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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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