Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

(In thousands)	2024		2023		2022
Components of income before income taxes
U.S. income	$	243,129	$	80,229	$	170,426
Non-U.S. income	131,877		126,459		68,107
Income before income taxes	$	375,006	$	206,688	$	238,533
Provision for income taxes
Current
Federal	$	47,060	$	49,642	$	26,022
State	12,868		9,510		7,708
Non-U.S.	30,209		27,101		20,002
Total current provision	$	90,137	$	86,253	$	53,732
Deferred
Federal	$	(3,141)	$	54,272	$	7,350
State	1,046		12,914		862
Non-U.S.	1,997		(5,334)		(3,041)
Total deferred provision (benefit)	(98)		61,852		5,171
Provision for income taxes	$	90,039	$	148,105	$	58,903

Reconciliation of U.S. Federal Income Tax Rates to Effective Tax Rate

Reconciliation of the U.S. federal income tax rates to our effective tax rate:

	2024		2023		2022
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes-U.S.	2.9	%	3.7	%	2.9	%
Taxes on non-U.S. income	1.1	%	(0.6)	%	0.1	%
Nondeductible compensation	0.5	%	1.9	%	1.2	%
Divestiture (Note 20)	—	%	46.6	%	—	%
Valuation allowances	(1.2)	%	(0.2)	%	0.8	%
Research and development credit	(0.7)	%	(0.8)	%	(0.4)	%
Employee share-based payments	(0.2)	%	(0.4)	%	(0.8)	%
Taxes on non-U.S. income - U.S., Canadian & European reorganization	(0.1)	%	(0.5)	%	—	%
Foreign exchange on entity closures	(0.1)	%	—	%	0.3	%
Other	0.8	%	0.9	%	(0.4)	%
Effective income tax rate	24.0	%	71.6	%	24.7	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities:

	December 31,
(In thousands)	2024		2023
Deferred tax assets
Capitalized research and development	$	31,030	$	28,822
Inventory	9,434		7,281
Net operating losses and tax credit carryforwards	6,715		10,964
Share-based compensation	6,149		5,528
Accrued expenses and other reserves	5,006		4,566
Reserve for doubtful accounts	1,071		1,562
Other	2,177		1,944
Total deferred tax assets	61,582		60,667
Valuation allowances	(4,815)		(9,671)
Net deferred tax assets	56,767		50,996
Deferred tax liabilities
Goodwill and intangibles	(79,917)		(77,171)
Employee benefits	(41,399)		(24,958)
Property, plant and equipment	(15,461)		(15,541)
Other	(1,501)		(2,680)
Total deferred tax liabilities	(138,278)		(120,350)
Net deferred taxes	$	(81,511)	$	(69,354)

Reconciliation of Change In Tax Liability for Unrecognized Tax Benefits

A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2024 and 2023 is as follows:

(In thousands)	2024		2023
Beginning balance	$	3,084	$	5,192
Adjustments for tax positions related to the current year	51		—
Adjustments for tax positions related to prior years	(607)		(1,116)
Settlements	(929)		—
Statute expiration	(329)		(992)
Ending balance	$	1,270	$	3,084