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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 Tax, Domestic and Foreign | Geographic sources of income (loss) before taxes are as follows:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
United States | $ | 81,289 |  |  | $ | 94,643 |  |  | $ | 81,488 |
Foreign | 349,727 |  |  | 349,198 |  |  | 775,444 |
Income before taxes | $ | 431,016 |  |  | $ | 443,841 |  |  | $ | 856,932 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes are as follows:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 7,898 |  |  | $ | 19,831 |  |  | $ | 40,063 |
State | 34 |  |  | 7 |  |  | 150 |
Foreign | 68,333 |  |  | 48,478 |  |  | 61,300 |
| 76,265 |  |  | 68,316 |  |  | 101,513 |
Deferred: |  |  |  |  |
Federal | 153 |  |  | 8,899 |  |  | (10,156) |
State | (501) |  |  | 1 |  |  | 1,458 |
Foreign | (436) |  |  | 4,494 |  |  | (2,925) |
| (784) |  |  | 13,394 |  |  | (11,623) |
Income tax expense | $ | 75,481 |  |  | $ | 81,710 |  |  | $ | 89,890 |
Schedule of Reconciliation of Effective Tax Rate | 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,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign income taxed at different rates | (2.1) |  |  | (4.2) |  |  | (12.0) |
Foreign exchange (loss) gain | 1.4 |  |  | 0.5 |  |  | 2.2 |
Change in valuation allowance | (1.8) |  |  | 2.9 |  |  | (2.4) |
Income tax credits generated | (6.8) |  |  | (7.5) |  |  | (6.1) |
Foreign earnings and profits | 3.5 |  |  | 7.0 |  |  | 9.0 |
Foreign derived intangible income | (1.8) |  |  | (1.6) |  |  | (0.9) |
Settlements and changes in uncertain tax positions | 3.8 |  |  | (0.5) |  |  | (0.2) |
Other | 0.3 |  |  | 0.8 |  |  | (0.1) |
Income tax expense | 17.5 | % |  | 18.4 | % |  | 10.5 | %
Schedule of Components of Deferred Tax Assets and Liabilities | The following is a summary of the components of our deferred tax assets and liabilities:
| December 31,
| 2024 |  | 2023
| (In thousands)
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 21,420 |  |  | $ | 33,679 |
Tax credit carryforwards | 69,373 |  |  | 88,147 |
Property, plant and equipment | 18,512 |  |  | 21,387 |
Deferred interest expense | 446 |  |  | 476 |
Accrued liabilities | 37,968 |  |  | 37,832 |
Receivable | 27,284 |  |  | 30,086 |
Unrealized foreign exchange loss | 23,769 |  |  | 7,205 |
Operating lease liabilities | 14,825 |  |  | 16,053 |
Other | 14,203 |  |  | 15,219 |
Total deferred tax assets | 227,800 |  |  | 250,084 |
Valuation allowance | (107,113) |  |  | (114,811) |
Total deferred tax assets net of valuation allowance | 120,687 |  |  | 135,273 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 27,442 |  |  | 34,206 |
Deferred gain | 3,341 |  |  | 5,739 |
Unrealized foreign exchange gain | 6,674 |  |  | 3,129 |
Unbilled receivables | 6,508 |  |  | 8,995 |
Operating lease right of use assets | 14,240 |  |  | 16,031 |
Other | 6,560 |  |  | 5,533 |
Total deferred tax liabilities | 64,765 |  |  | 73,633 |
Net deferred tax assets | $ | 55,922 |  |  | $ | 61,640 |
Recognized as: |  |  |
Other assets | $ | 72,488 |  |  | $ | 73,585 |
Other non-current liabilities | (16,566) |  |  | (11,945) |
Total | $ | 55,922 |  |  | $ | 61,640 |
Schedule of Valuation Allowance | Valuation allowance against deferred tax assets consist of the following:
| December 31,
| 2024 |  | 2023
| (In thousands)
Valuation allowance: |  |  |
U.S. | $ | 44,853 |  |  | $ | 44,426 |
Foreign | 62,260 |  |  | 70,385 |
Total valuation allowance | $ | 107,113 |  |  | $ | 114,811 |
Schedule of Net Operating Loss Carryforwards | Our net operating loss carryforwards are as follows:
| December 31, |  |
| 2024 |  | 2023 |  | Expiration
| (In thousands) |  |
U.S. federal net operating loss carryforwards | $ | — |  |  | $ | 5,611 |  |  | 2024
U.S. state net operating loss carryforwards | 27,334 |  |  | 32,612 |  |  | 2025-2036
Foreign net operating loss carryforwards | 207,203 |  |  | 196,636 |  |  | 2025-2031
Schedule of Tax Credit Carryforwards | Our tax credit carryforwards are as follows:
| December 31, |  |
| 2024 |  | 2023 |  | Expiration
| (In thousands) |  |
U.S. Foreign Tax Credits | $ | 49,639 |  |  | $ | 51,512 |  |  | 2027-2034
U.S. Other Tax Credits | 3,817 |  |  | 2,559 |  |  | 2026-2034
Foreign Tax Credits | 19,543 |  |  | 34,546 |  |  | 2025-2034
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Balance at January 1 | $ | 31,537 |  |  | $ | 33,253 |  |  | $ | 37,293 |
Additions based on tax positions related to the current year | 7,260 |  |  | — |  |  | 1,519 |
Additions for tax positions of prior years | 3,761 |  |  | 495 |  |  | 1,909 |
Reductions for tax positions of prior years | (4,992) |  |  | (345) |  |  | (5,755) |
Reductions related to settlements with tax authorities | (789) |  |  | — |  |  | (988) |
Reductions from lapse of statutes of limitations | (461) |  |  | (1,866) |  |  | (725) |
Balance at December 31 | $ | 36,316 |  |  | $ | 31,537 |  |  | $ | 33,253 |

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