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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income (Loss) before Income Taxes

The components of income before income taxes are as follows (in thousands):

		Year ended December 31,
		2016				2015				2014
United States		$	69,595			$	54,338			$	60,485
Foreign			(997	)			(21,279	)			(1,158	)
Income before income tax		$	68,598			$	33,059			$	59,327

Components of Income Tax Expense

The components of the income tax expense are as follows (in thousands):

		Year ended December 31,
		2016				2015				2014
Current income tax benefit (expense):
Federal		$	(4,485	)		$	(1,018	)		$	—
State			(47	)			(2	)			(2	)
Foreign			(12,902	)			(10,224	)			(8,363	)
			(17,434	)			(11,244	)			(8,365	)
Deferred income tax (expense) benefit:
Federal			(2,683	)			(7,145	)			(9,652	)
State			(503	)			51				575
Foreign			92				(43	)			(31	)
			(3,094	)			(7,137	)			(9,108	)
Income tax expense		$	(20,528	)		$	(18,381	)		$	(17,473	)

Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Tax Rate

Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows:

		Year ended December 31,
		2016				2015				2014
Statutory U.S. federal income tax rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit			0.5	%			(0.1	)%			(0.4	)%
Effect of foreign operations			0.9	%			15.2	%			0.7	%
Accruals and reserves			3.2	%			0.0	%			(4.5	)%
Nondeductible employee compensation			1.5	%			2.5	%			0.5	%
Research tax credits			(1.3	)%			(4.4	)%			(2.5	)%
Change in valuation allowance			(9.7	)%			8.4	%			(0.4	)%
Other			(0.2	)%			(1.0	)%			1.0	%
Effective tax rate			29.9	%			55.6	%			29.4	%

Tax Loss and Tax Credit Carryforwards

The following table summarizes Company tax loss and tax credit carry forwards for tax return purposes at December 31, 2016 (in thousands):

		Related Tax Deduction				Tax Benefit				Expiration Date
Loss carry forwards:
Federal net operating loss		$	—			$	—
Foreign net operating loss			27,473				3,434			n/a
Total loss carry forwards		$	27,473			$	3,434
Tax credit carry forwards:
Research tax credits		n/a				$	12,696			2027 to 2036
Foreign tax credits		n/a					13,754			2023 to 2026
State research tax credits		n/a					2,383			2023 to 2030
Total credit carry forwards		n/a				$	28,833

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company's net deferred tax assets and liabilities are as follows (in thousands):

		December 31,
		2016				2015
Deferred tax asset:
Net operating loss carry forwards		$	3,405			$	3,716
Capitalized technology license			4,163				3,922
Capitalized research expenditures			8,100				10,206
Accruals and reserves			1,112				3,275
Retirement plan			9,723				8,062
Deferred revenue			516				731
Tax credit carry forwards			1,846				7,973
Stock-based compensation			2,889				2,012
Other			874				1,857
			32,628				41,754
Valuation allowance			(7,950	)			(14,483	)
Deferred tax assets			24,678				27,271
Deferred tax liability:
Acquisition goodwill			(185	)			—
Deferred tax liabilities			(185	)			—
Net deferred tax assets		$	24,493			$	27,271

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, and tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates and the related deferred tax assets.

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-Publisher FASB
-Name Accounting Standards Codification
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