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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | Income (Loss) before income taxes consisted of the following:
| Years Ended December 31,
Dollars in thousands | 2021 |  | 2020 |  | 2019
United States operations | $ | 91,150 |  |  | $ | 15,082 |  |  | $ | (38,359) |
Foreign operations | 123,527 |  |  | 78,438 |  |  | 98,463 |
Total | $ | 214,677 |  |  | $ | 93,520 |  |  | $ | 60,104 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. Federal statutory rate to the Company’s effective tax rate is as follows:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |
State income taxes, net of federal tax benefit | 1.9 | % |  | 1.2 | % |  | 1.0 | %
Foreign operations | (4.0) | % |  | (7.9) | % |  | (20.0) | %
Excess tax benefits from stock compensation | (1.2) | % |  | (1.0) | % |  | (5.6) | %
Nondeductible meals and entertainment | 0.1 | % |  | 0.4 | % |  | 1.5 | %
Intercompany profit in inventory | (0.2) | % |  | 1.2 | % |  | 1.2 | %
Nondeductible facilitative costs | 0.2 | % |  | 1.4 | % |  | 0.8 | %
Research and development credit | (1.2) | % |  | (1.6) | % |  | (2.9) | %
Return to provision | (0.7) | % |  | (2.3) | % |  | 1.7 | %
Global intangible low-taxed income ("GILTI") | 0.7 | % |  | 2.5 | % |  | 7.6 | %
Nondeductible executive compensation | 0.9 | % |  | 2.4 | % |  | 3.0 | %
Fair market value step up on intra-entity transfer of intellectual property | — | % |  | (63.3) | % |  | — | %
Gain from sale of business - book to tax differences | 3.9 | % |  | 2.8 | % |  | — | %
Swiss tax holiday | — | % |  | — | % |  | (15.7) | %
Nondeductible R&D expense | — | % |  | — | % |  | 22.7 | %
Other | (0.2) | % |  | — | % |  | 0.2 | %
Effective tax rate | 21.2 | % |  | (43.2) | % |  | 16.5 | %
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following:
| Years Ended December 31,
Dollars in thousands | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 31,938 |  |  | $ | 6,184 |  |  | $ | 14,597 |
State | 11,377 |  |  | 5,029 |  |  | 3,447 |
Foreign | 5,042 |  |  | 12,553 |  |  | 10,905 |
Total current | $ | 48,357 |  |  | $ | 23,766 |  |  | $ | 28,949 |
Deferred: |  |  |  |  |
Federal | (12,830) |  |  | (5,079) |  |  | (10,889) |
State | (3,688) |  |  | (1,760) |  |  | (666) |
Foreign | 13,763 |  |  | (57,299) |  |  | (7,491) |
Total deferred | $ | (2,755) |  |  | $ | (64,138) |  |  | $ | (19,046) |
Provision for income taxes | $ | 45,602 |  |  | $ | (40,372) |  |  | $ | 9,903 |
Schedule of Deferred Tax Assets and Liabilities | The income tax effects of significant temporary differences that give rise to deferred tax assets and liabilities, shown before jurisdictional netting, are presented below:
| December 31,
Dollars in thousands | 2021 |  | 2020
Assets: |  |  |
Doubtful accounts | $ | 2,029 |  |  | $ | 2,207 |
Inventory related items | 31,841 |  |  | 47,034 |
Tax credits | 13,319 |  |  | 18,319 |
Accrued vacation | 3,042 |  |  | 3,403 |
Accrued bonus | 7,415 |  |  | 4,883 |
Stock compensation | 13,955 |  |  | 6,160 |
Deferred revenue | 1,742 |  |  | 1,665 |
Net operating loss carryforwards | 26,198 |  |  | 29,335 |
Capitalization of research and development expenses | 36,770 |  |  | 13,044 |
Unrealized foreign exchange loss | 12,849 |  |  | 23,798 |
Charitable contributions carryforward | 206 |  |  | 203 |
Leases and Other | 41,371 |  |  | 23,205 |
Total deferred tax assets | 190,737 |  |  | 173,256 |
Less valuation allowance | (9,767) |  |  | (9,897) |
Deferred tax assets after valuation allowance | $ | 180,970 |  |  | $ | 163,359 |
Liabilities: |  |  |
Intangible and fixed assets | (152,150) |  |  | (90,274) |
Leases and Other | (17,658) |  |  | (15,585) |
Total deferred tax liabilities | $ | (169,808) |  |  | $ | (105,859) |
Total net deferred tax assets (liabilities) | $ | 11,162 |  |  | $ | 57,500 |
Schedule of Uncertain Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of uncertain tax benefits is as follows:
| Years Ended December 31,
Dollars in thousands | 2021 |  | 2020 |  | 2019
| (In thousands)
Balance, beginning of year | $ | 702 |  |  | $ | 676 |  |  | $ | 676 |
Gross increases: |  |  |  |  |
Current year tax positions | — |  |  | — |  |  | 53 |
Prior years' tax positions | — |  |  | 26 |  |  | — |
Other | (26) |  |  | — |  |  | (53) |
Balance, end of year | $ | 676 |  |  | $ | 702 |  |  | $ | 676 |

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