Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

(In thousands)	2023		2022		2021
Components of income before income taxes
U.S. income (loss)	$	80,229	$	170,426	$	(59,746)
Non-U.S. income	126,459		68,107		83,350
Income before income taxes	$	206,688	$	238,533	$	23,604
Provision for income taxes
Current
Federal	$	49,642	$	26,022	$	13,179
State	9,510		7,708		5,000
Non-U.S.	27,101		20,002		22,487
Total current provision	$	86,253	$	53,732	$	40,666
Deferred
Federal	$	54,272	$	7,350	$	(29,631)
State	12,914		862		(7,204)
Non-U.S.	(5,334)		(3,041)		(2,015)
Total deferred provision (benefit)	61,852		5,171		(38,850)
Provision for income taxes	$	148,105	$	58,903	$	1,816

Reconciliation of U.S. Federal Income Tax Rates to Effective Tax Rate

Reconciliation of the U.S. federal income tax rates to our effective tax rate:

	2023		2022		2021
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Divestiture (Note 20)	46.6	%	—	%	—	%
State income taxes-U.S.	3.7	%	2.9	%	(7.0)	%
Nondeductible compensation	1.9	%	1.2	%	15.3	%
Research and development credit	(0.8)	%	(0.4)	%	(5.3)	%
Taxes on non-U.S. income	(0.6)	%	0.1	%	(10.9)	%
Taxes on non-U.S. income - U.S., Canadian & European reorganization	(0.5)	%	—	%	—	%
Employee share-based payments	(0.4)	%	(0.8)	%	(18.3)	%
Valuation allowances	(0.2)	%	0.8	%	7.0	%
Foreign exchange on entity closures	—	%	0.3	%	(0.4)	%
Other	0.9	%	(0.4)	%	6.3	%
Effective income tax rate	71.6	%	24.7	%	7.7	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities:

	December 31,
(In thousands)	2023		2022
Deferred tax assets
Capitalized research and development	$	28,822	$	26,988
Net operating losses and tax credit carryforwards	10,964		10,696
Share-based compensation	5,528		4,562
Inventory	7,281		—
Accrued expenses and other reserves	4,566		5,738
Reserve for doubtful accounts	1,562		—
Product liability	655		72,950
Other	7,218		5,068
Total deferred tax assets	66,596		126,002
Valuation allowances	(9,671)		(10,017)
Net deferred tax assets	56,925		115,985
Deferred tax liabilities
Goodwill and intangibles	(83,100)		(80,383)
Employee benefits	(24,958)		(18,899)
Property, plant and equipment	(15,541)		(18,735)
Other	(2,680)		(4,359)
Total deferred tax liabilities	(126,279)		(122,376)
Net deferred taxes	$	(69,354)	$	(6,391)

Reconciliation of Change In Tax Liability for Unrecognized Tax Benefits

A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2023 and 2022 is as follows:

(In thousands)	2023		2022
Beginning balance	$	5,192	$	4,937
Adjustments for tax positions related to the current year	—		100
Adjustments for tax positions related to prior years	(1,116)		155
Settlements	—		—
Statute expiration	(992)		—
Ending balance	$	3,084	$	5,192