Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Expected installment payments of one-time transition tax on unremitted foreign earnings

The Company expects future installment payments as follows:

2024	$	37,622
2025		47,027

Components of income (loss) from continuing operations before taxes and noncontrolling interest

Income before taxes consists of the following components:

	Years ended December 31,
	2023		2022		2021
Domestic	$	67,938	$	132,426	$	62,921
Foreign		399,464		461,079		371,689
	$	467,402	$	593,505	$	434,610

Components of income taxes

Significant components of income taxes are as follows:

	Years ended December 31,
	2023			2022			2021
Current:
Federal	$	14,594		$	24,423		$	2,336
State and local		1,769			3,313			466
Foreign		152,343			121,810			82,258
		168,706			149,546			85,060
Deferred:
Federal		(4,871	)		(40,136	)		554
State and local		(3,651	)		532			383
Foreign		(18,295	)		53,080			49,676
		(26,817	)		13,476			50,613
Total income tax expense	$	141,889		$	163,022		$	135,673

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,
	2023			2022
Deferred tax assets:
Pension and other retiree obligations	$	29,400		$	29,327
Inventories		23,836			21,040
Net operating loss carryforwards		81,497			82,498
Tax credit carryforwards		54,363			53,145
Research and development costs		17,829			7,704
Original issue discount interest		20,039			-
Other accruals and reserves		25,179			29,930
Total gross deferred tax assets		252,143			223,644
Less valuation allowance		(99,663	)		(101,169	)
		152,480			122,475
Deferred tax liabilities:
Property and equipment		(9,429	)		(8,307	)
Tax deductible goodwill		(7,040	)		(6,144	)
Earnings not indefinitely reinvested		(88,004	)		(113,661	)
Other - net		(6,389	)		(6,879	)
Total gross deferred tax liabilities		(110,862	)		(134,991	)
Net deferred tax assets (liabilities)	$	41,618		$	(12,516	)

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,
	2023			2022			2021
Tax at statutory rate	$	98,154		$	124,636		$	91,268
State income taxes, net of U.S. federal tax benefit		(1,487	)		3,038			671
Effect of foreign operations		9,260			13,422			5,521
Tax on earnings not indefinitely reinvested		37,061			71,141			54,648
Unrecognized tax benefits		1,999			(4,699	)		1,318
Change in valuation allowance on deferred tax assets		(1,770	)		(58,696	)		(14,921	)
Foreign income taxable in the U.S.		11,829			14,925			9,532
Foreign tax credit		(29,997	)		(20,408	)		(9,477	)
U.S. Base Erosion Anti-Abuse Tax		16,837			20,918			9,134
Change in U.S. tax regulations		-			-			(8,276	)
Other		3			(1,255	)		(3,745	)
Total income tax expense	$	141,889		$	163,022		$	135,673

Net operating loss carryforwards

At December 31, 2023, the Company had the following significant net operating loss carryforwards for tax purposes:

			Expires
Belgium	$	154,735	No expiration
Israel		5,364	No expiration
Japan		4,704		2025- 2033
Netherlands		10,324	No expiration
The Republic of China (Taiwan)		11,728		2026 - 2028
California		16,517		2028 - 2037
Pennsylvania		549,914		2024 - 2043
Arizona		15,516		2032 - 2040

Summary of significant tax credit carryforwards available

At December 31, 2023, the Company had the following significant tax credit carryforwards available:

			Expires
U.S. Foreign Tax Credit	$	32,468		2028 - 2030
California Research Credit		20,983	No expiration

Unrecognized tax benefits

The following table summarizes changes in the liabilities associated with unrecognized tax benefits:

	Years ended December 31,
	2023			2022			2021
Balance at beginning of year	$	18,429		$	26,719		$	40,652
Addition based on tax positions related to the current year		1,210			-			141
Addition based on tax positions related to prior years		5,455			3,197			1,037
Currency translation adjustments		230			(366	)		(523	)
Reduction based on tax positions related to prior years		-			-			(13,154	)
Reduction for settlements		(10,000	)		(9,420	)		(982	)
Reduction for lapses of statute of limitation		(2,467	)		(1,701	)		(452	)
Balance at end of year	$	12,857		$	18,429		$	26,719