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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes | Income before income taxes for the years ended December 31, 2023, 2022 and 2021 was derived from the following sources:
(In thousands) | 2023 |  | 2022 |  | 2021
Domestic | $ | (457,888) |  |  | $ | (272,365) |  |  | $ | 137,145 |
Foreign | 630,558 |  |  | 519,445 |  |  | 341,931 |
Income before income tax expense | $ | 172,670 |  |  | $ | 247,080 |  |  | $ | 479,076 |
Components of Income Tax Expense | Income tax (benefit) expense for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 10,835 |  |  | $ | 39,216 |  |  | $ | 9,187 |
State | 1,267 |  |  | 4,077 |  |  | 2,939 |
Foreign | 125,091 |  |  | 97,611 |  |  | 76,257 |
| 137,193 |  |  | 140,904 |  |  | 88,383 |
Deferred (net of valuation allowance): |  |  |  |  |
Federal | (135,408) |  |  | (90,238) |  |  | (11,726) |
State | (5,829) |  |  | (5,749) |  |  | (498) |
Foreign | (4,369) |  |  | (6,757) |  |  | (6,209) |
| (145,606) |  |  | (102,744) |  |  | (18,433) |
Income tax (benefit) expense | $ | (8,413) |  |  | $ | 38,160 |  |  | $ | 69,950 |
Reconciliation of Income Tax Expense With Expected Amounts Based Upon Statutory Federal Tax Rates | Income tax (benefit) expense differs from the expected amounts based upon the statutory federal tax rates for the years ended December 31, 2023, 2022 and 2021 as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Expected federal income tax at statutory rate | $ | 36,261 |  |  | $ | 51,887 |  |  | $ | 100,606 |
State income taxes before valuation allowance, net of federal tax effect | (9,374) |  |  | (5,907) |  |  | (1,333) |
Effect of foreign source income | (18,383) |  |  | (7,607) |  |  | (15,862) |
Tax contingencies | 11,048 |  |  | 5,762 |  |  | 4,696 |
Valuation allowance | 9,032 |  |  | 8,052 |  |  | 9,984 |
U.S. federal research credit | (18,679) |  |  | (13,525) |  |  | (8,469) |
Equity compensation | 7,431 |  |  | 5,290 |  |  | (8,899) |
Foreign derived intangible income | (5,144) |  |  | (15,265) |  |  | (6,496) |
Legal entity restructuring capital loss | — |  |  | — |  |  | (5,079) |
Acquisition related retention, severance, and transaction costs | — |  |  | 8,924 |  |  | — |
Legal entity divestiture activity | (20,311) |  |  | — |  |  | — |
Other items, net | (294) |  |  | 549 |  |  | 802 |
Income tax (benefit) expense | $ | (8,413) |  |  | $ | 38,160 |  |  | $ | 69,950 |
Deferred Tax Assets And Deferred Tax Liabilities | The significant components of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are as follows:
(In thousands) | 2023 |  | 2022
Deferred tax assets attributable to: |  |  |
Accounts receivable | $ | 1,304 |  |  | $ | 1,239 |
Inventory | 12,456 |  |  | 14,862 |
Accruals not currently deductible for tax purposes | 16,341 |  |  | 25,787 |
Net operating loss and credit carryforwards | 55,685 |  |  | 57,760 |
Capital loss carryforward | 5,281 |  |  | 895 |
Equity compensation | 11,382 |  |  | 15,249 |
Interest expense limitations | 37,691 |  |  | 8,067 |
Capitalization of ER&D expense | 100,832 |  |  | 53,179 |
Other, net | 15,064 |  |  | — |
Gross deferred tax assets | 256,036 |  |  | 177,038 |
Valuation allowance | (60,330) |  |  | (48,047) |
Total deferred tax assets | 195,706 |  |  | 128,991 |
Deferred tax liabilities attributable to: |  |  |
Purchased intangible assets | (230,550) |  |  | (364,979) |
Other, net | — |  |  | (2,397) |
Depreciation and Amortization | (44,007) |  |  | (55,898) |
Total deferred tax liabilities | (274,557) |  |  | (423,274) |
Net deferred tax liabilities | $ | (78,851) |  |  | $ | (294,283) |
Reconciliations of Total Amount of Gross Unrecognized Tax Benefits | Reconciliations of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2023 and 2022 are as follows:
(In thousands) | 2023 |  | 2022
Gross unrecognized tax benefits at beginning of year | $ | 53,478 |  |  | $ | 23,789 |
Increase from acquisition | — |  |  | 24,452 |
Increase in tax positions from prior years | 242 |  |  | 175 |
Decrease in tax positions from prior years | — |  |  | (248) |
Increases in tax positions for current year | 17,111 |  |  | 13,577 |
Settlement of tax positions for current year | — |  |  | (6,395) |
Lapse in statute of limitations | (3,114) |  |  | (1,872) |
Gross unrecognized tax benefits at end of year | $ | 67,717 |  |  | $ | 53,478 |

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