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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

The provision (benefit) for income taxes consists of the following:


	Year Ended December 31,
	2024		2023		2022
	(Amounts in thousands)
Current:
U.S. federal	$	36,330	$	24,766	$	45,130
Foreign	56,991		51,431		40,876
State and local	5,055		5,018		6,177
Total current provision (benefit)	98,376		81,215		92,183
Deferred:
U.S. federal	(12,648)		3,665		(88,498)
Foreign	381		(62,944)		(42,756)
State and local	(1,180)		(3,374)		(4,568)
Total deferred provision (benefit)	(13,447)		(62,653)		(135,822)
Total provision (benefit)	$	84,929	$	18,562	$	(43,639)

Schedule of Reconciliation Statutory Corporate Rate to Provision for Income Taxes

The provision for income taxes differs from the statutory corporate rate due to the following:


	Year Ended December 31,
	2024			2023			2022
	(Amounts in millions)
Statutory federal income tax at 21%	$	81.1		$	47.0		$	32.4
Base Erosion and Anti-abuse Tax	—			—			(7.6)
Foreign impact, net	63.5			10.4			(22.3)

Change in valuation allowances	(58.3)			(34.5)			(50.5)


Research and development credit	(4.7)			(2.9)			(1.0)

U.S. federal tax return to accrual adjustments, not separately disclosed in other categories	(0.9)			(4.8)			1.8


Other, net	4.2			3.4			3.6
Total	84.9			18.6			(43.6)
Effective tax rate	22.0		%	8.3		%	(28.3)		%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the consolidated deferred tax assets and liabilities were:


	December 31,
	2024		2023
	(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits	$	34,778	$	34,526
Net operating loss carryforwards	105,174		186,337
Compensation accruals	37,785		41,688
Inventories	29,764		33,168
Credit and capital loss carryforwards	166,999		185,162
Warranty and accrued liabilities	53,466		47,614


Capitalized research and experimental expenditures	67,206		60,542
Other	81,600		89,510
Total deferred tax assets	576,772		678,547
Valuation allowances	(250,841)		(347,673)
Net deferred tax assets	$	325,931	$	330,874
Deferred tax liabilities related to:

Goodwill and intangibles	$	(81,241)	$	(81,245)
Foreign undistributed earnings	(7,179)		(10,477)
Operating lease right-of-use-assets	(16,967)		(20,198)
Other	(581)		(1,930)
Total deferred tax liabilities	(105,968)		(113,850)
Deferred tax asset (liabilities), net	$	219,963	$	217,024

Schedule of Deferred Tax Asset Valuation Allowance

The following schedule presents the changes in deferred tax asset valuation allowance as follows:


(Amounts in thousands)	Balance at beginning of year		Additions charged to cost and expenses		Additions charged to other accounts - currency effects and other, net		Deductions from reserve		Balance at end of year
Year Ended December 31, 2024
Deferred tax asset valuation allowance(1):	$	347,672	$	6,964	$	(37,286)	$	(66,509)	$	250,841
Year Ended December 31, 2023
Deferred tax asset valuation allowance(1):	356,557		19,684		25,367		(53,936)		347,672
Year Ended December 31, 2022
Deferred tax asset valuation allowance(1):	415,962		36,822		(11,775)		(84,452)		356,557

______________________________

(1)Deductions from reserve result from the release of valuation allowances on deferred tax assets, expiration or utilization of net operating losses and foreign tax credits previously reserved. Additions to reserve result from the establishment of valuation allowances on deferred tax assets, generation of net operating losses and foreign tax credits.

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:


	Year Ended December 31,
	2024		2023		2022
	(Amounts in thousands)
U.S.	$	109,794	$	212,631	$	63,508
Foreign	276,361		11,119		90,868
Total	$	386,155	$	223,750	$	154,376

Schedule of Unrecognized Tax Benefits Roll Forward

A tabular reconciliation of the total gross amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):


	2024		2023		2022
Balance — January 1	$	46.2	$	50.2	$	49.9
Gross amount of increase (decrease) in unrecognized tax benefits resulting from tax positions taken:
During a prior year	0.1		(9.1)		5.4
During the current period	7.2		7.4		5.8
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities	—		(2.8)		(5.5)
Lapse of the applicable statute of limitations	(1.9)		(1.4)		(4.1)
Increase (decrease) in unrecognized tax benefits relating to foreign currency translation adjustments	(5.5)		1.9		(1.3)
Balance — December 31	$	46.1	$	46.2	$	50.2