XML 71 R50.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Constituents of Provision for Income Taxes | Income tax expense consisted of the following (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |
Federal | $ | 28,009 |  |  | $ | 29,084 |  |  | $ | 48,355 |
State | 4,524 |  |  | 3,544 |  |  | 5,689 |
Foreign | 12,795 |  |  | 9,207 |  |  | 10,243 |
| 45,328 |  |  | 41,835 |  |  | 64,287 |
Deferred: |  |  |  |  |
Federal | (22,273) |  |  | (24,731) |  |  | (40,772) |
State | (1,324) |  |  | (5,877) |  |  | (8,354) |
Foreign | 3,587 |  |  | 10,887 |  |  | 20,009 |
| (20,010) |  |  | (19,721) |  |  | (29,117) |
| $ | 25,318 |  |  | $ | 22,114 |  |  | $ | 35,170 |
Reconciliation of the United States Federal Statutory Corporate Tax Rate to the Company's Effective Tax Rate or Income Tax Provision | A reconciliation of the U.S. federal statutory corporate tax rate to the Company’s income tax expense, or effective tax rate, was as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax expense at U.S. federal statutory corporate tax rate | 21 | % |  | 21 | % |  | 21 | %
State income taxes, net of federal benefit | 2 |  |  | 1 |  |  | 2 |
Foreign tax rate differential | (4) |  |  | (6) |  |  | (7) |
Tax credits | (3) |  |  | (3) |  |  | (1) |
Taxation on multinational operations | (5) |  |  | (3) |  |  | — |
Tax reserves | 1 |  |  | 3 |  |  | 1 |
Limitation on deduction for executive compensation | 1 |  |  | 2 |  |  | 1 |
Discrete tax expense related to employee stock-based compensation | 2 |  |  | 1 |  |  | — |
Discrete tax benefit for audit settlements | 1 |  |  | — |  |  | (1) |
Discrete tax expense for foreign earnings not indefinitely reinvested | 1 |  |  | — |  |  | — |
Discrete tax expense related to tax return filings | — |  |  | 2 |  |  | 2 |
Discrete tax expense related to rate revaluation on state tax assets | — |  |  | 2 |  |  | (2) |
Discrete tax benefit related to GILTI adjustments | — |  |  | (2) |  |  | (3) |
Discrete tax benefit for release of valuation allowance | — |  |  | (4) |  |  | (1) |
Other | 2 |  |  | 2 |  |  | 2 |
Income tax expense | 19 | % |  | 16 | % |  | 14 | %
Constituents of Deferred Tax Assets | The tax effects of temporary differences and attributes that give rise to deferred income tax assets and liabilities as of December 31, 2024 and December 31, 2023 were as follows (in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Intangible asset in connection with change in tax structure | $ | 369,474 |  |  | $ | 375,360 |
Capitalization of R&D expenses | 35,948 |  |  | 28,521 |
Stock-based compensation expense | 22,428 |  |  | 20,916 |
Tax credit carryforwards | 10,186 |  |  | 7,848 |
Inventory and revenue related | 8,355 |  |  | 10,897 |
Bonuses, commissions, and other compensation | 6,949 |  |  | 6,243 |
Depreciation | 2,877 |  |  | 1,840 |
Foreign net operating losses | 1,306 |  |  | 339 |
Other | 4,624 |  |  | 5,514 |
Total deferred tax assets | 462,147 |  |  | 457,478 |
Valuation allowance | (2,515) |  |  | (943) |
| $ | 459,632 |  |  | $ | 456,535 |
Deferred tax liabilities: |  |  |
GILTI tax basis differences in connection with change in tax structure | $ | (254,213) |  |  | $ | (274,327) |
Amortization | (29,008) |  |  | (28,685) |
Reserve for unremitted foreign earnings | (1,400) |  |  | — |
| $ | (284,621) |  |  | $ | (303,012) |
Net deferred taxes | $ | 175,011 |  |  | $ | 153,523 |
Schedule of Unrecognized Tax Benefits Roll Forward | The changes in gross amounts of unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands):
Balance of reserve for income taxes as of December 31, 2021 | $ | 13,812 |
Reductions as a result of tax positions taken in prior periods | (119) |
Additions as a result of tax positions taken in prior periods | 2,850 |
Additions as a result of tax positions taken in the current period | 505 |
Reductions relating to settlements with taxing authorities | (2,329) |
Reductions as a result of the expiration of the applicable statutes of limitations | (1,072) |
Balance of reserve for income taxes as of December 31, 2022 | 13,647 |
Reductions as a result of tax positions taken in prior periods | (242) |
Additions as a result of tax positions taken in prior periods | 12,556 |
Additions as a result of tax positions taken in the current period | 1,877 |
Reductions relating to settlements with taxing authorities | (1,230) |
Reductions as a result of the expiration of the applicable statutes of limitations | (894) |
Balance of reserve for income taxes as of December 31, 2023 | 25,714 |
Reductions as a result of tax positions taken in prior periods | (39) |
Additions as a result of tax positions taken in prior periods | 208 |
Additions as a result of tax positions taken in the current period | 1,935 |
Reductions relating to settlements with taxing authorities | (2,751) |
Reductions as a result of the expiration of the applicable statutes of limitations | (1,331) |
Balance of reserve for income taxes as of December 31, 2024 | $ | 23,736 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration