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Income Taxes (Tables)

12 Months Ended

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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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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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