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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Reconciliation of Company's Effective Tax Rate to U.S. Federal Statutory Rate

A reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate is as follows:

		Years Ended December 31,
		2017				2016				2015
U.S. Federal income tax statutory rate			35.0	%			35.0	%			35.0	%
Federal tax credits			(0.7	)			(1.8	)			(1.2	)
State income taxes, net of federal benefit			1.0				0.8				1.3
Effect of foreign operations taxed at various rates			(12.1	)			(12.7	)			(6.4	)
Qualified production activity tax benefit			(1.4	)			(2.9	)			(1.6	)
Transition tax, net of foreign tax credits			6.4				—				—
Revaluation of US deferred income taxes			(5.0	)			—				—
Stock based compensation			(2.5	)			—				—
Deferred tax asset valuation allowance			(0.1	)			2.1				—
Release of income tax reserves (including interest)			(0.4	)			(2.4	)			(4.8	)
Foreign dividends, net of foreign tax credits			3.3				(2.2	)			0.7
Acquisition and integration related costs			—				1.5				—
Other			0.7				0.7				0.3
			24.2	%			18.1	%			23.3	%

Components of Income from Operations Before Income Taxes and Related Provision for Income Taxes

The components of income from operations before income taxes and the related provision for income taxes consist of the following:

		Years Ended December 31,
		2017				2016				2015
Income from operations before income taxes:
United States		$	224,979			$	42,491			$	90,401
Foreign			222,646				85,486				69,067
		$	447,625			$	127,977			$	159,468
Current taxes:
United States		$	77,023			$	17,693			$	15,813
State			6,149				2,359				2,927
Foreign			30,152				41,938				18,021
			113,324				61,990				36,761
Deferred taxes:
United States			(16,250	)			(23,604	)			(862	)
State and Foreign			11,419				(15,218	)			1,272
			(4,831	)			(38,822	)			410
Provision for income taxes		$	108,493			$	23,168			$	37,171

Significant Components of Deferred Tax Assets and Deferred Tax Liabilities

The significant components of the deferred tax assets and deferred tax liabilities are as follows:

		Years Ended December 31,
		2017				2016
Deferred tax assets:
Carry-forward losses and credits		$	25,834			$	50,673
Inventory and warranty reserves			17,734				24,253
Accrued expenses and other reserves			15,393				16,176
Stock-based compensation			5,092				8,995
Executive supplemental retirement benefits			4,984				6,888
Other			597				—
Total deferred tax assets		$	69,634			$	106,985
Deferred tax liabilities:
Acquired intangible assets			(83,092	)			(127,571	)
Depreciation and amortization			(10,150	)			(16,428	)
Loan costs			(2,157	)			(7,282	)
Foreign withholding taxes			(16,206	)			—
Unrealized gain			(469	)			(3,195	)
Other			—				(1,336	)
Total deferred tax liabilities			(112,074	)			(155,812	)
Valuation allowance			(13,629	)			(12,527	)
Net deferred tax (liabilities) assets		$	(56,069	)		$	(61,354	)

Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

		Years Ended December 31,
		2017				2016				2015
Balance at beginning of year		$	25,465			$	4,332			$	19,610
Increases/(decreases) for prior years			640				(195	)			(26	)
Increases for the current year			4,340				23,940				322
Reductions related to settlements with taxing authorities			—				—				(15,370	)
Reductions related to expiration of statute of limitations			(3,100	)			(2,612	)			(204	)
Balance at end of year		$	27,345			$	25,465			$	4,332

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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.

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-Publisher FASB
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