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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
U.S. Federal income tax statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 35.0 | %
Federal tax credits |  |  | (2.9 | ) |  |  | (0.7 | ) |  |  | (0.7 | )
State income taxes, net of federal benefit |  |  | 2.3 |  |  |  | 1.3 |  |  |  | 1.0 |
Effect of foreign operations taxed at various rates |  |  | (4.4 | ) |  |  | (1.3 | ) |  |  | (12.1 | )
Qualified production activity tax benefit |  |  | — |  |  |  | — |  |  |  | (1.4 | )
Executive compensation |  |  | 5.8 |  |  |  | — |  |  |  | — |
Gain on intercompany sale of assets |  |  | 2.9 |  |  |  | — |  |  |  | — |
Benefit of a capital loss |  |  | (1.2 | ) |  |  | — |  |  |  | — |
Foreign derived intangible income deduction |  |  | (3.8 | ) |  |  | (2.1 | ) |  |  | — |
Global intangible low taxed income, net of foreign tax credits |  |  | 2.6 |  |  |  | 0.4 |  |  |  | — |
Transition tax, net of foreign tax credits |  |  | — |  |  |  | (0.1 | ) |  |  | 6.4 |
Revaluation of deferred income taxes |  |  | (1.4 | ) |  |  | (0.3 | ) |  |  | (5.0 | )
Revaluation of prepaid taxes |  |  | — |  |  |  | 1.6 |  |  |  | — |
Stock-based compensation |  |  | (0.3 | ) |  |  | (1.3 | ) |  |  | (2.5 | )
Deferred tax asset valuation allowance |  |  | 0.1 |  |  |  | — |  |  |  | (0.1 | )
Release of income tax reserves (including interest) |  |  | (0.8 | ) |  |  | (0.4 | ) |  |  | (0.4 | )
Foreign dividends, net of foreign tax credits |  |  | 0.6 |  |  |  | (1.0 | ) |  |  | 3.3 |
Other |  |  | 0.6 |  |  |  | 1.2 |  |  |  | 0.7 |
|  |  | 21.1 | % |  |  | 18.3 | % |  |  | 24.2 | %
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,279 |  |  | $ | 287,309 |  |  | $ | 224,979 |
Foreign |  |  | 175,557 |  |  |  | 193,641 |  |  |  | 222,646 |
|  | $ | 177,836 |  |  | $ | 480,950 |  |  | $ | 447,625 |
Current taxes: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 6,790 |  |  | $ | 41,428 |  |  | $ | 77,023 |
State |  |  | 2,068 |  |  |  | 8,094 |  |  |  | 6,149 |
Foreign |  |  | 32,807 |  |  |  | 57,920 |  |  |  | 30,152 |
|  |  | 41,665 |  |  |  | 107,442 |  |  |  | 113,324 |
Deferred taxes: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | (1,743 | ) |  |  | (2,533 | ) |  |  | (16,250 | )
State and Foreign |  |  | (2,472 | ) |  |  | (16,855 | ) |  |  | 11,419 |
|  |  | (4,215 | ) |  |  | (19,388 | ) |  |  | (4,831 | )
Provision for income taxes |  | $ | 37,450 |  |  | $ | 88,054 |  |  | $ | 108,493 |
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, |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Carry-forward losses and credits |  | $ | 59,189 |  |  | $ | 23,675 |
Inventory and warranty reserves |  |  | 29,661 |  |  |  | 17,945 |
Accrued expenses and other reserves |  |  | 12,607 |  |  |  | 10,260 |
Stock-based compensation |  |  | 8,580 |  |  |  | 5,351 |
Executive supplemental retirement benefits |  |  | 1,556 |  |  |  | 5,972 |
Lease liability |  |  | 15,284 |  |  |  | — |
Unrealized net loss |  |  | 2,741 |  |  |  | — |
Other |  |  | 2,347 |  |  |  | 2,396 |
Total deferred tax assets |  | $ | 131,965 |  |  | $ | 65,599 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Acquired intangible assets and goodwi ll |  | $ | (128,144 | ) |  | $ | (74,120 | )
Depreciation and amortization |  |  | (14,072 | ) |  |  | (8,332 | )
Loan costs |  |  | (2,317 | ) |  |  | (1,108 | )
Right-of-use asset |  |  | (14,415 | ) |  |  | — |
Foreign withholding taxes |  |  | (5,008 | ) |  |  | (3,176 | )
Unrealized net gain |  |  | — |  |  |  | (1,952 | )
Total deferred tax liabilities |  |  | (163,956 | ) |  |  | (88,688 | )
Valuation allowance |  |  | (27,360 | ) |  |  | (17,936 | )
Net deferred tax liabilities |  | $ | (59,351 | ) |  | $ | (41,025 | )
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Balance at beginning of year |  | $ | 32,684 |  |  | $ | 27,345 |  |  | $ | 25,465 |
Increases for prior years |  |  | 9,324 |  |  |  | 934 |  |  |  | 640 |
Increases for the current year |  |  | 3,219 |  |  |  | 6,091 |  |  |  | 4,340 |
Reductions related to expiration of statutes of limitations and audit settlements |  |  | (1,734 | ) |  |  | (1,686 | ) |  |  | (3,100 | )
Balance at end of year |  | $ | 43,493 |  |  | $ | 32,684 |  |  | $ | 27,345 |

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