XML 41 R21.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | NOTE 13 – 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
​ 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
​ 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 | %
​ ​ The effective tax rate remained consistent in 2023 and 2022. Total income tax payments, net of refunds, were $180,512 in 2023, $151,818 in 2022 and $87,288 in 2021. Deferred Taxes 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
​ At December 31, 2023, certain subsidiaries had net operating loss carry-forwards of approximately $3,234 that expire in various years from 2024 through 2036, plus $166,063 for which there is no expiration date. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. At December 31, 2023, a valuation allowance of $36,876 was recorded against certain deferred tax assets based on this assessment. The Company believes it is more-likely-than-not that the tax benefit of the remaining net deferred tax assets will be realized. The amount of net deferred tax assets considered realizable could be increased or reduced in the future if the Company’s assessment of future taxable income or tax planning strategies changes. The Company determined it will repatriate earnings for certain non-U.S. subsidiaries, which are subject to foreign withholding taxes. The Company has estimated the associated tax to be $76. The Company considers remaining earnings and outside basis in all other non-U.S. subsidiaries to be indefinitely reinvested and has not recorded any deferred taxes as such estimate is not practicable. Unrecognized Tax Benefits Liabilities for unrecognized tax benefits related to uncertain tax positions are classified as Other liabilities unless expected to be paid in one year. Additionally, to the extent a position would not result in a cash tax liability, those amounts are generally recorded to Deferred income taxes to offset tax attributes. The Company recognizes interest and penalties related to unrecognized tax benefits in Income taxes. Current income tax expense included expense of $101 for the year ended December 31, 2023 and benefits of $486 for the year ended December 31, 2022 for interest and penalties. For those same years, the Company’s accrual for interest and penalties related to unrecognized tax benefits totaled $2,364 and $2,292, respectively. 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
​ The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $10,036 at December 31, 2023 and $14,504 at December 31, 2022. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2019. The Company is currently subject to various state audits and non-U.S. income tax audits. The Company is generally not able to precisely estimate the ultimate settlement amounts or timing until after the close of an audit. The Company evaluates its tax positions and establishes liabilities for unrecognized tax benefits related to uncertain tax positions that may be challenged by local authorities and may not be fully sustained. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including management’s judgment in the interpretation of applicable tax law, regulation or tax ruling, the progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a further reduction of $1,646 in prior years’ unrecognized tax benefits in 2024.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration