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Income Taxes (Tables)

12 Months Ended

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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