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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | 71,514 |  |  | $ | 77,205 |  |  | $ | 60,066 |
Foreign |  |  | 173,657 |  |  |  | 191,025 |  |  |  | 168,181 |
Income before income taxes |  | $ | 245,171 |  |  | $ | 268,230 |  |  | $ | 228,247 |
Components of Income Tax Expense | The components of the income tax expense are as follows (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current income tax (expense) benefit: |  |  |  |  |  |  |  |  |
Federal |  | $ | (15,848 | ) |  | $ | (51,980 | ) |  | $ | (16,433 | )
State |  |  | (3,048 | ) |  |  | (1,833 | ) |  |  | (641 | )
Foreign |  |  | (27,030 | ) |  |  | (31,302 | ) |  |  | (25,212 | )
|  |  | (45,926 | ) |  |  | (85,115 | ) |  |  | (42,286 | )
Deferred income tax (expense) benefit: |  |  |  |  |  |  |  |  |
Federal |  |  | (460 | ) |  |  | 25,916 |  |  |  | (844 | )
State |  |  | 3,936 |  |  |  | 1,216 |  |  |  | (734 | )
Foreign |  |  | 290 |  |  |  | (186 | ) |  |  | (170 | )
|  |  | 3,766 |  |  |  | 26,946 |  |  |  | (1,748 | )
Income tax expense |  | $ | (42,160 | ) |  | $ | (58,169 | ) |  | $ | (44,034 | )
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory U.S. federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Effect of foreign operations |  |  | (4.0 | ) |  |  | (4.9 | ) |  |  | (5.0 | )
U.S. International Tax (Sub F, GILTI, FDII) |  |  | 2.9 |  |  |  | 4.2 |  |  |  | 2.1 |
Research tax credits |  |  | (2.4 | ) |  |  | (1.9 | ) |  |  | (1.4 | )
Redetermination of foreign tax credit utilization |  |  | (2.0 | ) |  |  | — |  |  |  | — |
Nondeductible employee compensation |  |  | 1.7 |  |  |  | 1.9 |  |  |  | 3.0 |
State income taxes, net of federal benefit |  |  | (0.2 | ) |  |  | 0.1 |  |  |  | 0.2 |
Stock based compensation |  |  | 0.1 |  |  |  | 0.2 |  |  |  | (0.3 | )
Accruals and reserves |  |  | — |  |  |  | — |  |  |  | (0.8 | )
Other |  |  | 0.1 |  |  |  | 1.1 |  |  |  | 0.5 |
Effective tax rate |  |  | 17.2 | % |  |  | 21.7 | % |  |  | 19.3 | %
Tax Loss and Tax Credit Carryforwards | The following table summarizes Company tax credit carry forwards for tax return purposes as of December 31, 2023 (in thousands):
|  | Tax Benefit |  |  | Expiration Date
Tax credit carry forwards: |  |  |  |  |
State research tax credits |  | $ | 8,752 |  |  | 2034-2038
Foreign tax credits |  | $ | 186 |  |  | 2031
Total credit carry forwards |  | $ | 8,938 |  |  |
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, |
|  | 2023 |  |  | 2022 |
Deferred tax asset: |  |  |  |  |  |
Capitalized research expenditures |  | $ | 39,459 |  |  | $ | 38,485 |
Retirement plan |  |  | 12,555 |  |  |  | 13,495 |
Tax credit carry forwards |  |  | 8,938 |  |  |  | 8,100 |
Accruals and reserves |  |  | 7,180 |  |  |  | 6,944 |
Lease Liabilities |  |  | 6,671 |  |  |  | 7,230 |
Deferred revenue |  |  | 1,741 |  |  |  | 2,077 |
Stock-based compensation |  |  | 1,498 |  |  |  | 1,454 |
Other |  |  | 1,362 |  |  |  | 3,400 |
|  |  | 79,404 |  |  |  | 81,185 |
Valuation allowance |  |  | (9,551 | ) |  |  | (11,087 | )
Deferred tax assets |  |  | 69,853 |  |  |  | 70,098 |
Deferred tax liability: |  |  |  |  |  |
Lease Assets |  |  | (6,302 | ) |  |  | (6,944 | )
Acquisition Goodwill |  |  | (1,549 | ) |  |  | (1,283 | )
Other |  |  | (2,894 | ) |  |  | (3,710 | )
Deferred tax liabilities |  |  | (10,745 | ) |  |  | (11,937 | )
Net deferred tax assets |  | $ | 59,108 |  |  | $ | 58,161 |

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- Definition 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. + References No definition available. + Details
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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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