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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2023 |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 33,832 | ​ | $ | 139,730 | ​ | $ | 68,555
State | ​ |  | 16,108 | ​ |  | 29,117 | ​ |  | 18,418
International | ​ |  | 299,031 | ​ |  | 293,195 | ​ |  | 214,184
​ | ​ | $ | 348,971 | ​ | $ | 462,042 | ​ | $ | 301,157
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ | $ | (59,342) | ​ | $ | (39,658) | ​ | $ | (347)
State | ​ |  | (11,960) | ​ |  | (5,613) | ​ |  | (388)
International | ​ |  | (22,678) | ​ |  | 32,221 | ​ |  | 25,484
​ | ​ |  | (93,980) | ​ |  | (13,050) | ​ |  | 24,749
​ | ​ | $ | 254,991 | ​ | $ | 448,992 | ​ | $ | 325,906
Schedule of effective income tax rate reconciliation | The principal causes of the difference between the U.S. federal statutory tax rate of 21% and effective income tax rates for the years ended December 31 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2023 |  | 2022 |  | 2021
United States | ​ | $ | (38,848) | ​ | $ | 517,642 | ​ | $ | 339,499
International | ​ |  | 1,203,202 | ​ |  | 1,366,508 | ​ |  | 1,096,875
Income before income taxes | ​ | $ | 1,164,354 | ​ | $ | 1,884,150 | ​ | $ | 1,436,374
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision at statutory tax rate | ​ | $ | 244,514 | ​ | $ | 395,672 | ​ | $ | 301,638
State taxes, net of federal benefit | ​ |  | 2,379 | ​ |  | 18,675 | ​ |  | 14,162
International effective tax rate differential | ​ |  | 27,993 | ​ |  | 26,210 | ​ |  | (5,402)
Change in valuation allowance | ​ |  | (7,755) | ​ |  | (6,378) | ​ |  | (1,723)
Other non-deductible expenses | ​ |  | 2,993 | ​ |  | 7,441 | ​ |  | 9,058
Changes in tax accruals | ​ |  | 1,153 | ​ |  | 5,993 | ​ |  | 9,937
Tax credits | ​ |  | (7,666) | ​ |  | 980 | ​ |  | (17,555)
U.S. tax (benefit) on foreign earnings | ​ | ​ | (10,075) | ​ | ​ | 3,879 | ​ | ​ | 10,289
Other | ​ |  | 1,455 | ​ |  | (3,480) | ​ |  | 5,502
Provision for income taxes | ​ | $ | 254,991 | ​ | $ | 448,992 | ​ | $ | 325,906
​
Schedule of reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2023 |  | 2022 |  | 2021
Balance at beginning of year | ​ | $ | 75,666 | ​ | $ | 71,422 | ​ | $ | 62,203
Additions based on tax positions taken during a prior period | ​ |  | 7,466 | ​ |  | 6,760 | ​ |  | 2,528
Reductions based on tax positions taken during a prior period | ​ |  | (4,448) | ​ |  | (3,007) | ​ |  | (1,542)
Additions based on tax positions taken during the current period | ​ |  | 5,505 | ​ |  | 3,526 | ​ |  | 9,326
Reductions based on tax positions taken during the current period | ​ |  | — | ​ |  | — | ​ |  | (370)
Reductions related to settlement of tax matters | ​ |  | — | ​ |  | (2,271) | ​ |  | (692)
Reductions related to a lapse of applicable statute of limitations | ​ |  | (1,381) | ​ |  | (764) | ​ |  | (31)
Balance at end of year | ​ | $ | 82,808 | ​ | $ | 75,666 | ​ | $ | 71,422
Schedule of open tax years, by major tax jurisdiction | In many cases the company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2023: ​
​ | ​ | ​ | ​
United States - Federal |  | ​ | 2016 - present
United States - States |  | ​ | 2015 - present
Germany (a) |  | ​ | 2015 - present
China and Hong Kong |  | ​ | 2016 - present
Italy (a) |  | ​ | 2013 - present
Netherlands |  | ​ | 2018 - present
Sweden |  | ​ | 2018 - present
Taiwan |  | ​ | 2018 - present
United Kingdom |  | ​ | 2019 - present
(a) | Includes federal as well as local jurisdictions.
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities consist of the following at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 17,987 | ​ | $ | 18,409
Capital loss carryforwards | ​ |  | — | ​ |  | 56,618
Inventory adjustments | ​ |  | 68,542 | ​ |  | 46,188
Allowance for credit losses | ​ |  | 27,637 | ​ |  | 25,779
Accrued expenses | ​ |  | 73,251 | ​ |  | 35,940
Interest carryforward | ​ |  | 4,170 | ​ |  | 4,014
Stock-based compensation awards | ​ |  | 5,692 | ​ |  | 7,559
Lease liability | ​ |  | 68,605 | ​ |  | 71,415
Research and experimentation costs (a) | ​ |  | 59,277 | ​ |  | 33,426
Other | ​ |  | 3,332 | ​ |  | —
​ | ​ |  | 328,493 | ​ |  | 299,348
Valuation allowance | ​ |  | (15,832) | ​ |  | (75,842)
Total deferred tax assets | ​ | $ | 312,661 | ​ | $ | 223,506
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Goodwill | ​ | $ | (152,551) | ​ | $ | (144,287)
Depreciation | ​ |  | (58,419) | ​ |  | (76,527)
Intangible assets | ​ |  | — | ​ |  | (3,042)
Lease right-of-use assets | ​ |  | (64,937) | ​ |  | (66,775)
Other comprehensive income items | ​ |  | (13,204) | ​ |  | (9,842)
Other | ​ |  | — | ​ |  | (3,002)
Total deferred tax liabilities | ​ | $ | (289,111) | ​ | $ | (303,475)
Total net deferred tax assets (liabilities) | ​ | $ | 23,550 | ​ | $ | (79,969)

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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