XML 69 R49.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration