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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes |
(In thousands) | 2023 |  | 2022 |  | 2021
Components of income before income taxes |  |  |  |  |
U.S. income (loss) | $ | 80,229 |  |  | $ | 170,426 |  |  | $ | (59,746) |
Non-U.S. income | 126,459 |  |  | 68,107 |  |  | 83,350 |
Income before income taxes | $ | 206,688 |  |  | $ | 238,533 |  |  | $ | 23,604 |
Provision for income taxes |  |  |  |  |
Current |  |  |  |  |
Federal | $ | 49,642 |  |  | $ | 26,022 |  |  | $ | 13,179 |
State | 9,510 |  |  | 7,708 |  |  | 5,000 |
Non-U.S. | 27,101 |  |  | 20,002 |  |  | 22,487 |
Total current provision | $ | 86,253 |  |  | $ | 53,732 |  |  | $ | 40,666 |
Deferred |  |  |  |  |
Federal | $ | 54,272 |  |  | $ | 7,350 |  |  | $ | (29,631) |
State | 12,914 |  |  | 862 |  |  | (7,204) |
Non-U.S. | (5,334) |  |  | (3,041) |  |  | (2,015) |
Total deferred provision (benefit) | 61,852 |  |  | 5,171 |  |  | (38,850) |
Provision for income taxes | $ | 148,105 |  |  | $ | 58,903 |  |  | $ | 1,816 |
Reconciliation of U.S. Federal Income Tax Rates to Effective Tax Rate | Reconciliation of the U.S. federal income tax rates to our effective tax rate:
| 2023 |  | 2022 |  | 2021
U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Divestiture (Note 20) | 46.6 | % |  | — | % |  | — | %
State income taxes-U.S. | 3.7 | % |  | 2.9 | % |  | (7.0) | %
Nondeductible compensation | 1.9 | % |  | 1.2 | % |  | 15.3 | %
Research and development credit | (0.8) | % |  | (0.4) | % |  | (5.3) | %
Taxes on non-U.S. income | (0.6) | % |  | 0.1 | % |  | (10.9) | %
Taxes on non-U.S. income - U.S., Canadian & European reorganization | (0.5) | % |  | — | % |  | — | %
Employee share-based payments | (0.4) | % |  | (0.8) | % |  | (18.3) | %
Valuation allowances | (0.2) | % |  | 0.8 | % |  | 7.0 | %
Foreign exchange on entity closures | — | % |  | 0.3 | % |  | (0.4) | %
Other | 0.9 | % |  | (0.4) | % |  | 6.3 | %
Effective income tax rate | 71.6 | % |  | 24.7 | % |  | 7.7 | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities:
| December 31,
(In thousands) | 2023 |  | 2022
Deferred tax assets |  |  |
Capitalized research and development | $ | 28,822 |  |  | $ | 26,988 |
Net operating losses and tax credit carryforwards | 10,964 |  |  | 10,696 |
Share-based compensation | 5,528 |  |  | 4,562 |
Inventory | 7,281 |  |  | — |
Accrued expenses and other reserves | 4,566 |  |  | 5,738 |
Reserve for doubtful accounts | 1,562 |  |  | — |
Product liability | 655 |  |  | 72,950 |
Other | 7,218 |  |  | 5,068 |
Total deferred tax assets | 66,596 |  |  | 126,002 |
Valuation allowances | (9,671) |  |  | (10,017) |
Net deferred tax assets | 56,925 |  |  | 115,985 |
Deferred tax liabilities |  |  |
Goodwill and intangibles | (83,100) |  |  | (80,383) |
Employee benefits | (24,958) |  |  | (18,899) |
Property, plant and equipment | (15,541) |  |  | (18,735) |
Other | (2,680) |  |  | (4,359) |
Total deferred tax liabilities | (126,279) |  |  | (122,376) |
Net deferred taxes | $ | (69,354) |  |  | $ | (6,391) |
Reconciliation of Change In Tax Liability for Unrecognized Tax Benefits | A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2023 and 2022 is as follows:
(In thousands) | 2023 |  | 2022
Beginning balance | $ | 5,192 |  |  | $ | 4,937 |
Adjustments for tax positions related to the current year | — |  |  | 100 |
Adjustments for tax positions related to prior years | (1,116) |  |  | 155 |
Settlements | — |  |  | — |
Statute expiration | (992) |  |  | — |
Ending balance | $ | 3,084 |  |  | $ | 5,192 |

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