XML 73 R54.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision (benefit) for income taxes consists of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in thousands)
Current: |  |  |  |  |
U.S. federal | $ | 36,330 |  |  | $ | 24,766 |  |  | $ | 45,130 |
Foreign | 56,991 |  |  | 51,431 |  |  | 40,876 |
State and local | 5,055 |  |  | 5,018 |  |  | 6,177 |
Total current provision (benefit) | 98,376 |  |  | 81,215 |  |  | 92,183 |
Deferred: |  |  |  |  |
U.S. federal | (12,648) |  |  | 3,665 |  |  | (88,498) |
Foreign | 381 |  |  | (62,944) |  |  | (42,756) |
State and local | (1,180) |  |  | (3,374) |  |  | (4,568) |
Total deferred provision (benefit) | (13,447) |  |  | (62,653) |  |  | (135,822) |
Total provision (benefit) | $ | 84,929 |  |  | $ | 18,562 |  |  | $ | (43,639) |
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,
| 2024 |  | 2023 |  | 2022
| (Amounts in millions)
Statutory federal income tax at 21% | $ | 81.1 |  |  | $ | 47.0 |  |  | $ | 32.4 |
Base Erosion and Anti-abuse Tax | — |  |  | — |  |  | (7.6) |
Foreign impact, net | 63.5 |  |  | 10.4 |  |  | (22.3) |
Change in valuation allowances | (58.3) |  |  | (34.5) |  |  | (50.5) |
Research and development credit | (4.7) |  |  | (2.9) |  |  | (1.0) |
U.S. federal tax return to accrual adjustments, not separately disclosed in other categories | (0.9) |  |  | (4.8) |  |  | 1.8 |
Other, net | 4.2 |  |  | 3.4 |  |  | 3.6 |
Total | 84.9 |  |  | 18.6 |  |  | (43.6) |
Effective tax rate | 22.0 | % |  | 8.3 | % |  | (28.3) | %
Schedule of Deferred Tax Assets and Liabilities | Significant components of the consolidated deferred tax assets and liabilities were:
| December 31,
| 2024 |  | 2023
| (Amounts in thousands)
Deferred tax assets related to: |  |  |
Retirement benefits | $ | 34,778 |  |  | $ | 34,526 |
Net operating loss carryforwards | 105,174 |  |  | 186,337 |
Compensation accruals | 37,785 |  |  | 41,688 |
Inventories | 29,764 |  |  | 33,168 |
Credit and capital loss carryforwards | 166,999 |  |  | 185,162 |
Warranty and accrued liabilities | 53,466 |  |  | 47,614 |
Capitalized research and experimental expenditures | 67,206 |  |  | 60,542 |
Other | 81,600 |  |  | 89,510 |
Total deferred tax assets | 576,772 |  |  | 678,547 |
Valuation allowances | (250,841) |  |  | (347,673) |
Net deferred tax assets | $ | 325,931 |  |  | $ | 330,874 |
Deferred tax liabilities related to: |  |  |
Goodwill and intangibles | $ | (81,241) |  |  | $ | (81,245) |
Foreign undistributed earnings | (7,179) |  |  | (10,477) |
Operating lease right-of-use-assets | (16,967) |  |  | (20,198) |
Other | (581) |  |  | (1,930) |
Total deferred tax liabilities | (105,968) |  |  | (113,850) |
Deferred tax asset (liabilities), net | $ | 219,963 |  |  | $ | 217,024 |
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, 2024 |  |  |  |  |  |  |  |  |  |
Deferred tax asset valuation allowance(1): |  | $ | 347,672 |  |  | $ | 6,964 |  |  | $ | (37,286) |  |  | $ | (66,509) |  |  | $ | 250,841 |
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 |
______________________________ (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,
| 2024 |  | 2023 |  | 2022
| (Amounts in thousands)
U.S. | $ | 109,794 |  |  | $ | 212,631 |  |  | $ | 63,508 |
Foreign | 276,361 |  |  | 11,119 |  |  | 90,868 |
Total | $ | 386,155 |  |  | $ | 223,750 |  |  | $ | 154,376 |
Schedule of Unrecognized Tax Benefits Roll Forward | A tabular reconciliation of the total gross amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):
| 2024 |  | 2023 |  | 2022
Balance — January 1 | $ | 46.2 |  |  | $ | 50.2 |  |  | $ | 49.9 |
Gross amount of increase (decrease) in unrecognized tax benefits resulting from tax positions taken: |  |  |  |  |
During a prior year | 0.1 |  |  | (9.1) |  |  | 5.4 |
During the current period | 7.2 |  |  | 7.4 |  |  | 5.8 |
Decreases in unrecognized tax benefits relating to: |  |  |  |  |
Settlements with taxing authorities | — |  |  | (2.8) |  |  | (5.5) |
Lapse of the applicable statute of limitations | (1.9) |  |  | (1.4) |  |  | (4.1) |
Increase (decrease) in unrecognized tax benefits relating to foreign currency translation adjustments | (5.5) |  |  | 1.9 |  |  | (1.3) |
Balance — December 31 | $ | 46.1 |  |  | $ | 46.2 |  |  | $ | 50.2 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration