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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes |
(In thousands) | 2024 |  | 2023 |  | 2022
Components of income before income taxes |  |  |  |  |
U.S. income | $ | 243,129 |  |  | $ | 80,229 |  |  | $ | 170,426 |
Non-U.S. income | 131,877 |  |  | 126,459 |  |  | 68,107 |
Income before income taxes | $ | 375,006 |  |  | $ | 206,688 |  |  | $ | 238,533 |
Provision for income taxes |  |  |  |  |
Current |  |  |  |  |
Federal | $ | 47,060 |  |  | $ | 49,642 |  |  | $ | 26,022 |
State | 12,868 |  |  | 9,510 |  |  | 7,708 |
Non-U.S. | 30,209 |  |  | 27,101 |  |  | 20,002 |
Total current provision | $ | 90,137 |  |  | $ | 86,253 |  |  | $ | 53,732 |
Deferred |  |  |  |  |
Federal | $ | (3,141) |  |  | $ | 54,272 |  |  | $ | 7,350 |
State | 1,046 |  |  | 12,914 |  |  | 862 |
Non-U.S. | 1,997 |  |  | (5,334) |  |  | (3,041) |
Total deferred provision (benefit) | (98) |  |  | 61,852 |  |  | 5,171 |
Provision for income taxes | $ | 90,039 |  |  | $ | 148,105 |  |  | $ | 58,903 |
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:
| 2024 |  | 2023 |  | 2022
U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes-U.S. | 2.9 | % |  | 3.7 | % |  | 2.9 | %
Taxes on non-U.S. income | 1.1 | % |  | (0.6) | % |  | 0.1 | %
Nondeductible compensation | 0.5 | % |  | 1.9 | % |  | 1.2 | %
Divestiture (Note 20) | — | % |  | 46.6 | % |  | — | %
Valuation allowances | (1.2) | % |  | (0.2) | % |  | 0.8 | %
Research and development credit | (0.7) | % |  | (0.8) | % |  | (0.4) | %
Employee share-based payments | (0.2) | % |  | (0.4) | % |  | (0.8) | %
Taxes on non-U.S. income - U.S., Canadian & European reorganization | (0.1) | % |  | (0.5) | % |  | — | %
Foreign exchange on entity closures | (0.1) | % |  | — | % |  | 0.3 | %
Other | 0.8 | % |  | 0.9 | % |  | (0.4) | %
Effective income tax rate | 24.0 | % |  | 71.6 | % |  | 24.7 | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities:
| December 31,
(In thousands) | 2024 |  | 2023
Deferred tax assets |  |  |
Capitalized research and development | $ | 31,030 |  |  | $ | 28,822 |
Inventory | 9,434 |  |  | 7,281 |
Net operating losses and tax credit carryforwards | 6,715 |  |  | 10,964 |
Share-based compensation | 6,149 |  |  | 5,528 |
Accrued expenses and other reserves | 5,006 |  |  | 4,566 |
Reserve for doubtful accounts | 1,071 |  |  | 1,562 |
Other | 2,177 |  |  | 1,944 |
Total deferred tax assets | 61,582 |  |  | 60,667 |
Valuation allowances | (4,815) |  |  | (9,671) |
Net deferred tax assets | 56,767 |  |  | 50,996 |
Deferred tax liabilities |  |  |
Goodwill and intangibles | (79,917) |  |  | (77,171) |
Employee benefits | (41,399) |  |  | (24,958) |
Property, plant and equipment | (15,461) |  |  | (15,541) |
Other | (1,501) |  |  | (2,680) |
Total deferred tax liabilities | (138,278) |  |  | (120,350) |
Net deferred taxes | $ | (81,511) |  |  | $ | (69,354) |
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, 2024 and 2023 is as follows:
(In thousands) | 2024 |  | 2023
Beginning balance | $ | 3,084 |  |  | $ | 5,192 |
Adjustments for tax positions related to the current year | 51 |  |  | — |
Adjustments for tax positions related to prior years | (607) |  |  | (1,116) |
Settlements | (929) |  |  | — |
Statute expiration | (329) |  |  | (992) |
Ending balance | $ | 1,270 |  |  | $ | 3,084 |

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