INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income before income taxes was taxed in the following jurisdictions in each of the years ended December 31:


	2024		2023		2022
	(Dollars in thousands)
Domestic	$	193,938	$	253,916	$	400,889
Foreign	153,732		168,205		73,250
Total	$	347,670	$	422,121	$	474,139

Components of Provision for Income Taxes

The components of the provision (benefit) for income taxes were as follows:


	2024		2023		2022
	(Dollars in thousands)
Current:
Federal	$	39,590	$	10,847	$	99,760
State	7,927		(529)		23,915
Foreign	57,515		52,730		41,797
Current income tax provision	105,032		63,048		165,472
Deferred:
Federal	(15,847)		29,337		(27,681)
State	(2,218)		7,957		(8,916)
Foreign	(14,990)		(4,186)		4,416
Deferred income tax (benefit) provision	(33,055)		33,108		(32,181)
	$	71,977	$	96,156	$	133,291

Variation of Provision for Income Taxes from Statutory U.S. Federal Income Tax Rate

The provision for income taxes varied from income taxes computed at the statutory U.S. federal income tax rate as a result of the following:


	2024			2023			2022
	(Dollars in thousands)
Income taxes computed at the statutory U.S. federal income tax rate	$	73,011		$	88,646		$	99,569
State income taxes, net of federal tax benefit	2,551			5,551			12,815
Tax liabilities no longer required	(2,838)			(4,071)			(2,142)
Valuation allowance	11,291			2,287			16,635

Tax credit refunds, net	(5,098)			(2,684)			(5,081)
Foreign earnings taxed at other than 21%	(4,144)			9,993			5,126
Deferred tax rate changes	1,326			(3,133)			(1,276)
European Commission settlement	—			—			5,313
Other	(4,122)			(433)			2,332
	$	71,977		$	96,156		$	133,291

Effective tax rate	20.7		%	22.8		%	28.1		%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31 were as follows:


	2024		2023
	(Dollars in thousands)
Deferred tax assets:
Pension and other postretirement liabilities	$	15,621	$	17,093
Rationalization and other accrued liabilities	49,115		33,196
AMT and other credit carryforwards	6,102		3,584
Net operating loss carryforwards	80,853		54,067
Other intangible assets	2,288		268
Foreign currency translation	—		—
Property, plant and equipment	1,703		1,559
Inventory and related reserves	2,852		3,098
Long term operating lease liabilities	51,449		58,430
Other	41,331		29,233
Total deferred tax assets	251,314		200,528
Deferred tax liabilities:
Property, plant and equipment	(283,505)		(259,083)
Pension and other postretirement liabilities	(45,835)		(44,782)
Other intangible assets	(223,672)		(178,062)
Rationalization and other accrued liabilities	(1,537)		—
Operating lease right of use assets	(48,788)		(55,993)
Inventory and related reserves	(11,723)		(13,527)
Foreign currency translation	(24,830)		(13,496)
Other	(14,609)		(11,210)
Total deferred tax liabilities	(654,499)		(576,153)
Valuation allowance	(91,340)		(45,525)
	$	(494,525)	$	(421,150)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits included as other liabilities in our Consolidated Balance Sheets was as follows:


	2024		2023
	(Dollars in thousands)
Balance at January 1,	$	17,401	$	26,721
Increase based upon tax positions of current year	(4,245)		8,807
Increase based upon tax positions of a prior year	698		625


Decrease based upon settlements with taxing authorities	—		(15,681)
Decrease based upon a lapse in the statute of limitations	(993)		(3,071)
Balance at December 31,	$	12,861	$	17,401