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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Components of Income before Income Taxes


(In thousands)	2025		2024		2023
Components of income before income taxes
U.S. income	$	242,979	$	243,129	$	80,229
Non-U.S. income	123,419		131,877		126,459
Income before income taxes	$	366,398	$	375,006	$	206,688
Provision for income taxes
Current
Federal	$	46,980	$	47,060	$	49,642
State	9,981		12,868		9,510
Non-U.S.	35,475		30,209		27,101
Total current provision	$	92,436	$	90,137	$	86,253
Deferred
Federal	$	2,666	$	(3,141)	$	54,272
State	(1,503)		1,046		12,914
Non-U.S.	(6,125)		1,997		(5,334)
Total deferred provision (benefit)	(4,962)		(98)		61,852
Provision for income taxes	$	87,474	$	90,039	$	148,105

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

Below is a tabular rate reconciliation pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025:


	2025
(in thousands, except percentages)	Amount		Percent
U.S. federal statutory income tax	$	76,944	21.0	%
State and local income taxes, net of federal income tax effect(1)	6,652		1.8	%
Foreign tax effects	5,700		1.6	%
Nontaxable or nondeductible items	2,606		0.7	%
Effect of cross-border tax laws	(149)		—	%
Tax credits	(3,891)		(1.1)	%
Changes in unrecognized tax benefits	(420)		(0.1)	%
Other	32		—	%
Provision for income taxes	$	87,474	23.9	%
(1)The states that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, Maryland, Indiana, New Hampshire, Pennsylvania and Wisconsin.

Below is a reconciliation of the U.S. federal income tax rates to the Company's effective tax rate for the years ended December 21, 2024 and 2023:


	2024		2023
U.S. federal income tax rate	21.0	%	21.0	%
State income taxes-U.S.	2.9	%	3.7	%
Taxes on non-U.S. income	1.1	%	(0.6)	%
Nondeductible compensation	0.5	%	1.9	%
Divestiture (Note 21)	—	%	46.6	%
Valuation allowances	(1.2)	%	(0.2)	%
Research and development credit	(0.7)	%	(0.8)	%
Employee share-based payments	(0.2)	%	(0.4)	%
Taxes on non-U.S. income - U.S., Canadian & European reorganization	(0.1)	%	(0.5)	%
Foreign exchange on entity closures	(0.1)	%	—	%

Other	0.8	%	0.9	%
Effective income tax rate	24.0	%	71.6	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities:


	December 31,
(In thousands)	2025		2024
Deferred tax assets
Capitalized research and development	$	33,915	$	31,030

Inventory	9,184		9,434
Net operating losses and tax credit carryforwards	8,078		6,715
Share-based compensation	5,039		6,149
Accrued expenses and other reserves	6,419		5,006
Reserve for doubtful accounts	1,391		1,071

Other	5,847		2,177
Total deferred tax assets	69,873		61,582
Valuation allowances	(4,464)		(4,815)
Net deferred tax assets	$	65,409	$	56,767
Deferred tax liabilities
Goodwill and intangibles	$	(98,104)	$	(79,917)
Employee benefits	(54,923)		(41,399)
Property, plant and equipment	(16,992)		(15,461)

Other	(1,939)		(1,501)
Total deferred tax liabilities	(171,958)		(138,278)
Net deferred taxes	$	(106,549)	$	(81,511)

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, 2025 and 2024 is as follows:


(In thousands)	2025		2024
Beginning balance	$	1,270	$	3,084
Adjustments for tax positions related to the current year	—		51
Adjustments for tax positions related to prior years	3,347		(607)
Settlements	(194)		(929)
Statute expiration	(138)		(329)
Ending balance	$	4,285	$	1,270

Schedule of Cash Flow, Supplemental Disclosures

Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025:


(in thousands)	2025
United States - Federal	$	48,993
United States - State and local	11,798
Brazil	7,900
Switzerland	7,372
Germany	5,375
Other	20,167
Total	$	101,605