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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes | Income before income taxes consists of:
Years Ended December 31, | 2022 |  | 2021 |  | 2020
United States | $ | 65,350 |  |  | $ | 101,353 |  |  | $ | 91,555 |
International | 269,354 |  |  | 220,302 |  |  | 209,600 |
Total | $ | 334,704 |  |  | $ | 321,655 |  |  | $ | 301,155 |
Components of provision (benefit) for income taxes | The provision (benefit) for income taxes is composed of:
Years Ended December 31, | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
U.S. Federal | $ | 12,791 |  |  | $ | 11,932 |  |  | $ | 9,934 |
State/Local | 2,265 |  |  | 4,917 |  |  | 3,094 |
International | 92,199 |  |  | 75,524 |  |  | 82,235 |
| $ | 107,255 |  |  | $ | 92,373 |  |  | $ | 95,263 |
Deferred: |  |  |  |  |
U.S. Federal/State | $ | (882) |  |  | $ | (11,168) |  |  | $ | (2,270) |
International | (11,224) |  |  | (3,188) |  |  | (5,928) |
| $ | (12,106) |  |  | $ | (14,356) |  |  | $ | (8,198) |
Total | $ | 95,149 |  |  | $ | 78,017 |  |  | $ | 87,065 |
Schedule of reconciliation of actual income tax provision and the tax provision computed by applying statutory federal income tax rate | A reconciliation of the provision for income taxes with the amount computed by applying the statutory federal income tax rate of 21% to income before provision for income taxes is as follows:
Years Ended December 31, | 2022 |  | 2021 |  | 2020
Income tax at statutory rate | $ | 70,288 |  |  | $ | 67,547 |  |  | $ | 63,243 |
State income taxes, net of federal tax effect | 1,475 |  |  | 1,616 |  |  | 2,396 |
Excess tax benefits from share-based compensation | (3,306) |  |  | (16,060) |  |  | (11,625) |
Deferred tax (benefits) charges, incl. tax rate changes | (2,349) |  |  | (1,040) |  |  | 4,110 |
U.S. Global Intangible Low-Taxed Income ("GILTI") and Base Erosion Anti-Abuse Tax ("BEAT") | 3,129 |  |  | — |  |  | (3,909) |
Valuation allowance | 1,486 |  |  | 4,485 |  |  | 1,332 |
Legal entity reorganization | 5,850 |  |  | — |  |  | — |
Rate differential on earnings of foreign operations | 19,165 |  |  | 20,831 |  |  | 24,901 |
Other items, net | (589) |  |  | 638 |  |  | 6,617 |
Actual income tax provision | $ | 95,149 |  |  | $ | 78,017 |  |  | $ | 87,065 |
Effective income tax rate | 28.4 | % |  | 24.3 | % |  | 28.9 | %
Components of significant deferred tax assets and liabilities | Significant deferred tax assets and liabilities as of December 31, 2022 and 2021 are composed of the following temporary differences:
| 2022 |  | 2021
Deferred Tax Assets: |  |  |
Net operating loss carryforwards | $ | 45,823 |  |  | $ | 47,660 |
Operating and finance leases | 20,974 |  |  | 22,492 |
Pension liabilities | 8,178 |  |  | 29,770 |
Share-based compensation | 9,970 |  |  | 6,764 |
U.S. federal tax credits | — |  |  | 4,226 |
U.S. state tax credits | 6,777 |  |  | 7,047 |
Vacation and bonus | 14,681 |  |  | 13,450 |
U.S. capitalized research expenditures | 27,840 |  |  | 19,633 |
Inventory | 4,736 |  |  | 6,969 |
Accrued liabilities and other reserves | 10,346 |  |  | 3,109 |
Other | 11,744 |  |  | 16,194 |
Total gross deferred tax assets | $ | 161,069 |  |  | $ | 177,314 |
Less valuation allowance | (46,239) |  |  | (47,149) |
Net deferred tax assets | $ | 114,830 |  |  | $ | 130,165 |
Deferred Tax Liabilities: |  |  |
Acquisition related intangibles | $ | 59,084 |  |  | $ | 68,174 |
Depreciation and amortization | 29,142 |  |  | 30,997 |
Operating and finance leases | 23,041 |  |  | 24,560 |
Other | 6,563 |  |  | 7,489 |
Total gross deferred tax liabilities | $ | 117,830 |  |  | $ | 131,220 |
Net deferred tax liabilities | $ | (3,000) |  |  | $ | (1,055) |
Schedule of reconciliation of the beginning and ending amount of income tax uncertainties | A reconciliation of the beginning and ending amount of income tax uncertainties is as follows:
| 2022 |  | 2021 |  | 2020
Balance at January 1 | $ | 7,225 |  |  | $ | 4,504 |  |  | $ | 3,647 |
Increases based on tax positions for the current year | 1,433 |  |  | 262 |  |  | 212 |
Increases based on tax positions of prior years | 966 |  |  | 3,348 |  |  | 790 |
Decreases based on tax positions of prior years | (2,582) |  |  | — |  |  | — |
Settlements | (80) |  |  | (567) |  |  | — |
Lapse of statute of limitations | (43) |  |  | (322) |  |  | (145) |
Balance at December 31 | $ | 6,919 |  |  | $ | 7,225 |  |  | $ | 4,504 |
Summary of major tax jurisdictions the Company files in, with the years still subject to income tax examinations | The major tax jurisdictions we file in, with the years still subject to income tax examinations, are listed below:
Major Tax Jurisdiction | Tax Years Subject to Examination
United States — Federal | 2019-2022
United States — State | 2018-2022
France | 2019-2022
Germany | 2018-2022
Italy | 2016-2022
China | 2012-2022

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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