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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
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, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
United States |  | $ | 13,565 |  |  | $ | 100,260 |  |  | $ | 69,595 |
Foreign |  |  | 50,746 |  |  |  | 49,277 |  |  |  | (997 | )
Income before income tax |  | $ | 64,311 |  |  | $ | 149,537 |  |  | $ | 68,598 |
Components of Income Tax Expense | The components of the income tax expense are as follows (in thousands):
|  | Year ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (9,097 | ) |  | $ | (5,817 | ) |  | $ | (4,485 | )
State |  |  | (511 | ) |  |  | (54 | ) |  |  | (47 | )
Foreign |  |  | (8,677 | ) |  |  | (15,406 | ) |  |  | (12,902 | )
|  |  | (18,285 | ) |  |  | (21,277 | ) |  |  | (17,434 | )
Deferred income tax (expense) benefit: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 12,622 |  |  |  | (24,425 | ) |  |  | (2,683 | )
State |  |  | 611 |  |  |  | (23 | ) |  |  | (503 | )
Foreign |  |  | (419 | ) |  |  | 73 |  |  |  | 92 |
|  |  | 12,814 |  |  |  | (24,375 | ) |  |  | (3,094 | )
Income tax expense |  | $ | (5,471 | ) |  | $ | (45,652 | ) |  | $ | (20,528 | )
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, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Statutory U.S. federal income tax rate |  |  | 21.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal benefit |  |  | (0.2 | )% |  |  | 0.0 | % |  |  | 0.5 | %
Effect of foreign operations |  |  | (4.7 | )% |  |  | (7.1 | )% |  |  | 0.9 | %
Accruals and reserves |  |  | 0.0 | % |  |  | 0.1 | % |  |  | 3.2 | %
Nondeductible employee compensation |  |  | 1.7 | % |  |  | 1.5 | % |  |  | 1.5 | %
Research tax credits |  |  | (2.7 | )% |  |  | (0.7 | )% |  |  | (1.3 | )%
Change in valuation allowance |  |  | 0.0 | % |  |  | (4.1 | )% |  |  | (9.7 | )%
Stock based compensation |  |  | (2.7 | )% |  |  | (1.9 | )% |  |  | 0.0 | %
U.S. Tax Cuts and Jobs Act |  |  | (3.5 | )% |  |  | 7.7 | % |  |  | 0.0 | %
U.S. International Tax (Sub F, GILTI, FDII) |  |  | (1.2 | )% |  |  | 0.0 | % |  |  | 0.0 | %
Other |  |  | 0.8 | % |  |  | 0.0 | % |  |  | (0.2 | )%
Effective tax rate |  |  | 8.5 | % |  |  | 30.5 | % |  |  | 29.9 | %
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, 2018 (in thousands):
|  | Related Tax Deduction |  | Tax Benefit |  |  | Expiration Date
Tax credit carry forwards: |  |  |  |  |  |  |  |
State research tax credits |  | n/a |  | $ | 2,893 |  |  | 2026 to 2033
Total credit carry forwards |  | n/a |  | $ | 2,893 |  |  |
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, |
|  | 2018 |  |  | 2017 |
Deferred tax asset: |  |  |  |  |  |  |  |
Capitalized technology license |  | $ | 553 |  |  | $ | 804 |
Capitalized research expenditures |  |  | 4,710 |  |  |  | 3,719 |
Accruals and reserves |  |  | 2,890 |  |  |  | 962 |
Retirement plan |  |  | 9,570 |  |  |  | 7,125 |
Deferred revenue |  |  | 12,028 |  |  |  | 206 |
Tax credit carry forwards |  |  | 2,895 |  |  |  | 21,562 |
Stock-based compensation |  |  | 1,701 |  |  |  | 1,819 |
Other |  |  | 47 |  |  |  | 59 |
|  |  | 34,394 |  |  |  | 36,256 |
Valuation allowance |  |  | (2,893 | ) |  |  | (2,460 | )
Deferred tax assets |  |  | 31,501 |  |  |  | 33,796 |
Deferred tax liability: |  |  |  |  |  |  |  |
Accruals and reserves |  |  | (7,124 | ) |  |  | (6,774 | )
Deferred tax liabilities |  |  | (7,124 | ) |  |  | (6,774 | )
Net deferred tax assets |  | $ | 24,377 |  |  | $ | 27,022 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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