PROVISION FOR INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure Abstract

U.S. and foreign components of income (loss) before income taxes

U.S. and foreign components of income (loss) before income taxes were:

	Year Ended December 31,
(In thousands)	2021		2020		2019
U.S. operations	$	241	$	(6,252)	$	82,692
Foreign operations		175,894		81,503		139,722
Total income before income taxes	$	176,135	$	75,251	$	222,414

Components of provision for income taxes

The components of the provision for income taxes are as follows:

	Year Ended December 31,
(In thousands)	2021		2020		2019
Current provision (benefit):
Federal	$	23,648	$	2,788	$	18,293
State		2		(181)		184
Foreign		1,608		1,677		1,293
		25,258		4,284		19,770
Deferred provision (benefit):
Federal		(11,449)		348		9,683
State		—		—		—
Foreign		(2,087)		(557)		(507)
		(13,536)		(209)		9,176
Total	$	11,722	$	4,075	$	28,946

Effective income tax rate reconciliation

The provision for income taxes differs from the amount that would result by applying the applicable federal income tax rate to income before income taxes, as follows:

	Year Ended December 31,
	2021		2020		2019
Provision (benefit) computed at Federal statutory rate	21.0	%	21.0	%	21.0	%
Business tax credits	(3.6)		(7.4)		(2.4)
Stock-based compensation	(0.6)		(0.1)		(0.2)
Foreign income taxed at different rate	(23.8)		(22.0)		(12.7)
GILTI inclusion	13.1		10.7		6.2
Valuation allowance	1.3		2.6		0.8
Other	(0.7)		0.6		0.3
Total	6.7	%	5.4	%	13.0	%

Components of net deferred income tax assets (liabilities)

The components of the net deferred income tax assets (liabilities) were as follows:

	December 31,
(In thousands)	2021		2020
Deferred tax assets:
Other reserves and accruals	$	17,193	$	3,707
Tax credit carry-forwards		23,647		20,713
Stock compensation		1,278		1,494
Capital losses		159		158
Net operating loss		2,370		2,303
Other		692		1,023
Valuation allowance		(27,085)		(24,160)
		18,254		5,238
Deferred tax liabilities:
Depreciation		(1,750)		(1,974)
		(1,750)		(1,974)
Net deferred tax assets	$	16,504	$	3,264

Unrecognized tax benefits rollforward

The Company applies the provisions of ASC 740-10, relating to accounting for uncertain income taxes. Reconciliation of the beginning and ending amount of unrecognized tax benefits:

	Unrecognized
(In thousands)	Tax Benefits
Unrecognized Tax Benefits Balance at January 1, 2019	$	18,607
Gross Increase for Tax Positions of Current Year		1,379
Gross Decrease for Tax Positions of Prior Years		(937)
Unrecognized Tax Benefits Balance at December 31, 2019		19,049
Gross Increase for Tax Positions of Current Year		2,002
Gross Decrease for Tax Positions of Prior Years		—
Unrecognized Tax Benefits Balance at December 31, 2020		21,051
Gross Increase for Tax Positions of Current Year		2,068
Gross Decrease for Tax Positions of Prior Years		(1,756)
Unrecognized Tax Benefits Balance at December 31, 2021	$	21,363