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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Schedule of provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2024 |  | 2023 |  | 2022
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | (8,586) | ​ | $ | 33,832 | ​ | $ | 139,730
State | ​ |  | 3,352 | ​ |  | 16,108 | ​ |  | 29,117
International | ​ |  | 200,912 | ​ |  | 299,031 | ​ |  | 293,195
​ | ​ | $ | 195,678 | ​ | $ | 348,971 | ​ | $ | 462,042
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ | $ | (50,305) | ​ | $ | (59,342) | ​ | $ | (39,658)
State | ​ |  | (8,348) | ​ |  | (11,960) | ​ |  | (5,613)
International | ​ |  | (41,213) | ​ |  | (22,678) | ​ |  | 32,221
​ | ​ |  | (99,866) | ​ |  | (93,980) | ​ |  | (13,050)
​ | ​ | $ | 95,812 | ​ | $ | 254,991 | ​ | $ | 448,992
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2024 |  | 2023 |  | 2022
United States | ​ | $ | (234,972) | ​ | $ | (38,848) | ​ | $ | 517,642
International | ​ |  | 724,291 | ​ |  | 1,203,202 | ​ |  | 1,366,508
Income before income taxes | ​ | $ | 489,319 | ​ | $ | 1,164,354 | ​ | $ | 1,884,150
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision at statutory tax rate | ​ | $ | 102,757 | ​ | $ | 244,514 | ​ | $ | 395,672
State taxes, net of federal benefit | ​ |  | (3,279) | ​ |  | 2,379 | ​ |  | 18,675
International effective tax rate differential | ​ |  | 8,958 | ​ |  | 27,993 | ​ |  | 26,210
Change in valuation allowance | ​ |  | 333 | ​ |  | (7,755) | ​ |  | (6,378)
Other non-deductible expenses | ​ |  | (585) | ​ |  | 2,993 | ​ |  | 7,441
Changes in tax accruals | ​ |  | (9,419) | ​ |  | 1,153 | ​ |  | 5,993
Tax credits | ​ |  | (10,786) | ​ |  | (7,666) | ​ |  | 980
U.S. tax (benefit) on foreign earnings | ​ | ​ | 6,801 | ​ | ​ | (10,075) | ​ | ​ | 3,879
Other | ​ |  | 1,032 | ​ |  | 1,455 | ​ |  | (3,480)
Provision for income taxes | ​ | $ | 95,812 | ​ | $ | 254,991 | ​ | $ | 448,992
Schedule of reconciliation of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2024 |  | 2023 |  | 2022
Balance at beginning of year | ​ | $ | 82,808 | ​ | $ | 75,666 | ​ | $ | 71,422
Additions based on tax positions taken during a prior period | ​ |  | 4,537 | ​ |  | 7,466 | ​ |  | 6,760
Reductions based on tax positions taken during a prior period | ​ |  | (20,245) | ​ |  | (4,448) | ​ |  | (3,007)
Additions based on tax positions taken during the current period | ​ |  | 7,943 | ​ |  | 5,505 | ​ |  | 3,526
Reductions related to settlement of tax matters | ​ |  | (11,090) | ​ |  | — | ​ |  | (2,271)
Reductions related to a lapse of applicable statute of limitations | ​ |  | — | ​ |  | (1,381) | ​ |  | (764)
Balance at end of year | ​ | $ | 63,953 | ​ | $ | 82,808 | ​ | $ | 75,666
Schedule of open tax years, by major tax jurisdiction | ​
​ | ​ | ​ | ​
United States - Federal |  | ​ | 2016 - present
United States - States |  | ​ | 2015 - present
Germany (a) |  | ​ | 2020 - present
China and Hong Kong |  | ​ | 2017 - present
Italy (a) |  | ​ | 2013 - present
Netherlands |  | ​ | 2018 - present
Sweden |  | ​ | 2019 - present
Taiwan |  | ​ | 2018 - present
United Kingdom |  | ​ | 2020 - present
(a) | Includes federal as well as local jurisdictions.
Schedule of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(thousands) |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 16,567 | ​ | $ | 17,987
Inventory adjustments | ​ |  | 110,370 | ​ |  | 68,542
Allowance for credit losses | ​ |  | 20,475 | ​ |  | 27,637
Accrued expenses | ​ |  | 86,964 | ​ |  | 73,251
Interest carryforward | ​ |  | 21,923 | ​ |  | 4,170
Stock-based compensation awards | ​ |  | 5,490 | ​ |  | 5,692
Lease liability | ​ |  | 65,718 | ​ |  | 68,605
Research and experimentation costs (a) | ​ |  | 73,971 | ​ |  | 59,277
Other | ​ |  | 992 | ​ |  | 3,332
​ | ​ |  | 402,470 | ​ |  | 328,493
Valuation allowance | ​ |  | (16,165) | ​ |  | (15,832)
Total deferred tax assets | ​ | $ | 386,305 | ​ | $ | 312,661
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Goodwill | ​ | $ | (157,786) | ​ | $ | (152,551)
Depreciation | ​ |  | (42,540) | ​ |  | (58,419)
Lease right-of-use assets | ​ |  | (61,685) | ​ |  | (64,937)
Other comprehensive income items | ​ |  | (15,615) | ​ |  | (13,204)
Total deferred tax liabilities | ​ | $ | (277,626) | ​ | $ | (289,111)
Total net deferred tax assets | ​ | $ | 108,679 | ​ | $ | 23,550
(a) | At December 31, 2024, and 2023, the company recorded deferred tax asset of $74.0 million and $59.3 million related to capitalized U.S. based research and experimental (“R&E”) costs, pursuant to the U.S. Internal Revenue Code Section 174, as amended by the 2017 U.S. Tax Cuts and Jobs Act.

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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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