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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Components of income before income taxes | The components of income before income taxes were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
U.S. | ​ | $ | 508,316 | ​ | $ | 359,760 | ​ | $ | 143,290
Non-U.S. | ​ |  | 178,550 | ​ |  | 233,067 | ​ |  | 181,708
Total | ​ | $ | 686,866 | ​ | $ | 592,827 | ​ | $ | 324,998
Components of income tax expense (benefit) | The components of income tax expense (benefit) were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Current: | ​ | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 95,514 | ​ | $ | 88,974 | ​ | $ | 23,415
Non-U.S. | ​ |  | 45,830 | ​ |  | 55,664 | ​ |  | 44,828
State and local | ​ |  | 24,132 | ​ |  | 24,423 | ​ |  | 10,298
​ | ​ |  | 165,476 | ​ |  | 169,061 | ​ |  | 78,541
Deferred: | ​ |  | ​ | ​ |  |  | ​ |  |
Federal | ​ |  | (13,068) | ​ |  | (38,462) | ​ |  | (21,538)
Non-U.S. | ​ |  | (7,515) | ​ |  | (3,281) | ​ |  | (4,488)
State and local | ​ |  | (3,275) | ​ |  | (6,715) | ​ |  | (4,097)
​ | ​ |  | (23,858) | ​ |  | (48,458) | ​ |  | (30,123)
Total | ​ | $ | 141,618 | ​ | $ | 120,603 | ​ | $ | 48,418
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, 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
Statutory rate applied to pre-tax income | ​ | $ | 144,242 | ​ | $ | 124,492 | ​ | $ | 68,250 | ​
State and local income taxes, net of federal tax benefit | ​ |  | 17,979 | ​ |  | 12,904 | ​ |  | 4,005 | ​
Excess tax benefits resulting from exercises of stock-based compensation | ​ |  | (10,742) | ​ |  | (2,500) | ​ |  | (4,681) | ​
Foreign Derived Intangible Income Deduction | ​ |  | (10,411) | ​ |  | (13,356) | ​ |  | (2,197) | ​
Foreign rate variance | ​ |  | 6,854 | ​ |  | 5,020 | ​ |  | 2,131 | ​
Valuation allowances | ​ |  | (4,135) | ​ |  | (4,547) | ​ |  | (4,209) | ​
Research and development credit | ​ |  | (9,600) | ​ |  | (6,800) | ​ |  | (5,300) | ​
Pension plan termination adjustment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14,711) | ​
U.S. tax cost of foreign source income | ​ | ​ | 1,013 | ​ | ​ | 783 | ​ | ​ | 3,488 | ​
Other | ​ |  | 6,418 | ​ |  | 4,607 | ​ |  | 1,642 | ​
Total | ​ | $ | 141,618 | ​ | $ | 120,603 | ​ | $ | 48,418 | ​
Effective tax rate | ​ |  | 20.6 | % |  | 20.3 | % |  | 14.9 | %
Significant components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities at December 31, 2023 and 2022, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2023 |  | 2022
Deferred tax assets: | ​ | ​ |  |  | ​ |
Tax loss and credit carry-forwards | ​ | $ | 45,319 | ​ | $ | 44,674
Inventory | ​ |  | 2,941 | ​ |  | 937
Other accruals | ​ |  | 17,984 | ​ |  | 29,601
Research and development capitalization | ​ | ​ | 64,836 | ​ | ​ | 26,982
Employee benefits | ​ |  | 28,639 | ​ |  | 26,674
Pension obligations | ​ |  | 7,375 | ​ |  | 6,218
Other | ​ |  | 5,640 | ​ |  | 7,344
Deferred tax assets, gross | ​ |  | 172,734 | ​ |  | 142,430
Valuation allowance | ​ |  | (36,876) | ​ |  | (44,627)
Deferred tax assets, net | ​ |  | 135,858 | ​ |  | 97,803
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Property, plant and equipment | ​ |  | 43,339 | ​ |  | 40,198
Intangible assets | ​ |  | 26,624 | ​ |  | 23,790
Inventory | ​ |  | 4,918 | ​ |  | 3,846
Pension and other benefit liabilities | ​ |  | 10,545 | ​ |  | 13,787
Other | ​ |  | 18,402 | ​ |  | 10,393
Deferred tax liabilities | ​ |  | 103,828 | ​ |  | 92,014
Total deferred taxes | ​ | $ | 32,030 | ​ | $ | 5,789
Summary of the activity related to unrecognized tax benefits | The following table summarizes the activity related to unrecognized tax benefits: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022
Balance at beginning of year |  | $ | 17,423 |  | $ | 18,211
Increase related to current year tax provisions | ​ |  | 1,983 | ​ |  | 2,263
(Decrease)/increase related to prior years' tax positions | ​ |  | (1,642) | ​ |  | 91
Decrease related to settlements with taxing authorities | ​ |  | (4,036) | ​ |  | (868)
Resolution of and other decreases in prior years' tax liabilities | ​ |  | (1,380) | ​ |  | (1,379)
Other | ​ |  | 244 | ​ |  | (895)
Balance at end of year | ​ | $ | 12,592 | ​ | $ | 17,423

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