v3.24.0.1

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of deferred tax liabilities and assets |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets, net: |  |  |  |  |  |
Research and Development carryforward expenses |  | $ | 25,527 |  |  | $ | 9,335 |
Carryforward tax losses(1) |  |  | 44,294 |  |  |  | 19,916 |
Stock based compensation expenses |  |  | 28,715 |  |  |  | 9,863 |
Deferred revenue |  |  | 13,244 |  |  |  | 8,954 |
Lease liabilities |  |  | 12,872 |  |  |  | 6,520 |
Inventory Impairment |  |  | 11,136 |  |  |  | 627 |
Foreign currency translation |  |  | 4,985 |  |  |  | 6,987 |
Allowance and other reserves |  |  | 17,367 |  |  |  | 23,255 |
Total Gross deferred tax assets, net |  | $ | 158,140 |  |  | $ | 85,457 |
Less, Valuation Allowance |  |  | (51,245 | ) |  |  | (23,777 | )
Total deferred tax assets, net |  | $ | 106,895 |  |  | $ | 61,680 |
Deferred tax liabilities, net: |  |  |  |  |  |  |  |
Intercompany transactions |  | $ | (4,470 | ) |  | $ | (6,292 | )
Right-of-use assets |  |  | (13,353 | ) |  |  | (6,618 | )
Purchase price allocation |  |  | (4,129 | ) |  |  | (4,617 | )
Property, plant and equipment |  |  | (5,481 | ) |  |  | - |
Total deferred tax liabilities, net |  | $ | (27,433 | ) |  | $ | (17,527 | )
Recorded as: |  |  |  |  |  |  |  |
Deferred tax assets, net |  | $ | 80,912 |  |  | $ | 44,153 |
Deferred tax liabilities, net |  |  | (1,450 | ) |  |  | - |
Net deferred tax assets |  | $ | 79,462 |  |  | $ | 44,153 |
Schedule of Uncertain Tax Positions |
e. | Uncertain tax positions are comprised as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance, at the beginning of the period |  | $ | 2,756 |  |  | $ | 2,192 |  |  | $ | 10,564 |
Increases related to current year tax positions |  |  | 1,502 |  |  |  | 564 |  |  |  | 635 |
Increase for tax positions related to prior years |  |  | 11,778 |  |  |  | - |  |  |  | - |
Decreases related to prior year tax positions |  |  | (128 | ) |  |  | - |  |  |  | (9,007 | )
Balance, at end of the period |  | $ | 15,908 |  |  | $ | 2,756 |  |  | $ | 2,192 |
Schedule of Income (Loss) Before Taxes |
f. | Income before income taxes are comprised as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 49,758 |  |  | $ | 47,324 |  |  | $ | 13,659 |
Foreign |  |  | 31,341 |  |  |  | 129,831 |  |  |  | 173,565 |
Income before income taxes |  | $ | 81,099 |  |  | $ | 177,155 |  |  | $ | 187,224 |
Schedule of Income taxes |
g. | Income taxes (tax benefit) are comprised as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current taxes: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 42,960 |  |  | $ | 56,958 |  |  | $ | (7,872 | )
Foreign |  |  | 46,531 |  |  |  | 37,473 |  |  |  | 37,564 |
Total current taxes |  |  | 89,491 |  |  |  | 94,431 |  |  |  | 29,692 |
Deferred taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | (2,244 | ) |  |  | (8,955 | ) |  |  | (3,682 | )
Foreign |  |  | (40,827 | ) |  |  | (2,100 | ) |  |  | (7,956 | )
Total deferred taxes |  |  | (43,071 | ) |  |  | (11,055 | ) |  |  | (11,638 | )
Income taxes, net |  | $ | 46,420 |  |  | $ | 83,376 |  |  | $ | 18,054 |
Schedule of Reconciliation Between the Theoretical Tax Expense and the Actual Tax Expense (Benefit) | A reconciliation between the theoretical tax expense and the actual tax expense as reported in the consolidated statements of income is as follows:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
Income tax at rate other than the U.S. statutory tax rate |  |  | (37.3 | )% |  |  | (10.8 | )% |  |  | (7.4 | )%
Losses and timing differences for which valuation allowance was provided |  |  | 27.7 | % |  |  | 5.2 | % |  |  | 2.7 | %
Prior year income taxes (benefit) |  |  | (1.0 | )% |  |  | 2.9 | % |  |  | (4.4 | )%
R&D Capitalization and other effects of TCJA |  |  | 42.5 | % |  |  | 18.9 | % |  |  | 0.1 | %
Non-deductible expenses |  |  | 4.5 | % |  |  | 13.2 | % |  |  | 2.0 | %
Other individually immaterial income tax items, net |  |  | (0.2 | )% |  |  | (3.3 | )% |  |  | (4.4 | )%
Effective tax rate |  |  | 57.2 | % |  |  | 47.1 | % |  |  | 9.6 | %

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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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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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