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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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

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