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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

Income before income taxes consisted of the following:

			Years Ended December 31,
Dollars in thousands			2023						2022						2021
United States operations			$	(31,649)					$	92,642					$	91,150
Foreign operations			112,718						121,252						123,527
Total			$	81,069					$	213,894					$	214,677

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. Federal statutory rate to the Company’s effective tax rate is as follows:

			Years Ended December 31,
			2023						2022						2021
Federal statutory rate			21.0		%				21.0		%				21.0		%
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal tax benefit			2.9		%				0.1		%				1.9		%
Benefit derived from foreign operations			(17.2)		%				(1.6)		%				(3.3)		%
Nondeductible meals and entertainment			1.1		%				0.1		%				0.1		%
Intercompany profit in inventory			3.3		%				0.3		%				(0.2)		%
Research and development credit			(5.7)		%				(1.4)		%				(1.2)		%
Nondeductible executive compensation & stock compensation shortfall			2.3		%				(0.6)		%				(0.3)		%
Transaction and deal related costs			3.3		%				(1.8)		%				0.1		%
Gain from sale of business - book to tax differences			—		%				—		%				3.9		%
Changes in valuation allowances			4.9		%				—		%				0.1		%
Other			0.5		%				(0.5)		%				(0.9)		%
Effective tax rate			16.4		%				15.6		%				21.2		%

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

			Years Ended December 31,
Dollars in thousands			2023						2022						2021
Current:
Federal			$	10,973					$	24,201					$	31,938
State			2,851						3,835						11,377
Foreign			11,389						9,893						5,042
Total current			$	25,213					$	37,929					$	48,357
Deferred:
Federal			(19,060)						(11,591)						(12,830)
State			93						(2,316)						(3,688)
Foreign			7,082						9,322						13,763
Total deferred			$	(11,885)					$	(4,585)					$	(2,755)
Provision for income taxes			$	13,328					$	33,344					$	45,602

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of significant temporary differences that give rise to deferred tax assets and liabilities, shown before jurisdictional netting, are presented below:

			December 31,
Dollars in thousands			2023						2022
Assets:
Doubtful accounts			$	2,581					$	2,261
Inventory related items			41,466						31,950
Tax credits			18,859						13,084
Accrued vacation			2,184						2,175
Accrued bonus			4,259						4,944
Stock compensation			9,117						10,175
Deferred revenue			1,849						2,130
Net operating loss carryforwards			28,799						30,707
Capitalization of research and development expenses			61,138						51,542
Unrealized foreign exchange gain			13,907						6,228
Charitable contributions carryforward			206						180
Leases and Other			55,271						55,228
Total deferred tax assets			239,636						210,604
Less valuation allowance			(12,486)						(9,651)
Deferred tax assets after valuation allowance			$	227,150					$	200,953
Liabilities:
Intangible and fixed assets			(168,229)						(166,891)
Unrealized foreign exchange loss			(10,024)						(12,991)
Leases and Other			(38,134)						(38,415)
Total deferred tax liabilities			$	(216,387)					$	(218,297)
Total net deferred tax assets (liabilities)			$	10,763					$	(17,344)

Schedule of Uncertain Tax Benefits Reconciliation

A reconciliation of the beginning and ending amount of uncertain tax benefits is as follows:

			Years Ended December 31,
Dollars in thousands			2023						2022						2021
			(In thousands)
Balance, beginning of year			$	713					$	676					$	702
Gross increases:
Current year tax positions			—						37						—
Prior years' tax positions			372						—						—
Lapse of statute			(273)						—						—
Other			—						—						(26)
Balance, end of year			$	812					$	713					$	676

Summary of Valuation Allowance

The valuation allowance at December 31, 2023 increased by $2.8 million, as compared to 2022, primarily driven by a $3.3 million increase related to the new Swiss tax credit. The valuation allowance for 2022 had remained substantially unchanged, as compared to 2021.

			Balance at Beginning of Period						Charged to Costs and Expenses						Other						Deductions						Balance at End of Period
Description
Dollars in thousands
Year ended December 31, 2023
Deferred tax assets valuation allowance			14,672						3,069						26						56						17,823
Year ended December 31, 2022
Deferred tax assets valuation allowance			15,258						(515)						—						(71)						14,672
Year ended December 31, 2021
Deferred tax assets valuation allowance			13,825						1,444						89						(100)						15,258

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