XML 75 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1

INCOME TAXES (Tables)

12 Months Ended

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					$	—

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration