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Income Taxes (Tables)

12 Months Ended

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 goodwill		$	(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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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 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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