Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings (Loss) From Continuing Operations Before Income Taxes

Following is a summary of earnings (loss) before income taxes for United States and foreign operations:

	2023		2022	2021
United States	$	(440,556)	(233,208)	380,632
Foreign	86,047		417,101	909,361
Earnings (loss) before income taxes	$	(354,509)	183,893	1,289,993

Schedule of Income Tax Expense (Benefit)

Income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021 consists of the following:

	2023		2022	2021
Current income taxes:
U.S. federal	$	67,054	91,948	93,085
State and local	11,851		11,230	24,904
Foreign	115,903		106,032	143,385
Total current	194,808		209,210	261,374
Deferred income taxes:
U.S. federal	(50,089)		(27,756)	(2,655)
State and local	(5,251)		9,586	13,306
Foreign	(54,606)		(32,930)	(15,580)
Total deferred	(109,946)		(51,100)	(4,929)
Total income tax expense	$	84,862	158,110	256,445

Schedule of Reconciliation of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to earnings before income taxes differs from the amounts computed by applying the U.S. statutory federal income tax rate to earnings before income taxes as follows:

	2023		2022	2021
Income taxes at statutory rate	$	(74,447)	38,618	270,898
State and local income taxes, net of federal income tax benefit	5,655		4,858	25,658
Foreign income taxes (1)	(58,984)		(50,483)	(34,981)
Change in valuation allowance	302,825		44,814	5,947
Impairment of non-deductible goodwill	183,059		132,497	—
Carryback rate differential (2)	—		—	(15,743)
Fixed asset adjustments	(6,562)		(7,289)	(7,113)
Non-deductible expenses	9,350		11,250	8,128
General business credits and incentives	(316,329)		(21,833)	(3,958)
Global intangible low-taxed income	215		7,200	34,400
Italy step-up adjustment (3)	—		—	(22,163)
Prior period adjustments	(5,638)		4,510	1,133
Tax impact of restructuring	25,428		—	—
Tax contingencies and audit settlements, net	26,331		(96)	12,505
Other, net	(6,041)		(5,936)	(18,266)
Income tax expense	$	84,862	158,110	256,445

(1) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items.

(2) The CARES Act permits the Company to carry back its 2020 U.S. taxable loss to a tax year before the corporate income tax rate was lowered by the Tax Cuts and Jobs Act.

(3) The Company realized a one-time Italian step-up benefit allowing for the realignment of tax asset values.

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below:

	2023		2022
Deferred tax assets:
Accounts receivable	$	26,179	15,783
Inventories	54,590		53,088
Employee benefits	49,671		47,089
Accrued expenses and other	123,968		95,682
Deductible state tax and interest benefit	12,256		7,584
Intangibles	122,621		122,710
Lease liabilities	100,389		108,596
Interest expense	44,153		10,749
Federal, foreign and state net operating losses and credits	814,384		448,759
Gross deferred tax assets	1,348,211		910,040
Valuation allowance	(582,683)		(284,347)
Net deferred tax assets	765,528		625,693
Deferred tax liabilities:
Inventories	(18,260)		(17,415)
Plant and equipment	(477,074)		(463,810)
Intangibles	(181,433)		(175,788)
Right of use operating lease assets	(93,801)		(102,959)
Prepaids	(52,528)		(47,079)
Other liabilities	(75,770)		(58,799)
Gross deferred tax liabilities	(898,866)		(865,850)
Net deferred tax liability	$	(133,338)	(240,157)

Schedule of Reconciliation of Unrecognized Tax Benefits

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

	2023		2022
Balance as of January 1	$	1,230,632	1,296,523
Additions based on tax positions related to the current year	4,139		1,439
Additions for tax positions of acquired companies	11,728		—
Additions for tax positions of prior years	21,744		4,678
Reductions resulting from the lapse of the statute of limitations	(422)		(3,419)
Settlements with taxing authorities	(873)		—
Effects of foreign currency translation	37,926		(68,589)
Balance as of December 31	$	1,304,874	1,230,632