INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Company's Income Tax Benefit (Expense)

The Company’s income tax benefit (expense) consisted of the following components (in thousands):

	Year Ended December 31,
	2024		2023		2022
Current:
Luxembourg	$	—	$	—	$	—
U.S. Federal	(36,605)		(7,178)		(13,561)
U.S. state and local	(13,249)		(1,485)		(5,453)
Other foreign jurisdictions	(8,745)		(11,250)		(3,455)
Total current	(58,599)		(19,913)		(22,469)
Deferred:
U.S. Federal	81,253		20,584		11,029
U.S. state and local	17,394		4,886		5,397
Other foreign jurisdictions	910		346		574
Total deferred	99,557		25,816		17,000
Total income tax benefit (expense)	$	40,958	$	5,903	$	(5,469)

Schedule of Company's Income Before Income Taxes

The Company’s (loss) income before income taxes consists of the following components (in thousands):

	Year Ended December 31,
	2024		2023		2022
Luxembourg	$	(244,594)	$	85,705	$	81,308
U.S.	170,922		(61,995)		9,063
Other foreign jurisdictions	26,809		37,873		6,856
Total (loss) income before taxes	$	(46,863)	$	61,583	$	97,227

Schedule of Effective Income Tax Rate

The total provision for income taxes can be reconciled to the tax computed at the Company’s statutory tax rate in the country of domicile (United States for 2024 and Luxembourg for 2023 and 2022) as follows:

	Year Ended December 31,
	2024		2023		2022
National statutory tax rate	21.00	%	24.94	%	24.94	%
Increase/(reduction) in income tax rate:
U.S. state and local income taxes, net	14.39		(6.35)		(0.14)
Effect of rates different from statutory	17.60		4.50		0.36
Nondeductible officer compensation	(5.19)		0.04		1.59
Tax on undistributed earnings	22.53		3.55		3.73
Section 250 deduction	0.67		(0.59)		(0.71)
Nontaxable gain/loss on earn-out liability	—		(2.48)		(2.71)
Founders advisory fees	29.48		(48.09)		(30.09)
Tax rate changes	0.67		(0.15)		(0.94)
Changes in prior year estimates	0.78		3.38		(1.95)
Write-off of deferred taxes in exited jurisdiction	(57.72)		—		—
Change in valuation allowance	45.34		11.58		10.90
Other, net	(2.15)		0.08		0.64
Effective tax rate	87.40	%	(9.59)	%	5.62	%

Schedule of Deferred Tax Assets and Liabilities

Significant portions of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):

	December 31, 2024		December 31, 2023
Deferred Tax Assets:
Net operating loss carryforwards	$	1,684	$	22,185
Inventories	59		487
Interest	118		7,263
Accrued expenses and other current liabilities	5,211		3,490
Lease liabilities	4,141		4,368
Deferred compensation	79,413		—
Other	5,598		4,538
Valuation allowance	(1,957)		(23,315)
Total deferred tax assets	94,267		19,016
Deferred Tax Liabilities:
Property, plant and equipment	(10,362)		(10,560)
Goodwill and other intangibles	(230,290)		(245,359)
Undistributed earnings	(1,183)		(11,824)
Right-of-use assets	(3,965)		(4,211)
Other	(370)		(516)
Total deferred tax liabilities	(246,170)		(272,470)
Net deferred tax liability	$	(151,903)	$	(253,454)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):

	2024		2023
Balance at beginning of year	$	23,245	$	36,257
Increase in prior years’ tax positions	—		20,572
Decrease in prior years’ tax positions	—		(33,584)
Balance at end of year	$	23,245	$	23,245