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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

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,
		2019				2018				2017
United States		$	53,629			$	13,565			$	100,260
Foreign			116,276				50,746				49,277
Income before income taxes		$	169,905			$	64,311			$	149,537

Components of Income Tax Expense

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

		Year ended December 31,
		2019				2018				2017
Current income tax expense:
Federal		$	(20,108	)		$	(9,097	)		$	(5,817	)
State			(755	)			(511	)			(54	)
Foreign			(16,514	)			(8,677	)			(15,406	)
			(37,377	)			(18,285	)			(21,277	)
Deferred income tax benefit (expense):
Federal			5,208				12,622				(24,425	)
State			1,054				611				(23	)
Foreign			(486	)			(419	)			73
			5,776				12,814				(24,375	)
Income tax expense		$	(31,601	)		$	(5,471	)		$	(45,652	)

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,
		2019				2018				2017
Statutory U.S. federal income tax rate			21.0	%			21.0	%			35.0	%
State income taxes, net of federal benefit			0.1				(0.2	)			—
Effect of foreign operations			(5.4	)			(4.7	)			(7.1	)
Accruals and reserves			(1.1	)			—				0.1
Nondeductible employee compensation			2.5				1.7				1.5
Research tax credits			(1.4	)			(2.7	)			(0.7	)
Change in valuation allowance			—				—				(4.1	)
Stock based compensation			(1.7	)			(2.7	)			(1.9	)
U.S. Tax Cuts and Jobs Act			—				(3.5	)			7.7
U.S. International Tax (Sub F, GILTI, FDII)			3.8				(1.2	)			—
Other			0.8				0.8				—
Effective tax rate			18.6	%			8.5	%			30.5	%

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, 2019 (in thousands):

		Related Tax Deduction		Tax Benefit				Expiration Date
Tax credit carry forwards:
State research tax credits		n/a		$	3,368			2026 to 2034
Total credit carry forwards		n/a		$	3,368

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,
		2019				2018
Deferred tax asset:
Capitalized technology license		$	560			$	553
Capitalized research expenditures			3,319				4,710
Accruals and reserves			4,130				2,890
Retirement plan			11,363				9,570
Deferred revenue			14,354				12,028
Tax credit carry forwards			3,997				2,895
Stock-based compensation			1,884				1,701
Other			1,682				47
			41,289				34,394
Valuation allowance			(3,368	)			(2,893	)
Deferred tax assets			37,921				31,501
Deferred tax liability:
Accruals and reserves			(7,546	)			(7,124	)
Deferred tax liabilities			(7,546	)			(7,124	)
Net deferred tax assets		$	30,375			$	24,377

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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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