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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
| (In thousands)
United States | $ | 80,903 |  |  | $ | 465,463 |  |  | $ | 417,636 |
Foreign | 39,256 |  |  | 47,676 |  |  | 34,412 |
Income before income taxes | $ | 120,159 |  |  | $ | 513,139 |  |  | $ | 452,048 |
Schedule of Provision for Income Tax | The income tax provision the years presented is as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 61,256 |  |  | $ | 96,151 |  |  | $ | 34,499 |
State | 6,319 |  |  | 13,937 |  |  | 9,719 |
Foreign | 11,137 |  |  | 11,303 |  |  | 10,605 |
| 78,712 |  |  | 121,391 |  |  | 54,823 |
Deferred: |  |  |  |  |
Federal | (58,588) |  |  | (50,211) |  |  | (6,245) |
State | (4,535) |  |  | 1,287 |  |  | 3,803 |
Foreign | 1,912 |  |  | 1,736 |  |  | 2,305 |
| (61,211) |  |  | (47,188) |  |  | (137) |
Income tax provision | $ | 17,501 |  |  | $ | 74,203 |  |  | $ | 54,686 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax provision 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,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Income tax provision at statutory federal rate | $ | 25,233 |  |  | $ | 107,760 |  |  | $ | 94,926 |
State taxes, net of federal benefit | 7,406 |  |  | 18,107 |  |  | 9,980 |
Change in valuation allowance | 1,973 |  |  | — |  |  | — |
Foreign tax rate and tax law differential | 6,502 |  |  | 5,965 |  |  | 4,905 |
Tax credits | (7,598) |  |  | (29,229) |  |  | (19,864) |
Non-taxable income related to Section 45X tax credits | (33,083) |  |  | (11,229) |  |  | — |
Stock-based compensation | 13,408 |  |  | (13,969) |  |  | (45,551) |
Other permanent items | 335 |  |  | (964) |  |  | 4,149 |
Other nondeductible/nontaxable items | (219) |  |  | (73) |  |  | 69 |
Uncertain tax positions | 2,746 |  |  | 8,432 |  |  | 6,073 |
Foreign-derived intangible income deduction | (5,188) |  |  | (15,391) |  |  | (9,161) |
GILTI and other foreign inclusions | 9,101 |  |  | — |  |  | — |
Section 162(m) | 4,618 |  |  | 5,445 |  |  | 9,291 |
Unremitted foreign earnings | 1,654 |  |  | 1,829 |  |  | 1,837 |
Prior year changes in estimates | (9,387) |  |  | (2,480) |  |  | (1,968) |
Income tax provision | $ | 17,501 |  |  | $ | 74,203 |  |  | $ | 54,686 |
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, 2024 and 2023 is as follows:
| December 31,
| 2024 |  | 2023
| (In thousands)
Deferred tax assets: |  |  |
Allowances and reserves | $ | 56,819 |  |  | $ | 53,066 |
Accrued liabilities | 30,230 |  |  | 1,957 |
Net operating loss and tax credit carryforwards | 17,945 |  |  | 23,267 |
Stock-based compensation | 17,504 |  |  | 15,811 |
Deferred revenue | 66,353 |  |  | 53,656 |
Fixed assets and intangibles | 1,670 |  |  | — |
Convertible notes and related hedges | 27,053 |  |  | 38,773 |
Capitalized research and development expense | 104,002 |  |  | 83,098 |
Capitalized inventory | 13,865 |  |  | 7,916 |
Other | 8,496 |  |  | 5,441 |
Gross deferred tax assets | 343,937 |  |  | 282,985 |
Less valuation allowance | (1,973) |  |  | — |
Total deferred tax assets | 341,964 |  |  | 282,985 |
Deferred tax liabilities: |  |  |
Fixed assets and intangibles | — |  |  | (2,833) |
Unremitted foreign earnings | (6,800) |  |  | (5,189) |
Deferred cost of goods sold | (26,397) |  |  | (27,782) |
Other | (208) |  |  | — |
Total deferred tax liabilities | (33,405) |  |  | (35,804) |
Net deferred tax asset | $ | 308,559 |  |  | $ | 247,181 |
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,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits—at beginning of year | $ | 27,218 |  |  | $ | 21,768 |  |  | $ | 20,904 |
Decreases in balances related to tax positions taken in prior years | (702) |  |  | (417) |  |  | (4,786) |
Increases in balances related to tax positions taken in current year | 1,490 |  |  | 5,985 |  |  | 6,562 |
Settlements | — |  |  | — |  |  | (657) |
Lapses in statutes of limitations | (346) |  |  | (118) |  |  | (255) |
Unrecognized tax benefits—at end of year | $ | 27,660 |  |  | $ | 27,218 |  |  | $ | 21,768 |
Schedule of Valuation Allowance | The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are reduced.
| Years Ended December 31,
| 2024 |  | 2023
| (In thousands)
Valuation allowance, beginning of period | $ | — |  |  | $ | — |
Additions | 1,973 |  |  | — |
Reversals | — |  |  | — |
Valuation allowance, end of period | $ | 1,973 |  |  | $ | — |

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