INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income (Loss) before Income Taxes

The components of income before income taxes are as follows (in thousands):

	Year ended December 31,
	2023		2022		2021
United States	$	71,514	$	77,205	$	60,066
Foreign		173,657		191,025		168,181
Income before income taxes	$	245,171	$	268,230	$	228,247

Components of Income Tax Expense

The components of the income tax expense are as follows (in thousands):

	Year ended December 31,
	2023			2022			2021
Current income tax (expense) benefit:
Federal	$	(15,848	)	$	(51,980	)	$	(16,433	)
State		(3,048	)		(1,833	)		(641	)
Foreign		(27,030	)		(31,302	)		(25,212	)
		(45,926	)		(85,115	)		(42,286	)
Deferred income tax (expense) benefit:
Federal		(460	)		25,916			(844	)
State		3,936			1,216			(734	)
Foreign		290			(186	)		(170	)
		3,766			26,946			(1,748	)
Income tax expense	$	(42,160	)	$	(58,169	)	$	(44,034	)

Reconciliation of the Statutory U.S. Federal Tax Rate to the Effective Tax Rate

Reconciliation of the statutory U.S. federal tax rate to the Company's effective tax rate is as follows:

	Year ended December 31,
	2023			2022			2021
Statutory U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
Effect of foreign operations		(4.0	)		(4.9	)		(5.0	)
U.S. International Tax (Sub F, GILTI, FDII)		2.9			4.2			2.1
Research tax credits		(2.4	)		(1.9	)		(1.4	)
Redetermination of foreign tax credit utilization		(2.0	)		—			—
Nondeductible employee compensation		1.7			1.9			3.0
State income taxes, net of federal benefit		(0.2	)		0.1			0.2
Stock based compensation		0.1			0.2			(0.3	)
Accruals and reserves		—			—			(0.8	)
Other		0.1			1.1			0.5
Effective tax rate		17.2	%		21.7	%		19.3	%

Tax Loss and Tax Credit Carryforwards

The following table summarizes Company tax credit carry forwards for tax return purposes as of December 31, 2023 (in thousands):

	Tax Benefit		Expiration Date
Tax credit carry forwards:
State research tax credits	$	8,752	2034-2038
Foreign tax credits	$	186	2031
Total credit carry forwards	$	8,938

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company's net deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2023			2022
Deferred tax asset:
Capitalized research expenditures	$	39,459		$	38,485
Retirement plan		12,555			13,495
Tax credit carry forwards		8,938			8,100
Accruals and reserves		7,180			6,944
Lease Liabilities		6,671			7,230
Deferred revenue		1,741			2,077
Stock-based compensation		1,498			1,454
Other		1,362			3,400
		79,404			81,185
Valuation allowance		(9,551	)		(11,087	)
Deferred tax assets		69,853			70,098
Deferred tax liability:
Lease Assets		(6,302	)		(6,944	)
Acquisition Goodwill		(1,549	)		(1,283	)
Other		(2,894	)		(3,710	)
Deferred tax liabilities		(10,745	)		(11,937	)
Net deferred tax assets	$	59,108		$	58,161