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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021, 2020 and 2019 (U.S. dollars in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
U.S. |  | $ | 45,371 |  |  | $ | 71,138 |  |  | $ | 24,211 |
Foreign |  |  | 187,088 |  |  |  | 185,094 |  |  |  | 230,961 |
Total |  | $ | 232,459 |  |  | $ | 256,232 |  |  | $ | 255,172 |
Current and Deferred Taxes | The provision for current and deferred taxes for the years ended December 31, 2021, 2020 and 2019 consists of the following (U.S. dollars in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | 1,458 |  |  |  | 1,629 |  |  |  | 2,213 |
Foreign |  |  | 77,393 |  |  |  | 77,079 |  |  |  | 79,694 |
|  |  | 78,851 |  |  |  | 78,708 |  |  |  | 81,907 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 3,705 |  |  |  | (14,430 | ) |  |  | (8,878 | )
State |  |  | (38 | ) |  |  | (563 | ) |  |  | (473 | )
Foreign |  |  | 2,675 |  |  |  | 1,162 |  |  |  | 9,063 |
|  |  | 6,342 |  |  |  | (13,831 | ) |  |  | (288 | )
Provision for income taxes |  | $ | 85,193 |  |  | $ | 64,877 |  |  | $ | 81,619 |
Deferred Tax Assets and Liabilities | The principal components of deferred taxes are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Inventory differences |  | $ | 5,859 |  |  | $ | 6,181 |
Foreign tax credit and other foreign benefits |  |  | 69,401 |  |  |  | 57,720 |
Stock-based compensation |  |  | 9,392 |  |  |  | 8,925 |
Accrued expenses not deductible until paid |  |  | 36,401 |  |  |  | 42,694 |
Foreign currency exchange |  |  | 605 |  |  |  | 1,403 |
Net operating losses |  |  | 9,479 |  |  |  | 8,667 |
Capitalized research and development |  |  | 22,962 |  |  |  | 23,019 |
R&D credit carryforward |  |  | 1,451 |  |  |  | 1,229 |
Other |  |  | 34 |  |  |  | 45 |
Gross deferred tax assets |  |  | 155,584 |  |  |  | 149,883 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Foreign withholding taxes |  |  | 15,412 |  |  |  | 20,207 |
Intangibles step-up |  |  | 4,446 |  |  |  | 4,623 |
Overhead allocation to inventory |  |  | 3,373 |  |  |  | 2,684 |
Amortization of intangibles |  |  | 21,936 |  |  |  | 18,551 |
Other |  |  | 6,133 |  |  |  | 1,690 |
Gross deferred tax liabilities |  |  | 51,300 |  |  |  | 47,755 |
Valuation allowance |  |  | (80,186 | ) |  |  | (67,340 | )
Deferred taxes, net |  | $ | 24,098 |  |  | $ | 34,788 |
Deferred Tax Asset Valuation Adjustments | The deferred tax asset valuation adjustments for the years ended December 31, 2021, 2020 and 2019 are as follows (U.S. dollars in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Balance at the beginning of period |  | $ | 67,340 |  |  | $ | 77,042 |  |  | $ | 68,697 |
Additions charged to cost and expenses |  |  | 12,674 | (1) |  |  | 2,154 | (4) |  |  | 10,913 | (6)
Decreases |  |  | — | (2) |  |  | (12,100 | )(5) |  |  | (3,343 | )(7)
Adjustments |  |  | 172 | (3) |  |  | 244 | (3) |  |  | 775 | (3)
Balance at the end of the period |  | $ | 80,186 |  |  | $ | 67,340 |  |  | $ | 77,042 |
(1) | Increase in valuation is due primarily to $11.9 million that was recorded on the foreign tax credit carryforward due to the disposal of the Companies Grow Tech segment. The additional amount is due to net operating losses in foreign markets.
(2) | No decreases in 2021.
(3) | Represents the net currency effects of translating valuation allowances at current rates of exchange.
(4) | Increase in valuation is due primarily to net operating losses in foreign markets.
(5) | The decrease was due to the utilization of prior year foreign tax credits that had previously had a valuation allowance recorded against the asset.
(6) | 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.
(7) | The decrease was due primarily to the utilization of foreign tax credits, and expiration of foreign net operating losses.
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, |
|  | 2021 |  |  | 2020 |
Net noncurrent deferred tax assets |  | $ | 26,483 |  |  | $ | 35,414 |
Net noncurrent deferred tax liabilities |  |  | 2,385 |  |  |  | 626 |
Deferred taxes, net |  | $ | 24,098 |  |  | $ | 34,788 |
Reconciliation of Statutory to Effective Tax Rate | The actual tax rate for the years ended December 31, 2021, 2020 and 2019 compared to the statutory U.S. Federal tax rate is as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income taxes at statutory rate |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
Excess tax benefit from equity award |  |  | (0.19 | )% |  |  | 0.70 | % |  |  | 0.02 | %
Non-U.S. income taxed at different rates |  |  | 6.06 | % |  |  | 3.37 | % |  |  | 3.09 | %
Foreign withholding taxes |  |  | 4.71 | % |  |  | 5.21 | % |  |  | 4.10 | %
Change in reserve for uncertain tax positions |  |  | (0.06 | )% |  |  | 1.98 | % |  |  | 1.07 | %
Valuation allowance recognized foreign tax credit & others |  |  | 5.12 | % |  |  | (4.59 | )% |  |  | 2.56 | %
Foreign-Derived Intangible Income (FDII) |  |  | (0.87 | )% |  |  | (2.78 | )% |  |  | (0.70 | )%
Other |  |  | 0.88 | % |  |  | 0.43 | % |  |  | 0.85 | %
|  |  | 36.65 | % |  |  | 25.32 | % |  |  | 31.99 | %

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