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Income taxes (Tables)

12 Months Ended

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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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

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 15A
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