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Income Taxes (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of the aggregate tax effects of all future tax deductions arising from temporary difference between tax basis and generally accepted accounting principles basis.

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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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