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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of the income tax expense for continuing operations are as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Current |  |  |  |  |  |  |  |  |
Domestic |  | $ | 54,406 |  |  | $ | 37,333 |  |  | $ | 40,405 |
Foreign |  |  | 39,792 |  |  |  | 22,732 |  |  |  | 18,485 |
Total current |  |  | 94,198 |  |  |  | 60,065 |  |  |  | 58,890 |
Deferred |  |  |  |  |  |  |  |  |
Domestic |  |  | (25,195 | ) |  |  | (17,238 | ) |  |  | (14,742 | )
Foreign |  |  | 1,780 |  |  |  | (2,647 | ) |  |  | (1,152 | )
Total deferred |  |  | (23,415 | ) |  |  | (19,885 | ) |  |  | (15,894 | )
Income tax expense |  | $ | 70,783 |  |  | $ | 40,180 |  |  | $ | 42,996 |
Schedule of Income from Continuing Operations Before Taxes, for U.S. and Foreign Operations | Income from continuing operations before taxes for U.S. and foreign operations are as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Domestic |  | $ | (130,387 | ) |  | $ | (105,986 | ) |  | $ | (79,328 | )
Foreign |  |  | 212,144 |  |  |  | 111,105 |  |  |  | 101,324 |
Income from continuing operations before income taxes |  | $ | 81,757 |  |  | $ | 5,119 |  |  | $ | 21,996 |
Schedule of Difference Between Income Taxes Computed at U.S. Statutory Rate | The items accounting for the difference between income taxes computed at the U.S. statutory rate and the expense for income taxes for continuing operations are as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Income tax expense at the U.S. statutory rate, 21% |  | $ | 17,169 |  |  | $ | 1,075 |  |  | $ | 4,619 |
State taxes, net |  |  | 919 |  |  |  | 1,175 |  |  |  | 1,418 |
Effect of foreign tax rates |  |  | (4,093 | ) |  |  | (5,325 | ) |  |  | (2,940 | )
GILTI |  |  | 13,094 |  |  |  | 7,919 |  |  |  | 6,452 |
Effect of change in tax rates |  |  | 1,636 |  |  |  | 4,193 |  |  |  | 1,572 |
Non-taxable income |  |  | (215 | ) |  |  | (431 | ) |  |  | (221 | )
Non-deductible expenses |  |  | 5,991 |  |  |  | 5,698 |  |  |  | 5,869 |
Stock based compensation |  |  | 2,186 |  |  |  | — |  |  |  | — |
Valuation allowance |  |  | 22,838 |  |  |  | 31,854 |  |  |  | 29,514 |
Tax credits |  |  | — |  |  |  | — |  |  |  | 120 |
Adjustments in respect of prior years |  |  | 11,122 |  |  |  | (5,509 | ) |  |  | (3,072 | )
Other, net |  |  | 136 |  |  |  | (469 | ) |  |  | (335 | )
Income tax expense |  | $ | 70,783 |  |  | $ | 40,180 |  |  | $ | 42,996 |
Schedule of Deferred Income Tax Liabilities | Deferred income tax liabilities consist of the following:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Deferred tax assets consist of the following: |  |  |  |  |  |
Capitalized research & development |  | $ | 4,653 |  |  | $ | — |
Deferred finance charges |  |  | 4,275 |  |  |  | 2,322 |
Inventory reserve |  |  | 26,534 |  |  |  | 12,927 |
Other |  |  | 23,278 |  |  |  | 19,191 |
Disallowed business interest expense |  |  | 180,571 |  |  |  | 163,739 |
Operating lease liability |  |  | 43,744 |  |  |  | 40,894 |
Pension |  |  | 1,134 |  |  |  | 3,632 |
Tax losses carried forward |  |  | 11,397 |  |  |  | 15,055 |
Deferred tax assets, before valuation allowance |  |  | 295,586 |  |  |  | 257,760 |
Valuation allowance |  |  | (117,650 | ) |  |  | (94,812 | )
Deferred tax assets |  |  | 177,936 |  |  |  | 162,948 |
Deferred tax liabilities consist of the following: |  |  |  |  |  |
Property, plant and equipment |  |  | (35,836 | ) |  |  | (36,824 | )
Intangible assets |  |  | (246,422 | ) |  |  | (244,076 | )
Operating lease right of use asset |  |  | (55,966 | ) |  |  | (53,314 | )
Other |  |  | (8,457 | ) |  |  | (6,309 | )
Deferred tax liabilities |  |  | (346,681 | ) |  |  | (340,523 | )
Net deferred tax liability |  | $ | (168,745 | ) |  | $ | (177,575 | )
Schedule of Changes to Valuation Allowance | Changes to the Company’s valuation allowance are as follows:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance, beginning of the year |  | $ | 94,812 |  |  | $ | 62,958 |  |  | $ | 33,444 |
Additions charge to income tax expense |  |  | 26,050 |  |  |  | 31,953 |  |  |  | 29,514 |
Reductions credited to income tax expense |  |  | (3,212 | ) |  |  | (99 | ) |  |  | — |
Change in valuation allowance |  |  | 22,838 |  |  |  | 31,854 |  |  |  | 29,514 |
Balance, end of the year |  | $ | 117,650 |  |  | $ | 94,812 |  |  | $ | 62,958 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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