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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income taxes [Abstract] |
Components of the provision for income taxes attributable to operations | Significant components of the provisions for income taxes attributable to operations consist of the following:
|  | Year ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 29,244 |  |  | $ | 38,957 |  |  | $ | 22,988 |
State |  |  | 2,331 |  |  |  | 2,221 |  |  |  | 959 |
International |  |  | 1,002 |  |  |  | 2,029 |  |  |  | 828 |
Total current |  |  | 32,577 |  |  |  | 43,207 |  |  |  | 24,775 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 9,979 |  |  |  | (119 | ) |  |  | 3,332 |
State |  |  | (272 | ) |  |  | (111 | ) |  |  | 209 |
International |  |  | (5,587 | ) |  |  | 1,323 |  |  |  | 1,612 |
Total deferred |  |  | 4,120 |  |  |  | 1,093 |  |  |  | 5,153 |
Total provision for income taxes |  | $ | 36,697 |  |  | $ | 44,300 |  |  | $ | 29,928 |
Net deferred tax asset | The Company's net deferred tax asset (liability) consists of the following:
|  | December 31, |
(in thousands) |  | 2016 |  |  | 2015 |
Federal losses carryforward |  | $ | 4,130 |  |  | $ | 5,394 |
State losses carryforward |  |  | 13,682 |  |  |  | 12,751 |
Research and development carryforward |  |  | 3,647 |  |  |  | 3,545 |
Scientific research and experimental development credit carryforward |  |  | 16,594 |  |  |  | 25,771 |
Intangible assets |  |  | - |  |  |  | 5,792 |
Stock compensation |  |  | 8,389 |  |  |  | 9,391 |
Foreign deferrals |  |  | 58,647 |  |  |  | 80,920 |
Inventory reserves |  |  | 2,273 |  |  |  | 3,754 |
Other |  |  | 5,569 |  |  |  | 8,484 |
Deferred tax asset |  |  | 112,931 |  |  |  | 155,802 |
Fixed assets |  |  | (30,728 | ) |  |  | (31,925 | )
Intangible assets |  |  | (5,882 | ) |  |  | (4,760 | )
Other |  |  | (16,047 | ) |  |  | (17,192 | )
Deferred tax liability |  |  | (52,657 | ) |  |  | (53,877 | )
Valuation allowance |  |  | (54,178 | ) |  |  | (90,639 | )
Net deferred tax (liabilities)/ asset |  | $ | 6,096 |  |  | $ | 11,286 |
Reconciliation of taxes determined by applying U.S. federal statutory rate to loss before provision for income taxes | The provision for income taxes differs from the amount of taxes determined by applying the U.S. federal statutory rate to loss before provision for income taxes as a result of the following:
|  | Year ended December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
US |  | $ | 63,330 |  |  | $ | 117,385 |  |  | $ | 76,909 |
International |  |  | 35,891 |  |  |  | 18,331 |  |  |  | 7,285 |
Earnings before taxes on income |  |  | 99,221 |  |  |  | 135,716 |  |  |  | 84,194 |
Federal tax at statutory rates |  | $ | 34,738 |  |  | $ | 47,475 |  |  | $ | 29,468 |
State taxes, net of federal benefit |  |  | 529 |  |  |  | 852 |  |  |  | 650 |
Impact of foreign operations |  |  | (9,937 | ) |  |  | (1,640 | ) |  |  | (1,176 | )
Change in valuation allowance |  |  | 10,458 |  |  |  | (950 | ) |  |  | 1,091 |
Effect of foreign rates |  |  | (720 | ) |  |  | - |  |  |  | - |
Tax credits |  |  | (1,572 | ) |  |  | (2,088 | ) |  |  | (1,743 | )
Other differences |  |  | 1,823 |  |  |  | 733 |  |  |  | 126 |
Permanent differences |  |  | 1,378 |  |  |  | (82 | ) |  |  | 1,512 |
Provision for income taxes |  | $ | 36,697 |  |  | $ | 44,300 |  |  | $ | 29,928 |
Gross unrecognized tax benefits activity | The table below presents the gross unrecognized tax benefits activity for 2016, 2015 and 2014:
(in thousands) |  |  |
Gross unrecognized tax benefits at December 31, 2013 |  | $ | 1,121 |
Increases for tax positions for prior years |  |  | 150 |
Decreases for tax positions for prior years |  |  | - |
Increases for tax positions for current year |  |  | 102 |
Settlements |  |  | - |
Lapse of statute of limitations |  |  | (125 | )
Gross unrecognized tax benefits at December 31, 2014 |  |  | 1,248 |
Increases for tax positions for prior years |  |  | 150 |
Decreases for tax positions for prior years |  |  | - |
Increases for tax positions for current year |  |  | 59 |
Settlements |  |  | - |
Lapse of statute of limitations |  |  | - |
Gross unrecognized tax benefits at December 31, 2015 |  |  | 1,457 |
Increases for tax positions for prior years |  |  | 5 |
Decreases for tax positions for prior years |  |  | - |
Increases for tax positions for current year |  |  | 299 |
Settlements |  |  | - |
Lapse of statute of limitations |  |  | - |
Gross unrecognized tax benefits at December 31, 2016 |  | $ | 1,761 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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