tax positions taken in the current period	1,171
Reductions related to settlements with taxing authorities	(922)
Reductions resulting from a lapse of applicable statute of limitations	(2,801)
Other, including the impact of foreign currency translation and United States tax rate changes	(16,897)
Balance, December 31, 2022	20,203
Addition for tax positions taken in prior periods	13,514

Reductions related to settlements with taxing authorities	(4,160)
Transfer from Former Parent, impact of foreign currency translation and other	(473)
Other, including the impact of foreign currency translation and United States tax rate changes	1,787
Balance, December 31, 2023	30,871
Addition for tax positions taken in prior periods	6,436

Reductions for tax positions taken in prior periods	(7,825)
Reductions related to settlements with taxing authorities	(9,255)
Reductions resulting from a lapse of applicable statute of limitations	(51)
Other, including the impact of foreign currency translation	(3,092)
Balance, December 31, 2024	$	17,084