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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Components of income (loss) from continuing operations before taxes and noncontrolling interest | Income before taxes consists of the following components:
| Years ended December 31, |
| 2024 |  | 2023 |  | 2022 |
Domestic |  | $ | (172,519 | ) |  | $ | 67,938 |  |  | $ | 132,426 |
Foreign |  |  | 170,130 |  |  |  | 399,464 |  |  |  | 461,079 |
|  | $ | (2,389 | ) |  | $ | 467,402 |  |  | $ | 593,505 |
Components of income taxes | Significant components of income taxes are as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,936 |  |  | $ | 14,594 |  |  | $ | 24,423 |
State and local |  |  | 407 |  |  |  | 1,769 |  |  |  | 3,313 |
Foreign |  |  | 63,537 |  |  |  | 152,343 |  |  |  | 121,810 |
|  |  | 65,880 |  |  |  | 168,706 |  |  |  | 149,546 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (24,492 | ) |  |  | (4,871 | ) |  |  | (40,136 | )
State and local |  |  | (788 | ) |  |  | (3,651 | ) |  |  | 532 |
Foreign |  |  | (13,234 | ) |  |  | (18,295 | ) |  |  | 53,080 |
|  |  | (38,514 | ) |  |  | (26,817 | ) |  |  | 13,476 |
Total income tax expense |  | $ | 27,366 |  |  | $ | 141,889 |  |  | $ | 163,022 |
Deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Pension and other retiree obligations |  | $ | 27,779 |  |  | $ | 29,400 |
Inventories |  |  | 26,004 |  |  |  | 23,836 |
Net operating loss carryforwards |  |  | 74,244 |  |  |  | 81,497 |
Tax credit carryforwards |  |  | 67,192 |  |  |  | 54,363 |
Research and development costs |  |  | 25,582 |  |  |  | 17,829 |
Interest |  |  | 23,886 |  |  |  | 20,039 |
Other accruals and reserves |  |  | 36,232 |  |  |  | 25,179 |
Total gross deferred tax assets |  |  | 280,919 |  |  |  | 252,143 |
Less valuation allowance |  |  | (92,876 | ) |  |  | (99,663 | )
|  |  | 188,043 |  |  |  | 152,480 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (20,032 | ) |  |  | (9,429 | )
Tax deductible goodwill |  |  | (7,889 | ) |  |  | (7,040 | )
Intangibles other than goodwill |  |  | (8,937 | ) |  |  | (6,327 | )
Earnings not indefinitely reinvested |  |  | (78,977 | ) |  |  | (88,004 | )
Other - net |  |  | (8,802 | ) |  |  | (62 | )
Total gross deferred tax liabilities |  |  | (124,637 | ) |  |  | (110,862 | )
Net deferred tax assets |  | $ | 63,406 |  |  | $ | 41,618 |
Federal statutory income tax rate reconciliation | A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax provision is as follows:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax at statutory rate |  | $ | (502 | ) |  | $ | 98,154 |  |  | $ | 124,636 |
State income taxes, net of U.S. federal tax benefit |  |  | (301 | ) |  |  | (1,487 | ) |  |  | 3,038 |
Effect of foreign operations |  |  | (962 | ) |  |  | 9,260 |  |  |  | 13,422 |
Impairment of goodwill |  |  | 13,962 |  |  |  | - |  |  |  | - |
Tax on earnings not indefinitely reinvested |  |  | 9,016 |  |  |  | 37,061 |  |  |  | 71,141 |
Change in valuation allowance on deferred tax assets |  |  | - |  |  |  | (1,770 | ) |  |  | (58,696 | )
Foreign income taxable in the U.S. |  |  | 16,571 |  |  |  | 11,829 |  |  |  | 14,925 |
Foreign tax credit |  |  | (11,506 | ) |  |  | (29,997 | ) |  |  | (20,408 | )
U.S. Base Erosion Anti-Abuse Tax |  |  | 1,063 |  |  |  | 16,837 |  |  |  | 20,918 |
Other |  |  | 25 |  |  |  | 2,002 |  |  |  | (5,954 | )
Total income tax expense |  | $ | 27,366 |  |  | $ | 141,889 |  |  | $ | 163,022 |
Net operating loss carryforwards | At December 31, 2024, the Company had the following significant net operating loss carryforwards for tax purposes:
|  |  |  | Expires |
Belgium |  | $ | 144,966 |  | No expiration |
Israel |  |  | 3,576 |  | No expiration |
Italy |  |  | 8,356 |  | No expiration |
Japan |  |  | 3,592 |  |  |  | 2025 - 2033 |
Netherlands |  |  | 9,452 |  | No expiration |
The Republic of China (Taiwan) |  |  | 7,676 |  |  |  | 2027 - 2028 |
United Kingdom |  |  | 76,940 |  | No expiration |
California |  |  | 15,841 |  |  |  | 2028 - 2037 |
Pennsylvania |  |  | 497,048 |  |  |  | 2025 - 2044 |
Arizona |  |  | 15,999 |  |  |  | 2032 - 2044 |
Summary of significant tax credit carryforwards available | At December 31, 2024, the Company had the following significant tax credit carryforwards available:
|  |  |  | Expires |
U.S. Foreign Tax Credit |  | $ | 42,425 |  |  |  | 2028 - 2034 |
California Research Credit |  |  | 22,822 |  | No expiration |
Unrecognized tax benefits | The following table summarizes changes in the liabilities associated with unrecognized tax benefits:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 12,857 |  |  | $ | 18,429 |  |  | $ | 26,719 |
Addition based on tax positions related to the current year |  |  | 922 |  |  |  | 1,210 |  |  |  | - |
Addition based on tax positions related to prior years |  |  | 19,905 |  |  |  | 5,455 |  |  |  | 3,197 |
Currency translation adjustments |  |  | (185 | ) |  |  | 230 |  |  |  | (366 | )
Reduction for settlements |  |  | - |  |  |  | (10,000 | ) |  |  | (9,420 | )
Reduction for lapses of statute of limitation |  |  | (999 | ) |  |  | (2,467 | ) |  |  | (1,701 | )
Balance at end of year |  | $ | 32,500 |  |  | $ | 12,857 |  |  | $ | 18,429 |

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