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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision (benefit) for income taxes consists of the following:

			Year Ended December 31,
			2023						2022						2021
			(Amounts in thousands)
Current:
U.S. federal			$	24,766					$	45,130					$	66,486
Foreign			51,431						40,876						29,987
State and local			5,018						6,177						1,478
Total current provision (benefit)			81,215						92,183						97,951
Deferred:
U.S. federal			3,665						(88,498)						(92,021)
Foreign			(62,944)						(42,756)						(4,339)
State and local			(3,374)						(4,568)						(4,185)
Total deferred provision (benefit)			(62,653)						(135,822)						(100,545)
Total provision (benefit)			$	18,562					$	(43,639)					$	(2,594)

Schedule of Reconciliation Statutory Corporate Rate to Provision for Income Taxes

The provision for income taxes differs from the statutory corporate rate due to the following:

			Year Ended December 31,
			2023						2022						2021
			(Amounts in millions)
Statutory federal income tax at 21%			$	47.0					$	32.4					$	28.1
Base Erosion and Anti-abuse Tax			—						(7.6)						7.6
Foreign impact, net			10.4						(22.3)						(158.0)
Change in valuation allowances			(34.5)						(50.5)						146.6
State and local income taxes, net			1.6						1.6						(2.7)
Reversal of deferred tax liabilities following legal entity reorganizations			—						—						(22.6)
Research and development credit			(2.9)						(1.0)						(3.6)
Non-deductible items			2.6						2.3						4.4
U.S. federal tax return to accrual adjustments, not separately disclosed in other categories			(4.8)						1.8						(0.8)
Recognition of compensation costs related to restricted shares			0.7						2.4						(1.3)
Intercompany profit in inventory			0.2						(2.0)						(0.3)
Other, net			(1.7)						(0.7)						—
Total			18.6						(43.6)						(2.6)
Effective tax rate			8.3		%				(28.3)		%				(1.9)		%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the consolidated deferred tax assets and liabilities were:

			December 31,
			2023						2022
			(Amounts in thousands)
Deferred tax assets related to:
Retirement benefits			$	34,526					$	20,553
Net operating loss carryforwards			186,337						183,541
Compensation accruals			41,688						22,046
Credit and capital loss carryforwards			185,162						197,774
Warranty and accrued liabilities			47,614						49,302
Capitalized research and experimental expenditures			60,542						54,486
Other			122,678						126,334
Total deferred tax assets			678,547						654,036
Valuation allowances			(347,673)						(356,557)
Net deferred tax assets			$	330,874					$	297,479
Deferred tax liabilities related to:
Goodwill and intangibles			$	(81,245)					$	(123,088)
Foreign undistributed earnings			(10,477)						(11,154)
Operating lease right-of-use-assets			(20,198)						(20,453)
Other			(1,930)						(1,395)
Total deferred tax liabilities			(113,850)						(156,090)
Deferred tax asset (liabilities), net			$	217,024					$	141,389

Schedule of Deferred Tax Asset Valuation Allowance

The following schedule presents the changes in deferred tax asset valuation allowance as follows:

(Amounts in thousands)						Balance at beginning of year						Additions charged to cost and expenses						Additions charged to other accounts - currency effects and other, net						Deductions from reserve						Balance at end of year
Year Ended December 31, 2023
Deferred tax asset valuation allowance(1):						$	356,557					$	19,684					$	25,367					$	(53,936)					$	347,672
Year Ended December 31, 2022
Deferred tax asset valuation allowance(1):						415,962						36,822						(11,775)						(84,452)						356,557
Year Ended December 31, 2021
Deferred tax asset valuation allowance(1):						287,410						178,203						(15,572)						(34,079)						415,962

______________________________

(1)Deductions from reserve result from the release of valuation allowances on deferred tax assets, expiration or utilization of net operating losses and foreign tax credits previously reserved. Additions to reserve result from the establishment of valuation allowances on deferred tax assets, generation of net operating losses and foreign tax credits.

Schedule of Earnings Before Income Tax

Earnings before income taxes comprised:

			Year Ended December 31,
			2023						2022						2021
			(Amounts in thousands)
U.S.			$	212,631					$	63,508					$	(52,915)
Foreign			11,119						90,868						186,504
Total			$	223,750					$	154,376					$	133,589

Reconciliation of Unrecognized Tax Benefits

A tabular reconciliation of the total gross amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):

			2023						2022						2021
Balance — January 1			$	50.2					$	49.9					$	54.8
Gross amount of increase (decrease) in unrecognized tax benefits resulting from tax positions taken:
During a prior year			(9.1)						5.4						8.0
During the current period			7.4						5.8						4.5
Decreases in unrecognized tax benefits relating to:
Settlements with taxing authorities			(2.8)						(5.5)						(10.2)
Lapse of the applicable statute of limitations			(1.4)						(4.1)						(5.1)
Increase (decrease) in unrecognized tax benefits relating to foreign currency translation adjustments			1.9						(1.3)						(2.1)
Balance — December 31			$	46.2					$	50.2					$	49.9

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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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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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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.

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