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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Schedule of components of income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
U.S. | ​ | $ | 496,339 | ​ | $ | 508,316 | ​ | $ | 359,760
Non-U.S. | ​ |  | 97,810 | ​ |  | 178,550 | ​ |  | 233,067
Total | ​ | $ | 594,149 | ​ | $ | 686,866 | ​ | $ | 592,827
Schedule of components of income tax expense (benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
Current: | ​ | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 109,943 | ​ | $ | 95,514 | ​ | $ | 88,974
Non-U.S. | ​ |  | 37,997 | ​ |  | 45,830 | ​ |  | 55,664
State and local | ​ |  | 21,217 | ​ |  | 24,132 | ​ |  | 24,423
​ | ​ |  | 169,157 | ​ |  | 165,476 | ​ |  | 169,061
Deferred: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | (31,178) | ​ |  | (13,068) | ​ |  | (38,462)
Non-U.S. | ​ |  | (5,269) | ​ |  | (7,515) | ​ |  | (3,281)
State and local | ​ |  | (4,669) | ​ |  | (3,275) | ​ |  | (6,715)
​ | ​ |  | (41,116) | ​ |  | (23,858) | ​ |  | (48,458)
Total | ​ | $ | 128,041 | ​ | $ | 141,618 | ​ | $ | 120,603
Schedule of differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
Statutory rate applied to pre-tax income | ​ | $ | 124,771 | ​ | $ | 144,242 | ​ | $ | 124,492 | ​
State and local income taxes, net of federal tax benefit | ​ |  | 14,172 | ​ |  | 17,979 | ​ |  | 12,904 | ​
Excess tax benefits resulting from exercises of stock-based compensation | ​ |  | (4,364) | ​ |  | (10,742) | ​ |  | (2,500) | ​
Foreign derived intangible income deduction | ​ |  | (13,766) | ​ |  | (10,411) | ​ |  | (13,356) | ​
Foreign rate variance | ​ |  | 9,312 | ​ |  | 6,854 | ​ |  | 5,020 | ​
Research and development credit | ​ |  | (10,010) | ​ |  | (9,600) | ​ |  | (6,800) | ​
Other | ​ |  | 7,926 | ​ |  | 3,296 | ​ |  | 843 | ​
Total | ​ | $ | 128,041 | ​ | $ | 141,618 | ​ | $ | 120,603 | ​
Effective tax rate | ​ |  | 21.6 | % |  | 20.6 | % |  | 20.3 | %
Schedule of significant components of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ |  | 2024 |  | 2023
Deferred tax assets: | ​ | ​ |  |  | ​ |
Tax loss and credit carry-forwards | ​ | $ | 43,417 | ​ | $ | 45,319
Inventory | ​ |  | 1,555 | ​ |  | 2,941
Other accruals | ​ |  | 31,671 | ​ |  | 17,984
Research and development capitalization | ​ | ​ | 86,697 | ​ | ​ | 64,836
Employee benefits | ​ |  | 27,866 | ​ |  | 28,639
Pension obligations | ​ |  | 7,025 | ​ |  | 7,375
Other | ​ |  | 9,508 | ​ |  | 5,640
Deferred tax assets, gross | ​ |  | 207,739 | ​ |  | 172,734
Valuation allowance | ​ |  | (35,284) | ​ |  | (36,876)
Deferred tax assets, net | ​ |  | 172,455 | ​ |  | 135,858
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Property, plant and equipment | ​ |  | 43,048 | ​ |  | 43,339
Intangible assets | ​ |  | 31,214 | ​ |  | 26,624
Inventory | ​ |  | 6,785 | ​ |  | 4,918
Pension and other benefit liabilities | ​ |  | 5,890 | ​ |  | 10,545
Other | ​ |  | 18,371 | ​ |  | 18,402
Deferred tax liabilities | ​ |  | 105,308 | ​ |  | 103,828
Total deferred taxes | ​ | $ | 67,147 | ​ | $ | 32,030
Schedule of activity related to unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | 2023
Balance at beginning of year |  | $ | 12,592 |  | $ | 17,423
Increase related to current year tax provisions | ​ |  | 1,701 | ​ |  | 1,983
Decrease related to prior years' tax positions | ​ |  | (870) | ​ |  | (1,642)
Decrease related to settlements with taxing authorities | ​ |  | — | ​ |  | (4,036)
Resolution of and other decreases in prior years' tax liabilities | ​ |  | (1,982) | ​ |  | (1,380)
Other | ​ |  | (554) | ​ |  | 244
Balance at end of year | ​ | $ | 10,887 | ​ | $ | 12,592

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