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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
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, 2014, 2015 and 2016 (U.S. dollars in thousands):
|  | 2014 |  |  | 2015 |  |  | 2016 |
U.S. |  | $ | 184,476 |  |  | $ | 134,473 |  |  | $ | (19,119 | )
Foreign |  |  | 114,031 |  |  |  | 77,486 |  |  |  | 231,958 |
Total |  | $ | 298,507 |  |  | $ | 211,959 |  |  | $ | 212,839 |
Provision for Current and Deferred Income Taxes | The provision for current and deferred taxes for the years ended December 31, 2014, 2015 and 2016 consists of the following (U.S. dollars in thousands):
|  | 2014 |  |  | 2015 |  |  | 2016 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 37,402 |  |  | $ | 6,328 |  |  | $ | ─ |
State |  |  | 2,095 |  |  |  | 1,483 |  |  |  | (718 | )
Foreign |  |  | 48,904 |  |  |  | 50,403 |  |  |  | 70,652 |
|  |  | 88,401 |  |  |  | 58,214 |  |  |  | 69,934 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (380 | ) |  |  | 16,556 |  |  |  | (27,171 | )
State |  |  | 444 |  |  |  | (674 | ) |  |  | 1,104 |
Foreign |  |  | 20,866 |  |  |  | 4,817 |  |  |  | 25,886 |
|  |  | 20,930 |  |  |  | 20,699 |  |  |  | (181 | )
Provision for income taxes |  | $ | 109,331 |  |  | $ | 78,913 |  |  | $ | 69,753 |
Deferred Tax Assets and Liabilities | The principal components of deferred taxes are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |
Inventory differences |  | $ | 5,222 |  |  | $ | 2,521 |
Foreign tax credit and other foreign benefits |  |  | 86,729 |  |  |  | 145,169 |
Stock-based compensation |  |  | 13,842 |  |  |  | 11,470 |
Accrued expenses not deductible until paid |  |  | 46,597 |  |  |  | 32,796 |
Foreign currency exchange |  |  | 8,976 |  |  |  | 4,826 |
Net operating losses |  |  | 10,994 |  |  |  | 9,584 |
Capitalized research and development |  |  | 1,632 |  |  |  | 358 |
Exchange gains and losses |  |  | 55,643 |  |  | ─ |
Other |  |  | 964 |  |  |  | 1,063 |
Gross deferred tax assets |  |  | 230,599 |  |  |  | 207,787 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Foreign currency exchange |  | ─ |  |  |  | 105 |
Intangibles step-up |  |  | 13,607 |  |  |  | 12,107 |
Overhead allocation to inventory |  |  | 5,101 |  |  |  | 4,820 |
Amortization of intangibles |  |  | 18,733 |  |  |  | 19,091 |
Foreign outside basis in controlled foreign corporation |  |  | 84,434 |  |  |  | 106,846 |
Other |  |  | 35,257 |  |  |  | 20,572 |
Gross deferred tax liabilities |  |  | 157,132 |  |  |  | 163,541 |
Valuation allowance |  |  | (49,271 | ) |  |  | (9,137 | )
Deferred taxes, net |  | $ | 24,196 |  |  | $ | 35,109 |
Deferred Tax Asset Valuation Adjustments | The deferred tax asset valuation adjustments for the years ended December 31, 2014, 2015 and 2016 are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
Balance at the beginning of period |  | $ | 10,803 |  |  | $ | 35,999 |  |  | $ | 49,271 |
Additions charged to cost and expenses |  |  | 28,687 |  |  |  | 12,948 |  |  |  | 692 |
Decreases |  |  | (3,546 | )(1) |  |  | (2,943 | )(1) |  |  | (40,442 | )(4)
Adjustments |  |  | 55 | (2) |  |  | 3,267 | (2) |  |  | (384 | )(2)
Balance at the end of the period |  | $ | 35,999 | (3) |  | $ | 49,271 | (3) |  | $ | 9,137 |
| (1) | Decreases in valuation allowance due to lapse in statute of limitation of the net operating losses carryforward which had no impact to the income statement.
| (2) | Represents the net currency effects of translating valuation allowances at current rates of exchange.
| (3) | The increase was due primarily to the deferred tax assets created by the unrealized loss in Venezuela for which the Company set up a full valuation allowance.
| (4) | Decrease in valuation allowance due to lapse in statute of limitation of the net operating losses carryforward and due to the write off of Venezuelan deferred tax assets, which had no impact to the income statement.
Components of Deferred Taxes, Net | The components of deferred taxes, net on a jurisdiction basis are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2016 |
Net current deferred tax assets |  | $ | ─ |  |  | $ | ─ |
Net noncurrent deferred tax assets |  |  | 40,373 |  |  |  | 35,752 |
Total net deferred tax assets |  |  | 40,373 |  |  |  | 35,752 |
Net current deferred tax liabilities |  | ─ |  |  | ─ |
Net noncurrent deferred tax liabilities |  |  | 16,177 |  |  |  | 643 |
Total net deferred tax liabilities |  |  | 16,177 |  |  |  | 643 |
Deferred taxes, net |  | $ | 24,196 |  |  | $ | 35,109 |
Reconciliation of Statutory to Effective Tax Rate | The actual tax rate for the years ended December 31, 2014, 2015 and 2016 compared to the statutory U.S. Federal tax rate is as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2015 |  |  | 2016 |
Income taxes at statutory rate |  |  | 35.00 | % |  |  | 35.00 | % |  |  | 35.00 | %
Foreign tax rate differential |  | ─ |  |  |  | .92 |  |  |  | (1.98 | )
Non-deductible expenses |  |  | 0.12 |  |  |  | 0.09 |  |  |  | 0.11 |
Controlled foreign corporation losses |  |  | 1.48 |  |  |  | 1.09 |  |  |  | (2.63 | )
Section 987 implementation |  | ─ |  |  | ─ |  |  |  | 2.69 |
Other |  |  | 0.03 |  |  |  | 0.13 |  |  |  | (0.42 | )
|  |  | 36.63 | % |  |  | 37.23 | % |  |  | 32.77 | %

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