XML 57 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Income tax provision (benefit) for the years ended December 31, consists of the following (in thousands): 
202420232022
Current:
Federal$66,505 $125,875 $139,423 
State8,368 22,340 20,367 
Foreign23,366 53,674 48,165 
98,239 201,889 207,955 
Deferred:
Federal(27,938)(18,781)(12,313)
State7,511 (6,209)(7,761)
Foreign(5,849)(5,069)4,138 
(26,276)(30,059)(15,936)
$71,963 $171,830 $192,019 
Schedule of Components of Income Before Taxes
The components of Income before income taxes for the years ended December 31, were as follows (in thousands): 
202420232022
Domestic$369,870 $614,713 $750,793 
Foreign147,268 252,163 180,440 
$517,138 $866,876 $931,233 
Schedule of Provision for Income Tax Rate to Statutory Rate Reconciliation
Income tax provision differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate for the years ended December 31, due to the following items (in thousands): 
202420232022
Provision at statutory rate
$108,599 $182,044 $195,553 
State taxes, net of federal benefit10,003 21,659 19,223 
Foreign rate differential2,196 7,887 3,620 
Foreign derived intangible income(1,744)(8,669)(8,187)
Research and development credit(20,706)(23,130)(18,809)
Unrecognized tax benefits including interest and penalties(2,026)(9,210)(11,793)
Valuation allowance adjustments10,797 7,345 6,714 
State credits(4,526)(8,035)(6,954)
Global intangible low-taxed income2,605 474 1,607 
Return to provision adjustments
(5,421)1,057 (6,318)
Executive compensation limitation 5,404 8,712 4,893 
Other foreign inclusions(13,601)1,563 16,562 
Tax incentives
(16,476)(12,996)(7,202)
Other(3,141)3,129 3,110 
Income tax provision
$71,963 $171,830 $192,019 
Schedule of Principal Components of the Company's Deferred Tax Assets and Liabilities
The principal components of the Company’s deferred income tax assets and liabilities as of December 31, include the following (in thousands):
20242023
Deferred income tax assets:
Accruals not yet tax deductible$144,331 $152,288 
Stock compensation11,779 12,995 
Net operating loss and research & development tax credit carryforwards82,027 68,809 
Amortization of research and experimental costs100,880 78,169 
Other62,889 66,749 
401,906 379,010 
Valuation allowance(59,313)(48,516)
342,593 330,494 
Deferred income tax liabilities:
Depreciation, tax in excess of book(51,107)(57,641)
Pension and postretirement healthcare plan obligations(90,589)(82,682)
Withholding tax(15,915)(29,904)
Other(26,045)(32,597)
(183,656)(202,824)
$158,937 $127,670 
Schedule of Gross Operating Loss Carryforwards
The Company's gross state net operating loss carryforwards were as follows at December 31 (in thousands):
Year of Expiration20242023
2031$238,682 $238,682 
203212 12 
203346 46 
2034108 108 
20351,085 1,085 
203660 60 
2037187 187 
2038824 824 
203911,285 11,285 
204034,354 34,354 
20412,135 2,135 
2042347 347 
Indefinite7,280 7,280 
$296,405 $296,405 
Schedule of Changes in Gross Liability for Unrecognized Tax Benefits Excluding Interest and Penalties
The Company recognizes interest and penalties related to unrecognized tax benefits in Income tax provision (benefit). Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): 
20242023
Unrecognized tax benefits, beginning of period$18,214 $32,029 
Increase in unrecognized tax benefits for tax positions taken in a prior period3,818 3,159 
Decrease in unrecognized tax benefits for tax positions taken in a prior period(3,773)(10,444)
Increase in unrecognized tax benefits for tax positions taken in the current period2,473 870 
Statute lapses(3,800)— 
Settlements with taxing authorities(753)(7,400)
Unrecognized tax benefits, end of period$16,179 $18,214