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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense Benefit | Income before income taxes and equity in net income of unconsolidated investments, and current and deferred income tax expense (benefit) are composed of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income before income taxes and equity in net income of unconsolidated investments: |  |  |  |  |
Domestic | $ | 201,266 |  |  | $ | (461,897) |  |  | $ | 952,799 |
Foreign | (1,965,091) |  |  | 708,635 |  |  | 1,480,645 |
Total | $ | (1,763,825) |  |  | $ | 246,738 |  |  | $ | 2,433,444 |
Current income tax expense (benefit): |  |  |  |  |
Federal | $ | 212,542 |  |  | $ | (54,250) |  |  | $ | 33,230 |
State | (450) |  |  | (3,395) |  |  | 4,965 |
Foreign | 105,399 |  |  | 387,045 |  |  | 259,054 |
Total | $ | 317,491 |  |  | $ | 329,400 |  |  | $ | 297,249 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | $ | (172,464) |  |  | $ | (8,545) |  |  | $ | 84,054 |
State | 1,523 |  |  | (4,154) |  |  | (3,511) |
Foreign | (59,465) |  |  | 113,576 |  |  | 12,796 |
Total | $ | (230,406) |  |  | $ | 100,877 |  |  | $ | 93,339 |
Total income tax expense | $ | 87,085 |  |  | $ | 430,277 |  |  | $ | 390,588 |
Significant Differences Between United States Federal Statutory Rate and Effective Income Tax Rate | The reconciliation of the U.S. federal statutory rate to the effective income tax rate is as follows:
| % of Income Before Income Taxes
| 2024 |  | 2023 |  | 2022
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal tax benefit | — |  |  | (2.8) |  |  | — |
Change in valuation allowance(a) | (26.0) |  |  | 98.8 |  |  | (3.9) |
Impact of foreign earnings, net(b) | 3.3 |  |  | 7.7 |  |  | (0.1) |
Global intangible low tax inclusion | — |  |  | 4.2 |  |  | 0.3 |
Foreign-derived intangible income | — |  |  | — |  |  | (3.0) |
Section 162(m) limitation | (0.3) |  |  | 4.4 |  |  | 0.3 |
Subpart F income | (0.3) |  |  | (1.9) |  |  | 0.2 |
Stock-based compensation | — |  |  | (3.9) |  |  | (0.3) |
Depletion | 0.3 |  |  | (2.4) |  |  | (0.2) |
U.S. federal return to provision | 0.1 |  |  | (6.1) |  |  | (0.4) |
Revaluation of unrecognized tax benefits/reserve requirements(c) | (2.1) |  |  | 39.1 |  |  | 2.3 |
Legal accrual | — |  |  | 18.6 |  |  | — |
Other items, net | (0.9) |  |  | (2.3) |  |  | (0.1) |
Effective income tax rate | (4.9) | % |  | 174.4 | % |  | 16.1 | %
(a)Due to the Company being in a three-year cumulative loss position in China as of December 31, 2023, and Australia as of December 31, 2024, the year ended December 31, 2024 includes a valuation allowance of $271.0 million on current year losses in certain Chinese entities and the establishment of a valuation of $254.9 million on current year losses in the Company’s Australian entities. In addition, the year ended December 31, 2024 includes benefits of $70.1 million due to the release of a foreign valuation allowance due to changes in expected profitability. (b)Our statutory rate is decreased by our share of the income of JBC, a Free Zones company under the laws of the Hashemite Kingdom of Jordan. The applicable provisions of the Jordanian law, and applicable regulations thereunder, do not have a termination provision and the exemption is indefinite. As a Free Zones company, JBC is not subject to income taxes on the profits of products exported from Jordan, and currently, substantially all of the profits are from exports. This resulted in a rate benefit of 1.2%, 20.1%, and 3.2% for the years ended December 31, 2024, 2023, and 2022, respectively. (c) The year ended December 31, 2024 includes a $37.0 million expense recorded for a current year tax reserve related to an uncertain tax position in Chile.
Deferred Income Tax Assets and Liabilities Recorded on Consolidated Balance Sheets | Deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2024 and 2023 consist of the following (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued employee benefits | $ | 32,993 |  |  | $ | 31,917 |
Operating loss carryovers | 1,841,399 |  |  | 1,316,916 |
Pensions | 17,148 |  |  | 23,527 |
Inventory reserves | 27,974 |  |  | 83,136 |
Tax credit carryovers | 11,228 |  |  | 1,431 |
Capitalized research and development | 41,938 |  |  | 36,929 |
Lease liability | 53,968 |  |  | 35,977 |
Other | 62,406 |  |  | 30,611 |
Gross deferred tax assets | 2,089,054 |  |  | 1,560,444 |
Valuation allowance | (1,736,456) |  |  | (1,349,924) |
Deferred tax assets | 352,598 |  |  | 210,520 |
Deferred tax liabilities: |  |  |
Depreciation | (456,231) |  |  | (541,245) |
Intangibles | (49,676) |  |  | (54,413) |
Right of use asset | (48,951) |  |  | (30,336) |
Outside basis difference | (51,971) |  |  | (56,214) |
Other | (50,190) |  |  | (64,309) |
Deferred tax liabilities | (657,019) |  |  | (746,517) |
Net deferred tax liabilities | $ | (304,421) |  |  | $ | (535,997) |
Classification in the consolidated balance sheets: |  |  |
Noncurrent deferred tax assets | $ | 53,608 |  |  | $ | 22,433 |
Noncurrent deferred tax liabilities | (358,029) |  |  | (558,430) |
Net deferred tax liabilities | $ | (304,421) |  |  | $ | (535,997) |
Changes in Balance of Deferred Tax Asset Valuation Allowance | Changes in the balance of our deferred tax asset valuation allowance are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | (1,349,924) |  |  | $ | (1,087,505) |  |  | $ | (1,276,305) |
Additions | (519,169) |  |  | (262,469) |  |  | (5,810) |
Deductions | 132,637 |  |  | 50 |  |  | 194,610 |
Balance at December 31 | $ | (1,736,456) |  |  | $ | (1,349,924) |  |  | $ | (1,087,505) |
Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of our total gross liability related to uncertain tax positions for 2024, 2023 and 2022 (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 178,785 |  |  | $ | 72,162 |  |  | $ | 20,717 |
Additions for tax positions related to prior years | 31 |  |  | 6,216 |  |  | 1,673 |
Reductions for tax positions related to prior years | — |  |  | — |  |  | — |
Additions for tax positions related to current year | 10,989 |  |  | 101,179 |  |  | 50,531 |
Lapses in statutes of limitations/settlements | (1,038) |  |  | (770) |  |  | (995) |
Foreign currency translation adjustment | 59 |  |  | (2) |  |  | 236 |
Balance at December 31 | $ | 188,826 |  |  | $ | 178,785 |  |  | $ | 72,162 |

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