Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination, Significant Transaction and Sale of Business [Abstract]

Schedule of Consolidated Statements of Financial Position

Presentation in consolidated statements of financial position:

	December 31,
	2022			2021
Deferred taxes assets	$	42,027		$	46,364
Deferred tax liabilities		(59,465	)		(78,135	)
	$	(17,438	)	$	(31,771	)

Schedule of Composition

Composition:

	December 31,
	2022			2021
Net operating losses carried forward	$	10,296		$	8,775
Intangibles, fixed asset and right-of-use assets		(39,307	)		(52,436	)
Lease liability		(166	)		484
Differences in measurement basis (cash basis for tax purposes)		2,213			3,084
Other		9,526			8,322
	$	(17,438	)	$	(31,771	)

Schedule of Pre-Tax Income

Pre-tax income:

	Year ended December 31,
	2022		2021		2020
Domestic (Israel)	$	181,953	$	137,213	$	106,974
Foreign		47,757		46,798		36,782
Total	$	256,710	$	184,011	$	143,756

Schedule of income tax (tax benefit)

Income tax (tax benefit) consist of the following:

	Year ended December 31,
	2022			2021			2020
Current taxes	$	75,407		$	52,956		$	23,015
Deferred taxes		(20,172	)		(10,342	)		8,254
Total	$	55,235		$	42,614		$	31,269

Schedule of Consolidated Statements of Profit or Loss

The following table presents reconciliation between the theoretical tax expense, assuming that all income was taxed at statutory tax rates, and the actual income tax expense, as recorded in the Group’s consolidated statements of profit or loss:

	Year ended December 31,
	2022			2021			2020
Income before income taxes, as per the statement of operations	$	256,710		$	184,011		$	143,756
Statutory tax rate in Israel		23	%		23	%		23	%
Tax computed at the statutory tax rate		59,043			42,323			33,064
Non-deductible expenses (non-taxable income) net and tax-deductible costs not included in the accounting costs		720			3,667			2,544
Effect of different tax rates		(1,273	)		852			(774	)
Release of trapped earnings (see note 22(a)(2)		711			3,531
Effect of “Approved, Beneficiary or Preferred Enterprise” status		(5,579	)		(7,338	)		(5,426	)
Deferred taxes on current losses (utilization of carry forward losses) and temporary differences for which a valuation allowance was provided, net		448			(84	)		1,877
Undistributed earnings		(461	)		-			-
Taxes in respect of prior years		890			891			280
Uncertain tax positions		3,065			401			285
Other		(2,329	)		(1,629	)		(581	)
Taxes on income	$	55,235		$	42,614		$	31,269

Schedule of Total Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of total unrecognized tax benefits in Formula’s subsidiaries is as follows:

Balance as of January 1, 2021	$	9,091
Decrease in tax positions		(1,457	)
Increase in tax positions		2,906
Balance as of December 31, 2021	$	10,540
Decrease in tax positions		(1,042	)
Increase in tax positions		4,455
Statue limitation		(1,012	)
Balance as of December 31, 2022	$	12,941