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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes | Income before income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 was derived from the following sources:
(In thousands) | 2024 |  | 2023 |  | 2022
Domestic | $ | (239,773) |  |  | $ | (457,888) |  |  | $ | (272,365) |
Foreign | 561,825 |  |  | 630,558 |  |  | 519,445 |
Income before income tax expense (benefit) | $ | 322,052 |  |  | $ | 172,670 |  |  | $ | 247,080 |
Components of Income Tax Expense | Income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 is summarized as follows:
(In thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 14,786 |  |  | $ | 10,835 |  |  | $ | 39,216 |
State | 896 |  |  | 1,267 |  |  | 4,077 |
Foreign | 91,552 |  |  | 125,091 |  |  | 97,611 |
| $ | 107,234 |  |  | $ | 137,193 |  |  | $ | 140,904 |
Deferred (net of valuation allowance): |  |  |  |  |
Federal | $ | (73,952) |  |  | $ | (135,408) |  |  | $ | (90,238) |
State | (3,225) |  |  | (5,829) |  |  | (5,749) |
Foreign | (1,725) |  |  | (4,369) |  |  | (6,757) |
| $ | (78,902) |  |  | $ | (145,606) |  |  | $ | (102,744) |
Income tax expense (benefit) | $ | 28,332 |  |  | $ | (8,413) |  |  | $ | 38,160 |
Reconciliation of Income Tax Expense With Expected Amounts Based Upon Statutory Federal Tax Rates | Income tax expense (benefit) differs from the expected amounts based upon the statutory federal tax rates for the years ended December 31, 2024, 2023 and 2022 as follows:
(In thousands) | 2024 |  | 2023 |  | 2022
Expected federal income tax at statutory rate | $ | 66,657 |  |  | $ | 36,261 |  |  | $ | 51,887 |
State income taxes before valuation allowance, net of federal tax effect | (6,169) |  |  | (9,374) |  |  | (5,907) |
Effect of foreign source income | (25,685) |  |  | (18,383) |  |  | (7,607) |
Tax contingencies | (2,271) |  |  | 11,048 |  |  | 5,762 |
Valuation allowance | 11,501 |  |  | 9,032 |  |  | 8,052 |
U.S. federal research credit | (14,250) |  |  | (18,679) |  |  | (13,525) |
Equity compensation | 5,386 |  |  | 7,431 |  |  | 5,290 |
Foreign derived intangible income | (7,861) |  |  | (5,144) |  |  | (15,265) |
Acquisition related retention, severance, and transaction costs | — |  |  | — |  |  | 8,924 |
Legal entity divestiture activity | 973 |  |  | (20,311) |  |  | — |
Other items, net | 51 |  |  | (294) |  |  | 549 |
Income tax expense (benefit) | $ | 28,332 |  |  | $ | (8,413) |  |  | $ | 38,160 |
Deferred Tax Assets And Deferred Tax Liabilities | The significant components of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are as follows:
(In thousands) | 2024 |  | 2023
Deferred tax assets attributable to: |  |  |
Accounts receivable | $ | 1,307 |  |  | $ | 1,304 |
Inventory | 11,891 |  |  | 12,456 |
Accruals not currently deductible for tax purposes | 11,984 |  |  | 16,341 |
Net operating loss and credit carryforwards | 69,461 |  |  | 55,685 |
Capital loss carryforward | 7,542 |  |  | 5,281 |
Equity compensation | 10,701 |  |  | 11,382 |
Interest expense limitations | 51,429 |  |  | 37,691 |
Capitalization of engineering, research and development expenses | 134,398 |  |  | 100,832 |
Other, net | 6,298 |  |  | 15,064 |
Gross deferred tax assets | $ | 305,011 |  |  | $ | 256,036 |
Valuation allowance | (71,785) |  |  | (60,330) |
Net deferred tax assets | $ | 233,226 |  |  | $ | 195,706 |
Deferred tax liabilities attributable to: |  |  |
Purchased intangible assets | $ | (215,906) |  |  | $ | (230,550) |
Depreciation and amortization | (24,853) |  |  | (44,007) |
Total deferred tax liabilities | $ | (240,759) |  |  | $ | (274,557) |
Net deferred tax liabilities | $ | (7,533) |  |  | $ | (78,851) |
Schedule of Unrecognized Tax Benefits Roll Forward | Reconciliations of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 are as follows:
(In thousands) | 2024 |  | 2023
Gross unrecognized tax benefits at beginning of year | $ | 67,717 |  |  | $ | 53,478 |
Increase in tax positions from prior years | 305 |  |  | 242 |
Decrease in tax positions from prior years | (4,818) |  |  | — |
Increases in tax positions for current year | 5,455 |  |  | 17,111 |
Settlement of tax positions for current year | (21,570) |  |  | — |
Lapse in statute of limitations | (2,765) |  |  | (3,114) |
Gross unrecognized tax benefits at end of year | $ | 44,324 |  |  | $ | 67,717 |

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