XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.22.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following table sets forth income before taxes and the expense for income taxes:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Income before taxes: |  |  |  |  |
U.S. | $ | 312,501 |  |  | $ | 510,706 |  |  | $ | 133,574 |
Foreign | 406,007 |  |  | 153,143 |  |  | 73,405 |
Total income before taxes | $ | 718,508 |  |  | $ | 663,849 |  |  | $ | 206,979 |
Income tax expense (benefit): |  |  |  |  |
Current income taxes: |  |  |  |  |
U.S. federal | $ | 76,092 |  |  | $ | 94,548 |  |  | $ | 698 |
U.S. state | 19,257 |  |  | 28,460 |  |  | 6,577 |
Foreign | 87,760 |  |  | 56,430 |  |  | 211,904 |
Total current income taxes | 183,109 |  |  | 179,438 |  |  | 219,179 |
Deferred income taxes: |  |  |  |  |
U.S. federal | (12,032) |  |  | 791 |  |  | 529 |
U.S. state | 861 |  |  | 32 |  |  | (2,381) |
Foreign | 6,411 |  |  | (242,106) |  |  | (323,209) |
Total deferred income taxes | (4,760) |  |  | (241,283) |  |  | (325,061) |
Total income tax expense (benefit) | $ | 178,349 |  |  | $ | (61,845) |  |  | $ | (105,882) |
Summary of Tax Expense and Effective Tax Rates | The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Income tax expense and rate attributable to: |  |  |  |  |  |  |  |  |  |  |
Federal income tax rate | $ | 150,887 |  |  | 21.0 | % |  | $ | 139,408 |  |  | 21.0 | % |  | $ | 43,466 |  |  | 21.0 | %
State income tax rate, net of federal benefit | 15,981 |  |  | 2.2 | % |  | 22,952 |  |  | 3.5 | % |  | 7,231 |  |  | 3.5 | %
Foreign income tax rate differential | 12,405 |  |  | 1.7 | % |  | 18,890 |  |  | 2.8 | % |  | (6,060) |  |  | (2.9) | %
GILTI, net | 4,834 |  |  | 0.7 | % |  | 14,157 |  |  | 2.1 | % |  | 7,515 |  |  | 3.6 | %
Non-deductible / non-taxable items | 3,743 |  |  | 0.5 | % |  | 9,637 |  |  | 1.5 | % |  | 6,871 |  |  | 3.3 | %
Change in valuation allowance | 4,414 |  |  | 0.6 | % |  | (192,337) |  |  | (29.0) | % |  | 143,012 |  |  | 69.0 | %
U.S. tax on foreign earnings | 16,822 |  |  | 2.3 | % |  | — |  |  | — | % |  | — |  |  | — | %
Foreign tax credits | (28,087) |  |  | (3.9) | % |  | (19,925) |  |  | (3.0) | % |  | (15,904) |  |  | (7.7) | %
Research and development credits | (5,488) |  |  | (0.8) | % |  | (13,104) |  |  | (2.0) | % |  | (148) |  |  | (0.1) | %
Uncertain tax positions | 3,952 |  |  | 0.6 | % |  | 21,341 |  |  | 3.2 | % |  | 200,571 |  |  | 96.9 | %
Share-based compensation | (1,231) |  |  | (0.2) | % |  | (11,930) |  |  | (1.8) | % |  | (1,303) |  |  | (0.6) | %
Intra-Entity IP Transfer | — |  |  | — | % |  | (41,858) |  |  | (6.3) | % |  | (492,470) |  |  | (237.9) | %
Enacted changes in tax law | — |  |  | — | % |  | (9,554) |  |  | (1.4) | % |  | — |  |  | — | %
Other | 117 |  |  | 0.1 | % |  | 478 |  |  | 0.1 | % |  | 1,337 |  |  | 0.7 | %
Effective income tax expense and rate | $ | 178,349 |  |  | 24.8 | % |  | $ | (61,845) |  |  | (9.3) | % |  | $ | (105,882) |  |  | (51.2) | %
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table sets forth deferred income tax assets and liabilities as of the date shown:
| December 31,
| 2022 |  | 2021
| (in thousands)
Non-current deferred tax assets: |  |  |
Share-based compensation expense | $ | 3,130 |  |  | $ | 2,706 |
Accruals, reserves, and other expenses | 24,324 |  |  | 24,346 |
Net operating loss | 21,455 |  |  | 24,573 |
Intangible assets | 438,712 |  |  | 502,100 |
Foreign tax credit | 45,746 |  |  | 39,442 |
Operating lease liabilities | 55,624 |  |  | 35,755 |
Other | 25,354 |  |  | 5,811 |
Valuation allowance | (28,118) |  |  | (26,467) |
Total non-current deferred tax assets | $ | 586,227 |  |  | $ | 608,266 |
Non-current deferred tax liabilities: |  |  |
Unrealized gain on foreign currency | $ | (1,760) |  |  | $ | — |
Property and equipment | (2,381) |  |  | (12,189) |
Right-of-use assets | (47,641) |  |  | (28,598) |
Intangible assets | (307,474) |  |  | — |
Other | (723) |  |  | (278) |
Total non-current deferred tax liabilities | $ | (359,979) |  |  | $ | (41,065) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Unrecognized tax benefit as of January 1 | $ | 218,399 |  |  | $ | 206,209 |  |  | $ | 4,613 |
Additions in tax positions taken in prior period | 1,697 |  |  | 6,169 |  |  | 519 |
Reductions in tax positions taken in prior period | (904) |  |  | (963) |  |  | (340) |
Additions in tax positions taken in current period | 2,948 |  |  | 23,061 |  |  | 200,947 |
Settlements | (375) |  |  | (763) |  |  | (294) |
Lapse of statute of limitations | (510) |  |  | (342) |  |  | (258) |
Current year acquisitions | 10,426 |  |  | — |  |  | — |
Cumulative foreign currency translation adjustment | (12,318) |  |  | (14,972) |  |  | 1,022 |
Unrecognized tax benefit as of December 31 | $ | 219,363 |  |  | $ | 218,399 |  |  | $ | 206,209 |
Summary of Income Tax Examinations | The following table sets forth the tax years subject to examination for the major jurisdictions where we conduct business as of December 31, 2022:
The Netherlands | 2010 to 2022
Canada | 2014 to 2022
Hong Kong | 2020 to 2022
Japan | 2014 to 2022
China | 2016 to 2022
Singapore | 2017 to 2022
United States | 2007 to 2022

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + 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 the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + 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 income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration