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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018 (U.S. dollars in thousands):

		2020				2019				2018
U.S.		$	71,138			$	24,211			$	(67,087	)
Foreign			185,094				230,961				286,753
Total		$	256,232			$	255,172			$	219,666

Current and Deferred Taxes

The provision for current and deferred taxes for the years ended December 31, 2020, 2019 and 2018 consists of the following (U.S. dollars in thousands):

		2020				2019				2018
Current
Federal		$	—			$	—			$	—
State			1,629				2,213				652
Foreign			77,079				79,694				116,303
			78,708				81,907				116,955
Deferred
Federal			(14,430	)			(8,878	)			(17,836	)
State			(563	)			(473	)			(1,974	)
Foreign			1,162				9,063				634
			(13,831	)			(288	)			(19,176	)
Provision for income taxes		$	64,877			$	81,619			$	97,779

Deferred Tax Assets and Liabilities

The principal components of deferred taxes are as follows (U.S. dollars in thousands):

		Year Ended December 31,
		2020				2019
Deferred tax assets:
Inventory differences		$	6,181			$	5,040
Foreign tax credit and other foreign benefits			57,720				69,820
Stock-based compensation			8,925				7,441
Accrued expenses not deductible until paid			42,694				35,374
Foreign currency exchange			1,403				163
Net operating losses			8,667				6,341
Capitalized research and development			23,019				18,716
R&D credit carryforward			1,229				881
Other			45				37
Gross deferred tax assets			149,883				143,813
Deferred tax liabilities:
Foreign currency exchange			—				721
Foreign withholding taxes			20,207				20,986
Intangibles step-up			4,623				4,958
Overhead allocation to inventory			2,684				3,611
Amortization of intangibles			18,551				15,393
Other			1,690				1,063
Gross deferred tax liabilities			47,755				46,732
Valuation allowance			(67,340	)			(77,042	)
Deferred taxes, net		$	34,788			$	20,039

Deferred Tax Asset Valuation Adjustments

The deferred tax asset valuation adjustments for the years ended December 31, 2020, 2019 and 2018 are as follows (U.S. dollars in thousands):

		Year Ended December 31,
		2020				2019				2018
Balance at the beginning of period		$	77,042			$	68,697			$	56,906
Additions charged to cost and expenses			2,154	(1)			10,913	(4)			27,902	(6)
Decreases			(12,100	)(2)			(3,343	)(5)			(16,215	)(7)
Adjustments			244	(3)			775	(3)			104	(3)
Balance at the end of the period		$	67,340			$	77,042			$	68,697

(1) Increase in valuation is due primarily to net operating losses in foreign markets.

(2) The decrease was due to the utilization of prior year foreign tax credits that had previously had a valuation allowance recorded against the asset.

(3) Represents the net currency effects of translating valuation allowances at current rates of exchange.

(4)  Increase in valuation is due primarily to $9.8 million that was recorded on the foreign tax credit carryforward. The additional amount is due to net operating losses in foreign markets.

(5)  The decrease was due primarily to the utilization of foreign tax credits, and expiration of foreign net operating losses.

(6) Increase in valuation is due primarily to the $27.2 million that was recorded on the foreign tax credit carryforward. The additional amount is due to net operating losses in foreign markets

(7) The decrease was due primarily to the utilization of foreign tax credits. Decrease is due primarily to the write-off of Brazil deferred tax assets, which had no impact to the income statement, as a valuation allowance had been previously recorded against the asset.

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,
		2020				2019
Net noncurrent deferred tax assets		$	35,414			$	30,780
Net noncurrent deferred tax liabilities			626				10,741
Deferred taxes, net		$	34,788			$	20,039

Reconciliation of Statutory to Effective Tax Rate

The actual tax rate for the years ended December 31, 2020, 2019 and 2018 compared to the statutory U.S. Federal tax rate is as follows:

		Year Ended December 31,
		2020				2019				2018
Income taxes at statutory rate			21.00	%			21.00	%			21.00	%
Indefinite reinvestment			—				—				(2.73	)%
Excess tax benefit from equity award			0.70	%			0.02	%			(1.41	)%
Non-U.S. income taxed at different rates			3.37	%			3.09	%			7.37	%
Foreign withholding taxes			5.21	%			4.10	%			7.68	%
Change in reserve for uncertain tax positions			1.98	%			1.07	%			3.68	%
Valuation allowance recognized foreign tax credit & others			(4.59	)%			2.56	%			5.54	%
Revaluation of deferred taxes			—				—				1.61	%
Foreign-Derived Intangible Income (FDII)			(2.78	)%			(0.70	)%			—
Other			0.43	%			0.85	%			1.77	%
			25.32	%			31.99	%			44.51	%

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