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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Provision for Income Taxes from Continuing Operations | The following table summarizes the components of the provision for income taxes from continuing operations:
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 74,748 |  |  | $ | 51,717 |  |  | $ | 32,798 |
State | 16,476 |  |  | 8,266 |  |  | 8,747 |
Non-U.S. | 43,830 |  |  | 30,408 |  |  | 56,442 |
Deferred: |  |  |  |  |
Federal | (103,387) |  |  | (24,396) |  |  | (27,528) |
State | (10,265) |  |  | 5,439 |  |  | 10,116 |
Non-U.S. | (16,086) |  |  | 5,006 |  |  | 2,428 |
| $ | 5,316 |  |  | $ | 76,440 |  |  | $ | 83,003 |
Summaries of U.S. and Non-U.S. Components of Income from Continuing Operations Before Taxes | The following table summarizes the U.S. and non-U.S. components of income from continuing operations before taxes:
| 2024 |  | 2023 |  | 2022
U.S. | $ | (171,380) |  |  | $ | 45,363 |  |  | $ | 164,151 |
Non-U.S. | 246,858 |  |  | 388,649 |  |  | 281,768 |
| $ | 75,478 |  |  | $ | 434,012 |  |  | $ | 445,919 |
Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | Reconciliations between the statutory federal income tax rate and the effective income tax rate are as follows:
| 2024 |  | 2023 |  | 2022
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax effect of international items | (57.6) |  |  | (6.1) |  |  | (4.6) |
Pension settlement charge | (38.5) |  |  | (0.2) |  |  | — |
Legal entity rationalization - deferred taxes | — |  |  | 5.7 |  |  | — |
Excess tax benefits related to share-based compensation | 2.0 |  |  | (0.3) |  |  | (0.3) |
State taxes, net of federal benefit | 10.4 |  |  | 0.6 |  |  | 3.4 |
Uncertain tax contingencies | (1.2) |  |  | (0.6) |  |  | (0.4) |
Contingent consideration | 3.8 |  |  | (1.3) |  |  | 0.1 |
Goodwill impairment charge | 66.8 |  |  | — |  |  | — |
Research and development tax credit | (5.9) |  |  | (1.3) |  |  | (1.0) |
Other, net | 6.2 |  |  | 0.1 |  |  | 0.5 |
| 7.0 | % |  | 17.6 | % |  | 18.6 | %
Deferred Tax Assets and Liabilities | The following table summarizes significant components of our deferred tax assets and liabilities at December 31, 2024 and 2023:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Tax loss and credit carryforwards | $ | 114,244 |  |  | $ | 114,147 |
Lease Liabilities | 26,897 |  |  | 30,397 |
Reserves and accruals | 77,493 |  |  | 72,040 |
Other | 11,079 |  |  | 33,472 |
Less: valuation allowances | (88,412) |  |  | (95,747) |
Total deferred tax assets | 141,301 |  |  | 154,309 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 16,598 |  |  | 34,852 |
Intangibles — stock acquisitions | 419,172 |  |  | 462,559 |
Unremitted non-U.S. earnings | 51,638 |  |  | 61,734 |
Lease Assets | 26,897 |  |  | 30,397 |
Other | 6,688 |  |  | 14,099 |
Total deferred tax liabilities | 520,993 |  |  | 603,641 |
Net deferred tax liability | $ | (379,692) |  |  | $ | (449,332) |
Schedule of Unrecognized Tax Benefits Roll Forward | Uncertain Tax Positions: The following table is a reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 2,020 |  |  | $ | 4,260 |  |  | $ | 6,105 |
Increase in unrecognized tax benefits related to prior years | — |  |  | — |  |  | 215 |
Decrease in unrecognized tax benefits related to prior years | — |  |  | — |  |  | (761) |
Reductions in unrecognized tax benefits due to lapse of applicable statute of limitations | (902) |  |  | (2,287) |  |  | (1,117) |
(Decrease) increase in unrecognized tax benefits due to foreign currency translation | (97) |  |  | 47 |  |  | (182) |
Balance at December 31 | $ | 1,021 |  |  | $ | 2,020 |  |  | $ | 4,260 |
Examinations by Major Tax Jurisdictions | The taxable years for which the applicable statute of limitations remains open by major tax jurisdictions are as follows:
| Beginning |  | Ending
U.S. | 2017 |  | 2024
Canada | 2020 |  | 2024
China | 2019 |  | 2024
Czech Republic | 2021 |  | 2024
France | 2022 |  | 2024
Germany | 2011 |  | 2024
India | 2017 |  | 2024
Ireland | 2020 |  | 2024
Italy | 2019 |  | 2024
Malaysia | 2018 |  | 2024
Singapore | 2020 |  | 2024
Schedule of Cash Flow, Supplemental Disclosures, Income Tax | Supplemental cash flow information
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income taxes paid, net of refunds | $ | 164,902 |  |  | $ | 114,211 |  |  | $ | 162,046 |

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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://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
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