Company: IPGP
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001111928-25-000023
Chunk: 46

Company: IPG PHOTONICS CORP
Filing Date: 2025-02-20
Form: 10-K
Item: Item 16
Chunk 46
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, as well as plans at certain foreign and domestic subsidiaries. The Company makes matching contributions to each plan, which amounted to approximately $6,069, $6,496 and $6,344, respectively, for the years ended December 31, 2024, 2023 and 2022.

17. INCOME TAXES

Income (loss) before the impact of income taxes consisted of the following:Year Ended December 31,202420232022U.S.$4,879 $131,601 $135,041 Foreign(166,767)143,274 48,310 Total$(161,888)$274,875 $183,351 

F-26

Table of ContentsIPG PHOTONICS CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)(In thousands, except share and per share data)

The Company's provision for income taxes consisted of the following:Year Ended December 31,202420232022Current:Federal$13,992 $22,908 $39,435 State2,906 4,623 3,697 Foreign28,400 42,255 57,032 Total current45,298 69,786 100,164 Deferred:Federal(15,535)(10,306)(25,979)State(2,283)(1,635)(2,121)Foreign(7,842)(1,848)525 Total deferred(25,660)(13,789)(27,575)Provision for income taxes$19,638 $55,997 $72,589 A reconciliation of income tax expense at the U.S. federal statutory income tax rate to the recorded tax provision were as follows:Year Ended December 31,202420232022Tax at statutory rate$(33,996)$57,724 $38,504 Non-U.S. rate differential — net8,676 12,685 21,352 State income taxes — net2,949 3,380 4,904 Stock-based compensation — tax detriment5,385 1,835 2,736 Foreign derived intangible income benefit ("FDII")(3,371)(9,322)(14,576)Prior year and audit adjustments(636)(4,793)(2,240)Tax effect of loss from divestiture42,152 — — Withholding and other taxes on intercompany dividends