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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES [Abstract] |
Consolidated income before provision for income taxes | Consolidated income before provision for income taxes consists of the following for the years ended December 31, 2010, 2011 and 2012 (U.S. dollars in thousands):
|  | 2010 |  |  | 2011 |  |  | 2012 |
U.S. |  | $ | 141,069 |  |  | $ | 142,929 |  |  | $ | 259,309 |
Foreign |  |  | 66,544 |  |  |  | 83,840 |  |  |  | 85,933 |
Total |  | $ | 207,613 |  |  | $ | 226,769 |  |  | $ | 345,242 |
Provisions for current and deferred taxes | The provision for current and deferred taxes for the years ended December 31, 2010, 2011 and 2012 consists of the following (U.S. dollars in thousands):
|  | 2010 |  |  | 2011 |  |  | 2012 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 45,761 |  |  | $ | 14,723 |  |  | $ | 70,727 |
State |  |  | 3,825 |  |  |  | 2,245 |  |  |  | 2,425 |
Foreign |  |  | 27,450 |  |  |  | 56,973 |  |  |  | 45,851 |
|  |  | 77,036 |  |  |  | 73,941 |  |  |  | 119,003 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,558 | ) |  |  | 17,756 |  |  |  | 12,918 |
State |  |  | 212 |  |  |  | 582 |  |  |  | 656 |
Foreign |  |  | (3,128 | ) |  |  | (18,840 | ) |  |  | (8,980 | )
|  |  | (5,474 | ) |  |  | (502 | ) |  |  | 4,594 |
Provision for income taxes |  | $ | 71,562 |  |  | $ | 73,439 |  |  | $ | 123,597 |
Principal components of deferred taxes | The principal components of deferred taxes are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2011 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |
Inventory differences |  | $ | 3,796 |  |  | $ | 3,490 |
Foreign tax credit and other foreign benefits |  |  | 25,149 |  |  |  | 42,128 |
Stock-based compensation |  |  | 9,674 |  |  |  | 13,772 |
Accrued expenses not deductible until paid |  |  | 37,992 |  |  |  | 49,258 |
Foreign currency exchange |  |  | 16,927 |  |  |  | 10,947 |
Net operating losses |  |  | 11,656 |  |  |  | 10,561 |
Capitalized research and development |  |  | 14,746 |  |  |  | 10,535 |
Other |  |  | 568 |  |  |  | 648 |
Gross deferred tax assets |  |  | 120,508 |  |  |  | 141,339 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Exchange gains and losses |  |  | 3,300 |  |  |  | 7,504 |
Intangibles step-up |  |  | 12,179 |  |  |  | 18,379 |
Amortization of intangibles |  |  | 14,457 |  |  |  | 15,840 |
Foreign outside basis in controlled foreign corporation |  |  | 16,081 |  |  |  | 32,592 |
Other |  |  | 11,431 |  |  |  | 20,867 |
Gross deferred tax liabilities |  |  | 57,448 |  |  |  | 95,182 |
Valuation allowance |  |  | (11,611 | ) |  |  | (10,522 | )
Deferred taxes, net |  | $ | 51,449 |  |  | $ | 35,635 |
Components of deferred taxes, net on jurisdiction basis | The components of deferred taxes, net on a jurisdiction basis are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2011 |  |  | 2012 |
Net current deferred tax assets |  | $ | 32,867 |  |  | $ | 40,475 |
Net noncurrent deferred tax assets |  |  | 29,661 |  |  |  | 26,302 |
Total net deferred tax assets |  |  | 62,528 |  |  |  | 66,777 |
Net current deferred tax liabilities |  |  | 7 |  |  |  | 2 |
Net noncurrent deferred tax liabilities |  |  | 11,072 |  |  |  | 31,140 |
Total net deferred tax liabilities |  |  | 11,079 |  |  |  | 31,142 |
Deferred taxes, net |  | $ | 51,449 |  |  | $ | 35,635 |
Actual tax rate compared to statutory U.S federal tax rate | The actual tax rate for the years ended December 31, 2010, 2011 and 2012 compared to the statutory U.S. Federal tax rate is as follows:
|  | Year Ended December 31, |
|  | 2010 |  |  | 2011 |  |  | 2012 |
Income taxes at statutory rate |  |  | 35.00 | % |  |  | 35.00 | % |  |  | 35.00 | %
Non-deductible expenses |  |  | .10 |  |  |  | .16 |  |  |  | .12 |
Extraterritorial income tax credit |  |  | .00 |  |  |  | (3.39 | ) |  |  | .00 |
Other |  |  | (.63 | ) |  |  | .62 |  |  |  | .68 |
|  |  | 34.47 | % |  |  | 32.39 | % |  |  | 35.80 | %

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