Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Provision

The following table summarizes the provision (benefit) for U.S. federal, state, and foreign taxes on income from continuing operations:

	Year Ended December 31,
In thousands	2024		2023		2022
Current:
Federal	$	65,461	$	43,101	$	(2,692)
State and local	13,427		12,039		3,698
Foreign	3,310		8,573		25,433
Total current	82,198		63,713		26,439
Deferred:
Federal	(28,541)		(29,717)		(24,167)
State and local	(5,475)		(6,471)		(4,723)
Foreign	(3,178)		1,071		(23,832)
Total deferred	(37,194)		(35,117)		(52,722)
Change in valuation allowance	(1,597)		472		20,087
Total provision (benefit) for income taxes	$	43,407	$	29,068	$	(6,196)

Income Tax Rate Reconciliation

A reconciliation of income taxes at the U.S. federal statutory rate of 21% to the consolidated actual tax rate is as follows:

	Year Ended December 31,
In thousands	2024		2023		2022
Income (loss) before income taxes
Domestic	$	230,120	$	88,258	$	(19,104)
Foreign	54,411		39,128		3,361
Total income (loss) before income taxes	$	284,531	$	127,386	$	(15,743)
Expected federal income tax provision (benefit)	$	59,751	$	26,751	$	(3,306)
Divestitures	—		—		1,578
Change in valuation allowance	(1,597)		472		20,087
Stock-based compensation	(3,322)		928		1,611
Foreign earnings	(14,004)		3,921		(22,244)
Tax credits	(14,081)		(11,906)		(10,967)
Uncertain tax positions, including interest and penalties	(9,046)		(57)		(2,053)
Change in tax rates	14,151		106		385
State income tax provision (benefit), net of federal effect	4,311		2,324		(2,873)
U.S. tax provision on foreign earnings	356		404		146
Nondeductible goodwill impairment	—		—		6,375
Local foreign taxes	666		509		551
Other, net	6,222		5,616		4,514
Total provision (benefit) from income taxes	$	43,407	$	29,068	$	(6,196)

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following:

	December 31,
In thousands	2024		2023
Deferred tax assets
Loss carryforwards(1)	$	397,686	$	419,327
Tax credits(2)	24,485		23,441
Accrued expenses	28,960		37,609
Pension plan benefits expense	9,596		7,671
Warranty reserves	7,754		8,265
Depreciation and amortization	58,199		64,959
Equity compensation	12,619		9,362
Inventory valuation	1,762		4,883
Deferred revenue	14,850		12,264
Interest	30,304		8,228
Leases	5,013		7,173
Capitalized research costs	151,418		113,465
Other deferred tax assets, net	756		9,004
Total deferred tax assets	743,402		725,651
Valuation allowance	(420,655)		(445,170)
Total deferred tax assets, net of valuation allowance	322,747		280,481
Deferred tax liabilities
Depreciation and amortization	(7,282)		(23,313)
Leases	(2,977)		(6,064)
Other deferred tax liabilities, net	(2,773)		(4,590)
Total deferred tax liabilities	(13,032)		(33,967)
Net deferred tax assets	$	309,715	$	246,514

(1)For tax return purposes at December 31, 2024, we had U.S. federal loss carryforwards of $5.7 million, which begin to expire in the year 2025. At December 31, 2024, we have net operating loss carryforwards in Luxembourg of $1.3 billion, the majority of which can be carried forward indefinitely, offset by a full valuation allowance. The remaining portion of the loss carryforwards are composed primarily of losses in various other state and foreign jurisdictions. The majority of these losses can be carried forward indefinitely. At December 31, 2024, there was a valuation allowance of $420.7 million primarily associated with foreign loss carryforwards.

(2)For tax return purposes at December 31, 2024, we had: U.S. general business credits of $0.5 million, which begin to expire in 2040; U.S. foreign tax credits of $0.9 million, which begin to expire in 2034; and state tax credits of $43.2 million, which begin to expire in 2025.

Summary of Valuation Allowance

Changes in the valuation allowance for deferred tax assets are summarized as follows:

	Year Ended December 31,
In thousands	2024		2023		2022
Balance at beginning of period	$	445,170	$	427,423	$	443,593
Other adjustments	(22,918)		17,275		(36,257)
Additions charged to costs and expenses	(1,597)		472		20,087
Balance at end of period, noncurrent	$	420,655	$	445,170	$	427,423

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:

In thousands	Total
Unrecognized tax benefits at January 1, 2022	$	139,529
Gross increase to positions in prior years	14,450
Gross decrease to positions in prior years	(2,786)
Gross increases to current period tax positions	4,702
Audit settlements	—
Decrease related to lapsing of statute of limitations	(23,164)
Effect of change in exchange rates	(2,587)
Unrecognized tax benefits at December 31, 2022	130,144
Gross increase to positions in prior years	1,182
Gross decrease to positions in prior years	(8,666)
Gross increases to current period tax positions	10,967
Audit settlements	(3,234)
Decrease related to lapsing of statute of limitations	(2,000)
Effect of change in exchange rates	1,674
Unrecognized tax benefits at December 31, 2023	130,067
Gross increase to positions in prior years	630
Gross decrease to positions in prior years	(4,320)
Gross increases to current period tax positions	4,868
Gross decreases to current period tax positions	(1,056)
Audit settlements	(19,727)
Decrease related to lapsing of statute of limitations	(2,752)
Effect of change in exchange rates	(1,578)
Unrecognized tax benefits at December 31, 2024	$	106,132

	December 31,
In thousands	2024		2023		2022
The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate	$	106,122	$	129,591	$	130,137

Unrecognized Tax Benefits Related To Uncertain Tax Positions

The net interest and penalties expense recognized were as follows:

	Year Ended December 31,
In thousands	2024		2023		2022
Net interest and penalties expense (benefit)	$	(3,449)	$	1,821	$	4,665

Accrued interest and penalties recognized were as follows:

	December 31,
In thousands	2024		2023
Accrued interest	$	6,418	$	9,794
Accrued penalties	293		466

We file income tax returns in various jurisdictions. We are subject to income tax examination by tax authorities in our major tax jurisdictions as follows:

Tax Jurisdiction	Years Subject to Audit
U.S. federal	Subsequent to 2020
France	Subsequent to 2020
Germany	Subsequent to 2018
United Kingdom	Subsequent to 2019
Indonesia	Subsequent to 2018
Italy	Subsequent to 2018

While the above years are subject to audit based on the local jurisdiction's statute of limitations, tax attributes carrying over into the above years may also be adjusted upon audit.