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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes were as follows:

			Year ended December 31,
(in thousands)			2025						2024						2023
Domestic operations			$	123,515					$	185,426					$	158,999
Foreign operations			116,011						64,241						82,601
Income before income taxes			$	239,526					$	249,667					$	241,600

Schedule of Income Tax Expense

Income tax expense (benefit) was as follows:

			Year ended December 31,
(in thousands)			2025						2024						2023
Current expense
United States			$	9,692					$	18,186					$	9,704
Foreign			28,733						28,724						17,876
Current income tax expense			38,425						46,910						27,580
Deferred expense (benefit)
United States			12,651						(907)						6,626
Foreign			1,290						1,822						8,787
Deferred income tax expense			13,941						915						15,413
Total income tax expense			$	52,366					$	47,825					$	42,993

Schedule of Reconciliation of Income Taxes

The following table represents a reconciliation of income taxes computed at the federal statutory income tax rate of 21% to income tax expense as reported:

			Year ended December 31, 2025
(in thousands)			Amount						Percent
Earnings from continuing operations, before income tax expense			$	239,526
U.S. federal statutory tax rate			50,300						21.0		%
State and local income taxes (1)			4,477						1.9		%
Federal
Effect of cross-border tax laws
Foreign-derived intangible income (FDII)			(8,061)						(3.4)		%
Other			3,052						1.3		%
Tax credits
Foreign tax credits			(4,616)						(1.9)		%
R&D tax credits			(3,136)						(1.3)		%
Changes in valuation allowances			120						—		%
Nontaxable or nondeductible items
Executive compensation			3,449						1.4		%
Other			(140)						(0.1)		%
Other adjustments			247						0.1		%
Cayman Islands
Nontaxable non-cash gain on deconsolidation			(4,152)						(1.7)		%
Other			131						0.1		%
Republic of Korea
Withholding taxes			3,355						1.4		%
Other			1,351						0.6		%
Other foreign jurisdictions			4,456						1.9		%
Changes in unrecognized tax benefits			1,533						0.6		%
Income tax expense as reported			$	52,366					21.9		%

_________________________________

(1) State taxes in California, Pennsylvania, New York, Illinois, Georgia, Indiana, and Massachusetts made up the majority of the tax effect in this category.

The following table represents a reconciliation of income taxes computed at the federal statutory income tax rate of 21% to income tax expense as reported:

			Year ended December 31,
(in thousands)			2024						2023
Income tax expense computed at federal statutory income tax rate			$	52,430					$	50,736
Foreign taxes, net of credits			(14,433)						(11,859)
Net adjustments for uncertain tax positions			1,943						1,010
State and local taxes			5,341						6,160
Nondeductible expenses			2,258						2,250
Valuation allowance			6,763						(110)
Tax credits			(6,486)						(5,214)
Miscellaneous other, net			9						20
Income tax expense as reported			$	47,825					$	42,993
Effective income tax rate			19.2		%				17.8		%

Schedule of Components of Net Deferred Tax Assets (Liabilities)

The components of net deferred tax assets (liabilities) were as follows:

			December 31,
(in thousands)			2025						2024
Deferred tax assets
Compensation and benefits			$	15,648					$	13,683
Share-based compensation			8,657						8,354
Pension and other postretirement benefits			12,065						13,659
Inventories			19,297						19,170
R&D capitalization			61,994						60,261
Lease liability			36,447						21,288
Transaction costs			331						562
Nondeductible accruals and reserves			13,415						13,033
Miscellaneous			198						1,034
Net operating loss and other tax carryforwards			44,931						52,770
Gross deferred tax assets			212,983						203,814
Valuation allowance			(36,519)						(40,762)
Total deferred tax assets			176,464						163,052
Deferred tax liabilities
Property, plant and equipment			(5,665)						(6,986)
Identifiable intangible assets			(102,949)						(94,563)
Right-of-use assets			(35,028)						(19,904)
Tax on unremitted earnings			(14,956)						(11,328)
Foreign exchange derivative instruments			(1,245)						(2,416)
Miscellaneous			(3,144)						(1,656)
Total deferred tax liabilities			(162,987)						(136,853)
Net deferred tax asset			$	13,477					$	26,199

Schedule of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets were as follows:

			December 31,
(in thousands)			2025						2024						2023
Valuation allowance at beginning of year			$	40,762					$	33,999					$	34,109
(Decreases) increases recorded to income tax provision			(4,243)						6,763						(110)
Valuation allowance at end of year			$	36,519					$	40,762					$	33,999

Schedule of Reconciliation of Activity Related to Unrecognized Tax Benefits, Excluding Accrued Interest and Penalties

The following table represents a reconciliation of the activity related to the unrecognized tax benefits, excluding accrued interest and penalties:

			December 31,
(in thousands)			2025						2024						2023
Unrecognized tax benefits at beginning of year			$	12,587					$	10,782					$	9,538
Gross additions - prior year tax positions			—						—						191
Gross additions - current year tax positions			1,715						1,965						1,229
Gross reductions - prior year tax positions			(568)						(160)						(176)
Unrecognized tax benefits at end of year			$	13,734					$	12,587					$	10,782

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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.

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