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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Components of income (loss) before income taxes

The components of income before income taxes were as follows:

​

​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​		2022			2021			2020
U.S.	​	$	359,760	​	$	143,290	​	$	179,650
Non-U.S.	​		233,067	​		181,708	​		84,390
Total	​	$	592,827	​	$	324,998	​	$	264,040

​

Components of income tax expense (benefit)

The components of income tax expense (benefit) were as follows:

​

​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​		2022			2021			2020
Current:	​	​			​			​
Federal	​	$	88,974	​	$	23,415	​	$	30,091
Non-U.S.	​		55,664	​		44,828	​		18,020
State and local	​		24,423	​		10,298	​		8,770
​	​		169,061	​		78,541	​		56,881
Deferred:	​		​	​			​
Federal	​		(38,462)	​		(21,538)	​		(1,898)
Non-U.S.	​		(3,281)	​		(4,488)	​		3,196
State and local	​		(6,715)	​		(4,097)	​		(283)
​	​		(48,458)	​		(30,123)	​		1,015
Total	​	$	120,603	​	$	48,418	​	$	57,896

​

Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes

The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2022 were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​		2022			2021			2020
Statutory rate applied to pre-tax income	​	$	124,492	​	$	68,250	​	$	55,448	​
State and local income taxes, net of federal tax benefit	​		12,904	​		4,005	​		6,148	​
Excess tax benefits resulting from exercises of stock-based compensation	​		(2,500)	​		(4,681)	​		(2,471)	​
Resolution and settlements to uncertain tax positions	​		(350)	​		577	​		(4,146)	​
Foreign Derived Intangible Income Deduction	​		(13,356)	​		(2,197)	​		(1,267)	​
Foreign rate variance	​		5,020	​		2,131	​		85	​
Valuation allowances	​		(4,547)	​		(4,209)	​		4,753	​
Research and development credit	​		(6,800)	​		(5,300)	​		(4,400)	​
Pension plan termination adjustment	​	​	—	​	​	(14,711)	​	​	—	​
U.S. tax cost (benefit) of foreign source income	​	​	783	​	​	3,488	​	​	269	​
Other	​		4,957	​		1,065	​		3,477	​
Total	​	$	120,603	​	$	48,418	​	$	57,896	​
Effective tax rate	​		20.3	%		14.9	%		21.9	%

​

Significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities at December 31, 2022 and 2021, were as follows:

​

​	​	​	​	​	​	​
​		December 31,
​		2022			2021
Deferred tax assets:	​	​			​
Tax loss and credit carry-forwards	​	$	44,674	​	$	46,967
Inventory	​		937	​		1,929
Other accruals	​		29,601	​		13,395
Research and development capitalization	​	​	26,982	​	​	—
Employee benefits	​		26,674	​		25,741
Pension obligations	​		6,218	​		9,760
Other	​		7,344	​		5,073
Deferred tax assets, gross	​		142,430	​		102,865
Valuation allowance	​		(44,627)	​		(51,983)
Deferred tax assets, net	​		97,803	​		50,882
Deferred tax liabilities:	​		​	​		​
Property, plant and equipment	​		40,198	​		40,422
Intangible assets	​		23,790	​		18,253
Inventory	​		3,846	​		3,716
Pension and other benefit liabilities	​		13,787	​		16,397
Other	​		10,393	​		10,494
Deferred tax liabilities	​		92,014	​		89,282
Total deferred taxes	​	$	5,789	​	$	(38,400)

​

Summary of the activity related to unrecognized tax benefits

The following table summarizes the activity related to unrecognized tax benefits:

​

​	​	​	​	​	​	​
​		2022		​	2021
Balance at beginning of year		$	18,211		$	17,596
Increase related to current year tax provisions	​		2,263	​		2,693
Increase/(decrease) related to prior years' tax positions	​		91	​		(17)
Decrease related to settlements with taxing authorities	​		(868)	​		—
Resolution of and other decreases in prior years' tax liabilities	​		(1,379)	​		(1,585)
Other	​		(895)	​		(476)
Balance at end of year	​	$	17,423	​	$	18,211

​

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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