XML 57 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Income tax provision (benefit) for the years ended December 31, consists of the following (in thousands): 
202320222021
Current:
Federal$125,875 $139,423 $134,111 
State22,340 20,367 14,508 
Foreign53,674 48,165 28,266 
201,889 207,955 176,885 
Deferred:
Federal(18,781)(12,313)(2,169)
State(6,209)(7,761)(3,795)
Foreign(5,069)4,138 (1,708)
(30,059)(15,936)(7,672)
$171,830 $192,019 $169,213 
Schedule of Components of Income Before Taxes
The components of Income before income taxes for the years ended December 31, were as follows (in thousands): 
202320222021
Domestic$614,713 $750,793 $698,578 
Foreign252,163 180,440 120,659 
$866,876 $931,233 $819,237 
Schedule of Provision for Income Tax Rate to Statutory Rate Reconciliation
Income tax provision differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate for the years ended December 31, due to the following items (in thousands): 
202320222021
Provision at statutory rate
$182,044 $195,553 $172,040 
State taxes, net of federal benefit21,659 19,223 16,568 
Foreign rate differential7,887 3,620 4,303 
Foreign derived intangible income(8,669)(8,187)— 
Research and development credit(23,130)(18,809)(8,046)
Unrecognized tax benefits including interest and penalties(9,210)(11,793)(6,554)
Valuation allowance adjustments7,345 6,714 (1,928)
State credits(8,035)(6,954)(5,403)
Global intangible low-taxed income474 1,607 1,143 
Return to provision adjustments
1,057 (6,318)(8,500)
Executive compensation limitation 8,712 4,893 3,104 
Other foreign inclusions1,563 16,562 34 
Tax incentives
(12,996)(7,202)(1,307)
Other3,129 3,110 3,759 
Income tax provision
$171,830 $192,019 $169,213 
Schedule of Principal Components of the Company's Deferred Tax Assets and Liabilities
The principal components of the Company’s deferred income tax assets and liabilities as of December 31, include the following (in thousands):
20232022
Deferred income tax assets:
Accruals not yet tax deductible$152,288 $133,349 
Stock compensation12,995 11,616 
Net operating loss and research & development tax credit carryforwards68,809 63,517 
Amortization of research and experimental costs78,169 43,034 
Other66,749 55,800 
379,010 307,316 
Valuation allowance(48,516)(40,878)
330,494 266,438 
Deferred income tax liabilities:
Depreciation, tax in excess of book(57,641)(49,889)
Pension and postretirement healthcare plan obligations(82,682)(58,843)
Withholding tax(29,904)(23,632)
Other(32,597)(28,561)
(202,824)(160,925)
$127,670 $105,513 
Schedule of Gross Operating Loss Carryforwards
The Company's gross state net operating loss carryforwards were as follows at December 31 (in thousands):
Year of Expiration20232022
2031$238,682 $219,726 
203212 24 
203346 46 
2034108 109 
20351,085 553 
203660 60 
2037187 195 
2038824 820 
203911,285 9,375 
204034,354 31,879 
20412,135 2,135 
2042347 458 
Indefinite7,280 2,923 
$296,405 $268,303 
Schedule of Changes in Gross Liability for Unrecognized Tax Benefits Excluding Interest and Penalties
The Company recognizes interest and penalties related to unrecognized tax benefits in Income tax provision (benefit). Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): 
20232022
Unrecognized tax benefits, beginning of period$32,029 $44,856 
Increase in unrecognized tax benefits for tax positions taken in a prior period3,159 373 
Decrease in unrecognized tax benefits for tax positions taken in a prior period(10,444)(8,885)
Increase in unrecognized tax benefits for tax positions taken in the current period870 3,158 
Statute lapses— (2,753)
Settlements with taxing authorities(7,400)(4,720)
Unrecognized tax benefits, end of period$18,214 $32,029