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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

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,
		2017				2016				2015
United States		$	100,260			$	69,595			$	54,338
Foreign			49,277				(997	)			(21,279	)
Income before income tax		$	149,537			$	68,598			$	33,059

Components of Income Tax Expense

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

		Year ended December 31,
		2017				2016				2015
Current income tax benefit (expense):
Federal		$	(5,817	)		$	(4,485	)		$	(1,018	)
State			(54	)			(47	)			(2	)
Foreign			(15,406	)			(12,902	)			(10,224	)
			(21,277	)			(17,434	)			(11,244	)
Deferred income tax (expense) benefit:
Federal			(24,425	)			(2,683	)			(7,145	)
State			(23	)			(503	)			51
Foreign			73				92				(43	)
			(24,375	)			(3,094	)			(7,137	)
Income tax expense		$	(45,652	)		$	(20,528	)		$	(18,381	)

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,
		2017				2016				2015
Statutory U.S. federal income tax rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit			0.0	%			0.5	%			(0.1	)%
Effect of foreign operations			(7.1	)%			0.9	%			15.2	%
Accruals and reserves			0.1	%			3.2	%			0.0	%
Nondeductible employee compensation			1.5	%			1.5	%			2.5	%
Research tax credits			(0.7	)%			(1.3	)%			(4.4	)%
Change in valuation allowance			(4.1	)%			(9.7	)%			8.4	%
Stock based compensation			(1.9	)%			0.0	%			0.0	%
U.S. Tax Cuts and Jobs Act			7.7	%			0.0	%			0.0	%
Other			0.0	%			(0.2	)%			(1.0	)%
Effective tax rate			30.5	%			29.9	%			55.6	%

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, 2017 (in thousands):

		Related Tax Deduction		Tax Benefit				Expiration Date
Tax credit carry forwards:
Research tax credits		n/a		$	12,928			2029 to 2037
Foreign tax credits		n/a			6,161			2027
State research tax credits		n/a			2,473			2025 to 2030
Total credit carry forwards		n/a		$	21,562

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,
		2017				2016
Deferred tax asset:
Net operating loss carry forwards		$	-			$	3,405
Capitalized technology license			804				4,163
Capitalized research expenditures			3,719				8,100
Accruals and reserves			962				6,712
Retirement plan			7,125				9,723
Deferred revenue			206				516
Tax credit carry forwards			21,562				1,846
Stock-based compensation			1,819				2,889
Other			59				874
			36,256				38,228
Valuation allowance			(2,460	)			(7,950	)
Deferred tax assets			33,796				30,278
Deferred tax liability:
Accruals and reserves			(6,774	)			(5,785	)
Deferred tax liabilities			(6,774	)			(5,785	)
Net deferred tax assets		$	27,022			$	24,493

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