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PROVISION FOR INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure Abstract |
U.S. and foreign components of income (loss) before income taxes | U.S. and foreign components of income (loss) before income taxes were:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
U.S. operations | ​ | $ | 17,250 | ​ | $ | 241 | ​ | $ | (6,252)
Foreign operations | ​ |  | 166,176 | ​ |  | 175,894 | ​ |  | 81,503
Total income before income taxes | ​ | $ | 183,426 | ​ | $ | 176,135 | ​ | $ | 75,251
​
Components of provision for income taxes | The components of the provision for income taxes are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Current provision (benefit): |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 19,740 | ​ | $ | 23,648 | ​ | $ | 2,788
State | ​ |  | 2 | ​ |  | 2 | ​ |  | (181)
Foreign | ​ |  | 1,079 | ​ |  | 1,608 | ​ |  | 1,677
​ | ​ |  | 20,821 | ​ |  | 25,258 | ​ |  | 4,284
Deferred provision (benefit): | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (7,962) | ​ |  | (11,449) | ​ |  | 348
State | ​ |  | — | ​ |  | — | ​ |  | —
Foreign | ​ |  | (284) | ​ |  | (2,087) | ​ |  | (557)
​ | ​ |  | (8,246) | ​ |  | (13,536) | ​ |  | (209)
Total | ​ | $ | 12,575 | ​ | $ | 11,722 | ​ | $ | 4,075
​
Effective income tax rate reconciliation | The provision for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before income taxes, as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
Provision (benefit) computed at Federal statutory rate |  | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
Business tax credits |  | (3.7) |  | ​ | (3.6) |  | ​ | (7.4) | ​
Stock-based compensation |  | (1.6) |  | ​ | (0.6) |  | ​ | (0.1) | ​
Foreign income taxed at different rate |  | (18.5) |  | ​ | (23.8) |  | ​ | (22.0) | ​
GILTI inclusion |  | 8.5 |  | ​ | 13.1 |  | ​ | 10.7 | ​
Valuation allowance |  | 1.3 |  | ​ | 1.3 |  | ​ | 2.6 | ​
Other |  | (0.1) |  | ​ | (0.7) |  | ​ | 0.6 | ​
Total |  | 6.9 | % | ​ | 6.7 | % | ​ | 5.4 | %
​
Components of net deferred income tax assets (liabilities) | The components of the net deferred income tax assets (liabilities) were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
(In thousands) | ​ | 2022 | ​ | 2021
Deferred tax assets: |  | ​ |  |  | ​ |
Capitalized R&D costs | ​ | $ | 20,666 | ​ | $ | 13,226
Other reserves and accruals | ​ | ​ | 2,516 | ​ | ​ | 3,967
Tax credit carry-forwards | ​ |  | 26,154 | ​ |  | 23,647
Stock compensation | ​ |  | 1,559 | ​ |  | 1,278
Capital losses | ​ |  | 150 | ​ |  | 159
Net operating loss | ​ |  | 2,217 | ​ |  | 2,370
Other | ​ |  | 439 | ​ |  | 692
Valuation allowance | ​ |  | (29,036) | ​ |  | (27,085)
​ | ​ |  | 24,665 | ​ |  | 18,254
Deferred tax liabilities: | ​ |  |  | ​ |  |
Depreciation | ​ |  | (5,596) | ​ |  | (1,750)
​ | ​ |  | (5,596) | ​ |  | (1,750)
Net deferred tax assets | ​ | $ | 19,069 | ​ | $ | 16,504
​
Unrecognized tax benefits rollforward | The Company applies the provisions of ASC 740-10, relating to accounting for uncertain income taxes. Reconciliation of the beginning and ending amount of unrecognized tax benefits:
​ | ​ | ​ | ​
​ |  | Unrecognized
(In thousands) | ​ | Tax Benefits
Unrecognized Tax Benefits Balance at January 1, 2020 | ​ | $ | 19,049
Gross Increase for Tax Positions of Current Year | ​ |  | 2,002
Gross Decrease for Tax Positions of Prior Years | ​ |  | —
Unrecognized Tax Benefits Balance at December 31, 2020 | ​ |  | 21,051
Gross Increase for Tax Positions of Current Year | ​ |  | 2,068
Gross Decrease for Tax Positions of Prior Years | ​ |  | (1,756)
Unrecognized Tax Benefits Balance at December 31, 2021 | ​ |  | 21,363
Gross Increase for Tax Positions of Current Year | ​ |  | 2,188
Gross Decrease for Tax Positions of Prior Years | ​ |  | (165)
Unrecognized Tax Benefits Balance at December 31, 2022 | ​ | $ | 23,386
​

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