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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
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, 2012, 2013 and 2014 (U.S. dollars in thousands):
|  | 2012 |  |  | 2013 |  |  | 2014 |
U.S. |  | $ | 259,309 |  |  | $ | 307,994 |  |  | $ | 184,476 |
Foreign |  |  | 85,933 |  |  |  | 248,946 |  |  |  | 114,031 |
Total |  | $ | 345,242 |  |  | $ | 556,940 |  |  | $ | 298,507 |
Provisions for current and deferred taxes | The provision for current and deferred taxes for the years ended December 31, 2012, 2013 and 2014 consists of the following (U.S. dollars in thousands):
|  | 2012 |  |  | 2013 |  |  | 2014 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 70,727 |  |  | $ | 81,871 |  |  | $ | 37,402 |
State |  |  | 2,425 |  |  |  | 361 |  |  |  | 2,095 |
Foreign |  |  | 45,851 |  |  |  | 148,310 |  |  |  | 48,904 |
|  |  | 119,003 |  |  |  | 230,542 |  |  |  | 88,401 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 12,918 |  |  |  | (2,831 | ) |  |  | (380 | )
State |  |  | 656 |  |  |  | 551 |  |  |  | 444 |
Foreign |  |  | (8,980 | ) |  |  | (36,210 | ) |  |  | 20,866 |
|  |  | 4,594 |  |  |  | (38,490 | ) |  |  | 20,930 |
Provision for income taxes |  | $ | 123,597 |  |  | $ | 192,052 |  |  | $ | 109,331 |
Principal components of deferred taxes | The principal components of deferred taxes are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2013 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |
Inventory differences |  | $ | 2,927 |  |  | $ | 12,362 |
Foreign tax credit and other foreign benefits |  |  | 120,534 |  |  |  | 116,603 |
Stock-based compensation |  |  | 18,132 |  |  |  | 17,211 |
Accrued expenses not deductible until paid |  |  | 88,465 |  |  |  | 48,189 |
Foreign currency exchange |  |  | 13,734 |  |  |  | 10,774 |
Net operating losses |  |  | 10,808 |  |  |  | 17,530 |
Capitalized research and development |  |  | 6,202 |  |  |  | 3,362 |
Exchange gains and losses |  |  | - |  |  |  | 41,542 |
Other |  |  | 739 |  |  |  | 841 |
Gross deferred tax assets |  |  | 261,541 |  |  |  | 268,414 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Exchange gains and losses |  |  | 9,924 |  |  |  | - |
Intangibles step-up |  |  | 16,375 |  |  |  | 15,106 |
Overhead allocation to inventory |  |  | 2,523 |  |  |  | 10,781 |
Amortization of intangibles |  |  | 17,360 |  |  |  | 18,374 |
Foreign outside basis in controlled foreign corporation |  |  | 76,470 |  |  |  | 100,016 |
Other |  |  | 63,409 |  |  |  | 48,187 |
Gross deferred tax liabilities |  |  | 186,061 |  |  |  | 192,464 |
Valuation allowance |  |  | (10,803 | ) |  |  | (35,999 | )
Deferred taxes, net |  | $ | 64,677 |  |  | $ | 39,951 |
Components of deferred taxes, net on a jurisdiction basis | The components of deferred taxes, net on a jurisdiction basis are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2013 |  |  | 2014 |
Net current deferred tax assets |  | $ | 73,456 |  |  | $ | 40,840 |
Net noncurrent deferred tax assets |  |  | 5,174 |  |  |  | 15,128 |
Total net deferred tax assets |  |  | 78,630 |  |  |  | 55,968 |
Net current deferred tax liabilities |  |  | 1 |  |  |  | - |
Net noncurrent deferred tax liabilities |  |  | 13,952 |  |  |  | 16,017 |
Total net deferred tax liabilities |  |  | 13,953 |  |  |  | 16,017 |
Deferred taxes, net |  | $ | 64,677 |  |  | $ | 39,951 |
Actual tax rate compared to statutory U.S federal tax rate | The actual tax rate for the years ended December 31, 2012, 2013 and 2014 compared to the statutory U.S. Federal tax rate is as follows:
|  | Year Ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
Income taxes at statutory rate |  |  | 35.00 | % |  |  | 35.00 | % |  |  | 35.00 | %
Indefinitely invested earnings of non-U.S. subsidiaries |  |  | – |  |  |  | (0.76 | ) |  |  | – |
Non-deductible expenses |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.12 |
Controlled foreign corporation losses |  |  | – |  |  |  | – |  |  |  | 1.48 |
Other |  |  | 0.68 |  |  |  | 0.12 |  |  |  | 0.03 |
|  |  | 35.80 | % |  |  | 34.48 | % |  |  | 36.63 | %

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