INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of geographic distribution of pretax income from continuing operations

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Domestic	$	(43,223)	$	(17,458)	$	5,969
Foreign		95,600		139,919		235,772
Income from continuing operations, before income taxes	$	52,377	$	122,461	$	241,741

Schedule of income tax provision (benefit) from continuing operations

	Years Ended December 31,
	2024			2023			2022
	(in thousands)
Current:
Federal	$	3,760		$	13,402		$	23,370
State		459			589			1,949
Foreign		12,357			11,661			20,267
Total current provision		16,576			25,652			45,586
Deferred:
Federal		(1,444)			(5,455)			(6,742)
State		(61)			(955)			(1,030)
Foreign		(19,000)			(27,530)			2,036
Total deferred benefit		(20,505)			(33,940)			(5,736)
Total income tax provision (benefit)	$	(3,929)		$	(8,288)		$	39,850
Effective tax rate		(7.5)	%		(6.8)	%		16.5	%

Schedule of effective income tax rate reconciliation

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Income taxes per federal statutory rate	$	10,999	$	25,850	$	50,766
State income taxes, net of federal deduction		302		(490)		510
U.S. tax on foreign operations		18,944		20,451		28,726
Foreign derived intangible income deduction		(1,423)		(2,868)		(6,259)
Tax effect of foreign operations		(14,934)		(27,959)		(28,432)
Uncertain tax positions		(1,101)		1,291		1,080
Change in valuation allowance assessment		616		(25,636)		—
Tax credits		(7,805)		(7,289)		(5,857)
Change in valuation allowance		3,616		12,927		268
Executive compensation limitation		2,348		1,955		641
Impact of intellectual property transfer		(22,950)		—		—
Other permanent items, net		7,459		(6,520)		(1,593)
Total income tax provision (benefit)	$	(3,929)	$	(8,288)	$	39,850

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Net operating loss and tax credit carryforwards	$	72,027	$	73,954
Pension obligation		9,206		9,960
Bond hedge original issue discount		20,168		24,755
Amortization		43,011		23,609
Operating lease liabilities		12,253		12,054
Other		56,424		43,782
Total deferred tax assets		213,089		188,114
Less: valuation allowance		(42,355)		(37,999)
Deferred tax assets, net of valuation allowance		170,734		150,115
Deferred tax liabilities:
Depreciation		2,545		3,826
Amortization		26,802		28,853
Unremitted earnings		2,821		3,277
Operating lease right-of-use assets		9,862		9,520
Operating lease liability		5,265		1,069
Other		2,650		3,038
Total deferred tax liabilities		49,945		49,583
Net deferred tax assets	$	120,789	$	100,532

Summary of income tax contingencies

	Years Ended December 31,
	2024		2023		2022
	(in thousands)
Balance at beginning of period	$	8,452	$	7,467	$	5,513
Additions based on tax positions taken during a prior period		—		199		245
Additions based on tax positions taken during a prior period - acquisitions		—		—		1,025
Additions based on tax positions taken during the current period		536		1,070		836
Reductions based on tax positions taken during a prior period		(2,102)		—		—
Reductions related to a lapse of applicable statute of limitations		(1,151)		(139)		(152)
Reductions related to a settlement with taxing authorities		—		(145)		—
Balance at end of period	$	5,735	$	8,452	$	7,467