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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income (loss) before income tax, domestic and foreign | Geographic sources of income (loss) before taxes are as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
United States | $ | 94,643 |  |  | $ | 81,488 |  |  | $ | 81,994 |
Foreign | 349,198 |  |  | 775,444 |  |  | 633,072 |
Income before taxes | $ | 443,841 |  |  | $ | 856,932 |  |  | $ | 715,066 |
Schedule of components of income tax provision (benefit) | The components of the provision (benefit) for income taxes are as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 19,831 |  |  | $ | 40,063 |  |  | $ | 9,649 |
State | 7 |  |  | 150 |  |  | 198 |
Foreign | 48,478 |  |  | 61,300 |  |  | 48,936 |
| 68,316 |  |  | 101,513 |  |  | 58,783 |
Deferred: |  |  |  |  |
Federal | 8,899 |  |  | (10,156) |  |  | 20,478 |
State | 1 |  |  | 1,458 |  |  | 361 |
Foreign | 4,494 |  |  | (2,925) |  |  | (10,163) |
| 13,394 |  |  | (11,623) |  |  | 10,676 |
Income tax expense | $ | 81,710 |  |  | $ | 89,890 |  |  | $ | 69,459 |
Schedule of effective income tax rate reconciliation | The reconciliation between the U.S. federal statutory income tax rate of 21% and our effective tax rate is as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign income taxed at different rates | (4.2) |  |  | (12.0) |  |  | (9.5) |
Foreign exchange (loss) gain | 0.5 |  |  | 2.2 |  |  | (2.3) |
Change in valuation allowance | 2.9 |  |  | (2.4) |  |  | 0.1 |
Income tax credits generated | (7.5) |  |  | (6.1) |  |  | (5.1) |
Foreign earnings and profits | 7.0 |  |  | 9.0 |  |  | 5.7 |
Foreign derived intangible income | (1.6) |  |  | (0.9) |  |  | (1.1) |
Settlements and changes in uncertain tax positions | (0.5) |  |  | (0.2) |  |  | 0.8 |
Other | 0.8 |  |  | (0.1) |  |  | 0.1 |
Income tax expense | 18.4 | % |  | 10.5 | % |  | 9.7 | %
Schedule of deferred tax assets and liabilities | The following is a summary of the components of our deferred tax assets and liabilities:
| December 31,
| 2023 |  | 2022
| (In thousands)
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 33,679 |  |  | $ | 49,846 |
Tax credit carryforwards | 88,147 |  |  | 92,368 |
Property, plant and equipment | 21,387 |  |  | 15,328 |
Deferred interest expense | 476 |  |  | — |
Accrued liabilities | 37,832 |  |  | 39,929 |
Receivable | 30,086 |  |  | 29,178 |
Unrealized foreign exchange loss | 7,205 |  |  | 8,018 |
Revenue recognition | — |  |  | 1,564 |
Operating lease liabilities | 16,053 |  |  | 26,955 |
Other | 15,219 |  |  | 14,665 |
Total deferred tax assets | 250,084 |  |  | 277,851 |
Valuation allowance | (114,811) |  |  | (101,869) |
Total deferred tax assets net of valuation allowance | 135,273 |  |  | 175,982 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 34,206 |  |  | 50,215 |
Deferred gain | 5,739 |  |  | 7,839 |
Unrealized foreign exchange gain | 3,129 |  |  | 5,242 |
Unbilled receivables | 8,995 |  |  | 822 |
Operating lease right of use assets | 16,031 |  |  | 26,241 |
Other | 5,533 |  |  | 7,433 |
Total deferred tax liabilities | 73,633 |  |  | 97,792 |
Net deferred tax assets | $ | 61,640 |  |  | $ | 78,190 |
Recognized as: |  |  |
Other assets | $ | 73,585 |  |  | $ | 86,616 |
Other non-current liabilities | (11,945) |  |  | (8,426) |
Total | $ | 61,640 |  |  | $ | 78,190 |
Schedule of valuation allowance | Valuation allowance against deferred tax assets consist of the following:
| December 31,
| 2023 |  | 2022
| (In thousands)
Valuation allowance: |  |  |
U.S. | $ | 44,426 |  |  | $ | 40,610 |
Foreign | 70,385 |  |  | 61,259 |
Total valuation allowance | $ | 114,811 |  |  | $ | 101,869 |
Schedule of operating loss carryforwards | Our net operating loss carryforwards are as follows:
| December 31, |  |
| 2023 |  | 2022 |  | Expiration
| (In thousands) |  |
U.S. federal net operating loss carryforwards | $ | 5,611 |  |  | $ | 13,003 |  |  | 2024
U.S. state net operating loss carryforwards | 32,612 |  |  | 38,384 |  |  | 2024-2036
Foreign net operating loss carryforwards | 196,636 |  |  | 240,740 |  |  | 2027-2031
Schedule of tax credit carryforwards | Our tax credit carryforwards are as follows:
| December 31, |  |
| 2023 |  | 2022 |  | Expiration
| (In thousands) |  |
U.S. Foreign Tax Credits | $ | 51,512 |  |  | $ | 54,130 |  |  | 2027-2033
U.S. Other Tax Credits | 2,559 |  |  | 110 |  |  | 2026-2033
Foreign Tax Credits | 34,546 |  |  | 38,128 |  |  | 2024-2033
Schedule of unrecognized tax benefits rollforward | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Balance at January 1 | $ | 33,253 |  |  | $ | 37,293 |  |  | $ | 32,598 |
Additions based on tax positions related to the current year | — |  |  | 1,519 |  |  | 9,562 |
Additions for tax positions of prior years | 495 |  |  | 1,909 |  |  | 1,740 |
Reductions for tax positions of prior years | (345) |  |  | (5,755) |  |  | (66) |
Reductions related to settlements with tax authorities | — |  |  | (988) |  |  | (1,266) |
Reductions from lapse of statutes of limitations | (1,866) |  |  | (725) |  |  | (5,275) |
Balance at December 31 | $ | 31,537 |  |  | $ | 33,253 |  |  | $ | 37,293 |

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