v3.24.0.1

INCOME TAXES (Tables)

12 Months Ended

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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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.

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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.

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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.

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

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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.

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