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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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			2024						2023						2022
United States operations			$	(172,273)					$	(31,649)					$	92,642
Foreign operations			154,036						112,718						121,252
Total			$	(18,237)					$	81,069					$	213,894

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,
			2024						2023						2022
Federal statutory rate			21.0		%				21.0		%				21.0		%
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal tax benefit			15.3		%				2.9		%				0.1		%
Benefit derived from foreign operations			22.4		%				(17.2)		%				(1.6)		%
Nondeductible meals and entertainment			(5.0)		%				1.1		%				0.1		%
Intercompany profit in inventory			4.2		%				3.3		%				0.3		%
Research and development credit			24.1		%				(5.7)		%				(1.4)		%
Nondeductible executive compensation & stock compensation shortfall			(19.7)		%				2.3		%				(0.6)		%
Transaction and deal related costs			(4.1)		%				3.3		%				(1.8)		%
Changes in valuation allowances			(6.0)		%				4.9		%				—		%
Return to provision			10.1		%				(0.8)		%				(0.5)		%
Other			(0.4)		%				1.3		%				—		%
Effective tax rate			61.9		%				16.4		%				15.6		%

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

			Years Ended December 31,
Dollars in thousands			2024						2023						2022
Current:
Federal			$	(257)					$	10,973					$	24,201
State			1,330						2,851						3,835
Foreign			8,365						11,389						9,893
Total current			$	9,438					$	25,213					$	37,929
Deferred:
Federal			(27,148)						(19,060)						(11,591)
State			(4,093)						93						(2,316)
Foreign			10,510						7,082						9,322
Total deferred			$	(20,731)					$	(11,885)					$	(4,585)
Provision for income taxes			$	(11,293)					$	13,328					$	33,344

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			2024						2023
Assets:
Doubtful accounts			$	3,370					$	2,581
Inventory related items			34,731						41,466
Tax credits			17,922						18,859
Accrued vacation			2,447						2,184
Accrued bonus			5,279						4,259
Stock compensation			8,343						9,117
Deferred revenue			4,206						1,849
Net operating loss carryforwards			27,370						28,799
Capitalization of research and development expenses			68,311						61,138
Unrealized foreign exchange gain			8,655						13,907
Charitable contributions carryforward			212						206
Leases and Other			59,339						55,271
Total deferred tax assets			240,185						239,636
Less valuation allowance			(15,504)						(12,486)
Deferred tax assets after valuation allowance			$	224,681					$	227,150
Liabilities:
Intangible and fixed assets			(218,125)						(168,229)
Unrealized foreign exchange loss			(11,280)						(10,024)
Leases and Other			(21,186)						(38,134)
Total deferred tax liabilities			$	(250,591)					$	(216,387)
Total net deferred tax (liabilities) assets			$	(25,910)					$	10,763

Summary of Valuation Allowance

The valuation allowance at December 31, 2024 increased by $3.0 million, as compared to 2023, primarily driven by a $1.1 million increase related to the expiring Swiss federal tax credit. The valuation allowance for 2023 had increased by $2.8 million, as compared to 2022, primarily driven by the newly recognized Swiss tax credit.

			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, 2024
Deferred tax assets valuation allowance			17,823						5,330						(429)						(367)						22,357
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

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			2024						2023						2022
			(In thousands)
Balance, beginning of year			$	812					$	713					$	676
Gross increases:
Current year tax positions			—						—						37
Prior years' tax positions			35						372						—
Lapse of statute			(21)						(273)						—
Balance, end of year			$	826					$	812					$	713

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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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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