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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
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, 2011, 2012 and 2013 (U.S. dollars in thousands):
|  | 2011 |  |  | 2012 |  |  | 2013 |
U.S. |  | $ | 142,929 |  |  | $ | 259,309 |  |  | $ | 307,994 |
Foreign |  |  | 83,840 |  |  |  | 85,933 |  |  |  | 248,946 |
Total |  | $ | 226,769 |  |  | $ | 345,242 |  |  | $ | 556,940 |
Provisions for current and deferred taxes | The provision for current and deferred taxes for the years ended December 31, 2011, 2012 and 2013 consists of the following (U.S. dollars in thousands):
|  | 2011 |  |  | 2012 |  |  | 2013 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 14,723 |  |  | $ | 70,727 |  |  | $ | 84,394 |
State |  |  | 2,245 |  |  |  | 2,425 |  |  |  | 361 |
Foreign |  |  | 56,973 |  |  |  | 45,851 |  |  |  | 148,310 |
|  |  | 73,941 |  |  |  | 119,003 |  |  |  | 233,065 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 17,756 |  |  |  | 12,918 |  |  |  | (5,354 | )
State |  |  | 582 |  |  |  | 656 |  |  |  | 551 |
Foreign |  |  | (18,840 | ) |  |  | (8,980 | ) |  |  | (36,210 | )
|  |  | (502 | ) |  |  | 4,594 |  |  |  | (41,013 | )
Provision for income taxes |  | $ | 73,439 |  |  | $ | 123,597 |  |  | $ | 192,052 |
Principal components of deferred taxes |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |
Inventory differences |  | $ | 3,490 |  |  | $ | 2,927 |
Foreign tax credit and other foreign benefits |  |  | 42,128 |  |  |  | 120,534 |
Stock-based compensation |  |  | 13,772 |  |  |  | 18,132 |
Accrued expenses not deductible until paid |  |  | 45,003 |  |  |  | 88,465 |
Foreign currency exchange |  |  | 10,947 |  |  |  | 13,734 |
Net operating losses |  |  | 10,561 |  |  |  | 10,808 |
Capitalized research and development |  |  | 10,535 |  |  |  | 6,202 |
Other |  |  | 648 |  |  |  | 739 |
Gross deferred tax assets |  |  | 137,084 |  |  |  | 261,541 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Exchange gains and losses |  |  | 7,504 |  |  |  | 9,924 |
Intangibles step-up |  |  | 18,379 |  |  |  | 16,375 |
Amortization of intangibles |  |  | 15,840 |  |  |  | 17,360 |
Foreign outside basis in controlled foreign corporation |  |  | 32,592 |  |  |  | 76,470 |
Other |  |  | 20,867 |  |  |  | 63,409 |
Gross deferred tax liabilities |  |  | 95,182 |  |  |  | 183,538 |
Valuation allowance |  |  | (10,522 | ) |  |  | (10,803 | )
Deferred taxes, net |  | $ | 31,380 |  |  | $ | 67,200 |
Components of deferred taxes, net on a jurisdiction basis |
|  | Year Ended December 31, |
|  | 2012 |  |  | 2013 |
Net current deferred tax assets |  | $ | 25,420 |  |  | $ | 75,979 |
Net noncurrent deferred tax assets |  |  | 9,002 |  |  |  | 5,174 |
Total net deferred tax assets |  |  | 34,422 |  |  |  | 81,153 |
Net current deferred tax liabilities |  |  | 2 |  |  |  | 1 |
Net noncurrent deferred tax liabilities |  |  | 3,040 |  |  |  | 13,952 |
Total net deferred tax liabilities |  |  | 3,042 |  |  |  | 13,953 |
Deferred taxes, net |  | $ | 31,380 |  |  | $ | 67,200 |
Actual tax rate compared to statutory U.S federal tax rate | The actual tax rate for the years ended December 31, 2011, 2012 and 2013 compared to the statutory U.S. Federal tax rate is as follows:
| Year Ended December 31, |
| 2011 |  | 2012 |  | 2013
Income taxes at statutory rate | 35.00% |  | 35.00% |  | 35.00%
Indefinitely invested earnings of non-U.S. subsidiaries | – |  | – |  | (.76)
Non-deductible expenses | .16 |  | .12 |  | .12
Extraterritorial income tax credit | (3.39) |  | – |  | –
Other | .62 |  | .68 |  | .12
| 32.39% |  | 35.80% |  | 34.48%

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