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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Components of Loss before Provision for Income Taxes | The domestic and foreign components of income before income taxes consisted of the following:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
United States | $ | 465,463 |  |  | $ | 417,636 |  |  | $ | 102,886 |
Foreign | 47,676 |  |  | 34,412 |  |  | 18,042 |
Income before income taxes | $ | 513,139 |  |  | $ | 452,048 |  |  | $ | 120,928 |
Schedule of Provision for Income Taxes | The income taxes provision for (benefit from) the years presented is as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 96,151 |  |  | $ | 34,499 |  |  | $ | — |
State | 13,937 |  |  | 9,719 |  |  | 488 |
Foreign | 11,303 |  |  | 10,605 |  |  | 6,232 |
| 121,391 |  |  | 54,823 |  |  | 6,720 |
Deferred: |  |  |  |  |
Federal | (50,211) |  |  | (6,245) |  |  | (28,398) |
State | 1,287 |  |  | 3,806 |  |  | (4,380) |
Foreign | 1,736 |  |  | 2,305 |  |  | 1,537 |
| (47,188) |  |  | (137) |  |  | (31,241) |
Income taxes provision for (benefit from) | $ | 74,203 |  |  | $ | 54,686 |  |  | $ | (24,521) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income taxes provision (benefit) and the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for the years presented is as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Income tax provision at statutory federal rate | $ | 107,760 |  |  | $ | 94,926 |  |  | $ | 27,681 |
State taxes, net of federal benefit | 18,107 |  |  | 9,980 |  |  | 489 |
Foreign tax rate and tax law differential | 5,965 |  |  | 4,905 |  |  | 1,073 |
Tax credits | (29,229) |  |  | (19,864) |  |  | (15,632) |
Non-taxable income related to Section 45X tax credits | (11,229) |  |  | — |  |  | — |
Stock-based compensation | (13,969) |  |  | (45,551) |  |  | (80,950) |
Other permanent items | (964) |  |  | 4,149 |  |  | 178 |
Other nondeductible/nontaxable items | (724) |  |  | (62) |  |  | 2,316 |
Uncertain tax positions | 8,432 |  |  | 6,073 |  |  | 6,911 |
Foreign-derived intangible income deduction | (15,391) |  |  | (9,161) |  |  | — |
Section 162(m) | 5,445 |  |  | 9,291 |  |  | 25,812 |
Convertible notes settlements | — |  |  | — |  |  | 8,223 |
Warrant mark-to-mark adjustment | — |  |  | — |  |  | (622) |
Income tax provision (benefit) | $ | 74,203 |  |  | $ | 54,686 |  |  | $ | (24,521) |
Schedule of Deferred Tax Assets and Liabilities | A summary of significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 is as follows:
| December 31,
| 2023 |  | 2022
| (In thousands)
Deferred tax assets: |  |  |
Allowances and reserves | $ | 53,191 |  |  | $ | 40,166 |
Net operating loss and tax credit carryforwards | 23,267 |  |  | 26,748 |
Stock-based compensation | 15,811 |  |  | 20,230 |
Deferred revenue | 53,656 |  |  | 40,120 |
Fixed assets, goodwill and intangibles | — |  |  | 609 |
Convertible notes and related hedges | 38,773 |  |  | 49,405 |
Capitalized research and development expense | 83,098 |  |  | 47,870 |
Other | 15,189 |  |  | 11,099 |
Subtotal | 282,985 |  |  | 236,247 |
Total deferred tax assets | 282,985 |  |  | 236,247 |
Deferred tax liabilities: |  |  |
Fixed assets and intangibles | (2,833) |  |  | — |
Unremitted foreign earnings | (5,189) |  |  | (3,755) |
Deferred cost of goods sold | (27,782) |  |  | (32,449) |
Total deferred tax liabilities | (35,804) |  |  | (36,204) |
Net deferred tax asset | $ | 247,181 |  |  | $ | 200,043 |
Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits | A tabular reconciliation of the total amounts of unrecognized tax benefits for the years presented is as follows (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Unrecognized tax benefits—at beginning of year | $ | 21,768 |  |  | $ | 20,904 |  |  | $ | 8,421 |
Increases (decreases) in balances related to tax positions taken in prior years | (417) |  |  | (4,786) |  |  | 4,391 |
Increases in balances related to tax positions taken in current year | 5,985 |  |  | 6,562 |  |  | 8,301 |
Settlements | — |  |  | (657) |  |  | — |
Lapses in statutes of limitations | (118) |  |  | (255) |  |  | (209) |
Unrecognized tax benefits—at end of year | $ | 27,218 |  |  | $ | 21,768 |  |  | $ | 20,904 |

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