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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes | Income before income taxes consists of:
Years Ended December 31, | 2024 |  | 2023 |  | 2022
United States | $ | 99,573 |  |  | $ | 49,681 |  |  | $ | 65,350 |
International | 370,192 |  |  | 325,144 |  |  | 269,354 |
Total | $ | 469,765 |  |  | $ | 374,825 |  |  | $ | 334,704 |
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes is composed of:
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Federal: |  |  |  |  |
Current | $ | 10,933 |  |  | $ | 11,777 |  |  | $ | 12,791 |
Deferred | (8,936) |  |  | (10,931) |  |  | (783) |
| $ | 1,997 |  |  | $ | 846 |  |  | $ | 12,008 |
State: |  |  |  |  |
Current | $ | 2,744 |  |  | $ | 1,300 |  |  | $ | 2,265 |
Deferred | (923) |  |  | (675) |  |  | (99) |
| $ | 1,821 |  |  | $ | 625 |  |  | $ | 2,166 |
International: |  |  |  |  |
Current | $ | 103,316 |  |  | $ | 97,455 |  |  | $ | 92,199 |
Deferred | (11,547) |  |  | (8,277) |  |  | (11,224) |
| $ | 91,769 |  |  | $ | 89,178 |  |  | $ | 80,975 |
Total | $ | 95,587 |  |  | $ | 90,649 |  |  | $ | 95,149 |
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, | 2024 |  | 2023 |  | 2022
Income tax at statutory rate | $ | 98,651 |  |  | $ | 78,713 |  |  | $ | 70,288 |
State income taxes, net of federal tax effect | 1,439 |  |  | 362 |  |  | 1,475 |
Excess tax benefits from share-based compensation | (11,041) |  |  | (5,935) |  |  | (3,306) |
Deferred tax (benefits) charges, incl. tax rate changes | 2,691 |  |  | (3,512) |  |  | (2,349) |
Valuation allowance | (14,625) |  |  | 158 |  |  | 1,486 |
Legal entity reorganization | — |  |  | 3,630 |  |  | 5,850 |
Rate differential on earnings of foreign operations | 21,357 |  |  | 18,917 |  |  | 19,165 |
Other items, net | (2,885) |  |  | (1,684) |  |  | 2,540 |
Actual income tax provision | $ | 95,587 |  |  | $ | 90,649 |  |  | $ | 95,149 |
Effective income tax rate | 20.3 | % |  | 24.2 | % |  | 28.4 | %
Schedule of significant deferred tax assets and liabilities | Significant deferred tax assets and liabilities as of December 31, 2024 and 2023 are composed of the following temporary differences:
| 2024 |  | 2023
Deferred Tax Assets: |  |  |
Net operating loss carryforwards | $ | 72,766 |  |  | $ | 49,016 |
Operating and finance leases | 21,712 |  |  | 20,440 |
Pension liabilities | 6,472 |  |  | 13,608 |
Share-based compensation | 3,747 |  |  | 7,326 |
U.S. state tax credits | 5,790 |  |  | 6,110 |
Vacation and bonus | 16,223 |  |  | 16,915 |
U.S. capitalized research expenditures | 41,956 |  |  | 35,563 |
Inventory | 6,094 |  |  | 7,166 |
Accrued liabilities and other reserves | 9,598 |  |  | 9,622 |
Other | 15,575 |  |  | 16,470 |
Total gross deferred tax assets | $ | 199,933 |  |  | $ | 182,236 |
Less valuation allowance | (61,134) |  |  | (48,856) |
Net deferred tax assets | $ | 138,799 |  |  | $ | 133,380 |
Deferred Tax Liabilities: |  |  |
Acquisition related intangibles | $ | 51,155 |  |  | $ | 57,426 |
Depreciation and amortization | 21,325 |  |  | 25,541 |
Operating and finance leases | 22,672 |  |  | 22,715 |
Other | 8,059 |  |  | 6,988 |
Total gross deferred tax liabilities | $ | 103,211 |  |  | $ | 112,670 |
Net deferred tax assets (liabilities) | $ | 35,588 |  |  | $ | 20,710 |
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:
| 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 5,942 |  |  | $ | 6,919 |  |  | $ | 7,225 |
Increases based on tax positions for the current year | 300 |  |  | 985 |  |  | 1,433 |
Increases (Decreases) based on tax positions of prior years | 107 |  |  | (997) |  |  | (1,616) |
Settlements | (127) |  |  | (901) |  |  | (80) |
Lapse of statute of limitations | (430) |  |  | (64) |  |  | (43) |
Balance at December 31 | $ | 5,792 |  |  | $ | 5,942 |  |  | $ | 6,919 |
Schedule 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 | 2021-2024
United States — State | 2020-2024
France | 2021-2024
Germany | 2022-2024
Italy | 2018-2024
China | 2014-2024

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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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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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