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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision For Taxes on Income | The provision for taxes on income for the years ended December 31 consists of the following:
| 2024 |  | 2023 |  | 2022
Pretax income |  |  |  |  |
Domestic | $ | (35,733) |  |  | $ | 280,916 |  |  | $ | 257,189 |
Foreign | 99,219 |  |  | 208,111 |  |  | 202,745 |
Total pretax income | $ | 63,486 |  |  | $ | 489,027 |  |  | $ | 459,934 |
Current |  |  |  |  |
Federal | $ | 3,693 |  |  | $ | 54,319 |  |  | $ | 34,157 |
State | 1,916 |  |  | 11,282 |  |  | 10,391 |
Foreign | 57,034 |  |  | 63,617 |  |  | 61,228 |
Total current | $ | 62,643 |  |  | $ | 129,218 |  |  | $ | 105,776 |
Deferred |  |  |  |  |
Federal | $ | (34,828) |  |  | $ | (3,307) |  |  | $ | (1,884) |
State | (9,837) |  |  | (1,646) |  |  | (3,563) |
Foreign | (12,469) |  |  | (4,535) |  |  | (4,598) |
Total deferred | $ | (57,134) |  |  | $ | (9,488) |  |  | $ | (10,045) |
Total taxes | $ | 5,509 |  |  | $ | 119,730 |  |  | $ | 95,731 |
Schedule of Deferred Tax Liabilities/(Assets) | Deferred tax (liabilities)/assets are comprised of the following at December 31:
| 2024 |  | 2023
Property, plant and equipment | $ | (266,278) |  |  | $ | (137,880) |
Intangibles | (545,330) |  |  | (119,225) |
Leases | (76,225) |  |  | (48,832) |
Outside basis in Metal Packaging | (68,649) |  |  | (68,867) |
Gross deferred tax liabilities | $ | (956,482) |  |  | $ | (374,804) |
Retiree health benefits | $ | 245 |  |  | $ | 513 |
Foreign loss carryforwards | 79,314 |  |  | 62,250 |
U.S. Federal loss and credit carryforwards | 34,082 |  |  | 39,131 |
Capital loss carryforwards | 3,755 |  |  | 3,817 |
U.S. State loss and credit carryforwards | 26,181 |  |  | 21,321 |
Capitalized research and development costs | 103,043 |  |  | 87,743 |
Employee benefits | 56,192 |  |  | 51,829 |
Leases | 82,031 |  |  | 50,704 |
Accrued liabilities and other assets | 71,370 |  |  | 58,699 |
Gross deferred tax assets | $ | 456,213 |  |  | $ | 376,007 |
Valuation allowance on deferred tax assets | $ | (81,496) |  |  | $ | (70,661) |
Total deferred taxes, net 1 | $ | (581,765) |  |  | $ | (69,458) |
1 Total deferred taxes, net includes $(15,666) and $(6,228) reclassified to discontinued operations on the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. These amounts include valuation allowance on deferred tax assets of $(4,628) and $(4,395) at December 31, 2024 and 2023, respectively.
Reconciliation of U.S. Federal Statutory Tax Rate to Actual Consolidated Tax Expense | A reconciliation of the U.S. federal statutory tax rate to the actual provision for/(benefit from) income taxes is as follows:
| 2024 |  | 2023 |  | 2022
Statutory tax rate | $ | 13,332 |  |  | 21.0 | % |  | $ | 102,696 |  |  | 21.0 | % |  | $ | 96,563 |  |  | 21.0 | %
State income taxes, net of federal tax benefit | (883) |  |  | (1.4) | % |  | 12,263 |  |  | 2.5 | % |  | 10,204 |  |  | 2.2 | %
Valuation allowance | 7,763 |  |  | 12.2 | % |  | 4,486 |  |  | 0.9 | % |  | (10,477) |  |  | (2.3) | %
Tax examinations including change in reserve for uncertain tax positions | (8,613) |  |  | (13.6) | % |  | 1,819 |  |  | 0.4 | % |  | 296 |  |  | 0.1 | %
Adjustments to prior year deferred taxes | (9,129) |  |  | (14.4) | % |  | (2,489) |  |  | (0.5) | % |  | (2,110) |  |  | (0.5) | %
Foreign earnings taxed at other than U.S. rates | 12,271 |  |  | 19.3 | % |  | 13,108 |  |  | 2.7 | % |  | 14,613 |  |  | 3.2 | %
Divestiture of business | (2,954) |  |  | (4.7) | % |  | 464 |  |  | 0.1 | % |  | — |  |  | — | %
Effect of tax rate changes | (1,552) |  |  | (2.4) | % |  | 387 |  |  | 0.1 | % |  | (2,151) |  |  | (0.5) | %
Foreign withholding taxes | 5,344 |  |  | 8.4 | % |  | 4,591 |  |  | 0.9 | % |  | 4,643 |  |  | 1.0 | %
Tax credits | (11,834) |  |  | (18.6) | % |  | (18,848) |  |  | (3.9) | % |  | (14,077) |  |  | (3.1) | %
Global intangible low-taxed income (GILTI) | (5,604) |  |  | (8.8) | % |  | 4,853 |  |  | 1.0 | % |  | 4,345 |  |  | 0.9 | %
Foreign-derived intangible income | (858) |  |  | (1.4) | % |  | (1,106) |  |  | (0.2) | % |  | (657) |  |  | (0.1) | %
Foreign currency gain/(loss) on distributions of previously taxed income | 642 |  |  | 1.0 | % |  | (2,614) |  |  | (0.5) | % |  | (1,280) |  |  | (0.3) | %
IRC Subpart F income | 916 |  |  | 1.4 | % |  | 119 |  |  | — | % |  | 96 |  |  | — | %
Executive compensation limitation | 2,569 |  |  | 4.0 | % |  | 3,767 |  |  | 0.8 | % |  | 1,420 |  |  | 0.3 | %
Capitalized acquisition costs | 7,202 |  |  | 11.3 | % |  | 104 |  |  | — | % |  | (412) |  |  | (0.1) | %
Other, net | (3,103) |  |  | (4.9) | % |  | (3,870) |  |  | (0.8) | % |  | (5,285) |  |  | (1.1) | %
Provision for income taxes | 5,509 |  |  | 8.7 | % |  | 119,730 |  |  | 24.5 | % |  | 95,731 |  |  | 20.8 | %
Schedule of Unrecognized Tax Benefits | The following table sets forth the reconciliation of the gross amounts of unrecognized tax benefits at the beginning and ending of the periods indicated:
| 2024 |  | 2023 |  | 2022
Gross Unrecognized Tax Benefits at January 1 | $ | 21,677 |  |  | $ | 18,621 |  |  | $ | 18,142 |
Increases in prior years’ unrecognized tax benefits | 627 |  |  | 378 |  |  | 223 |
Decreases in prior years’ unrecognized tax benefits | (1,915) |  |  | (572) |  |  | (144) |
Increases in current year’s unrecognized tax benefits | 4,325 |  |  | 4,395 |  |  | 1,807 |
Decreases in unrecognized tax benefits from the lapse of statutes of limitations | (12,100) |  |  | (1,094) |  |  | (1,174) |
Settlements | (476) |  |  | (51) |  |  | (233) |
Gross Unrecognized Tax Benefits at December 31 | $ | 12,138 |  |  | $ | 21,677 |  |  | $ | 18,621 |

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