PROVISION FOR INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
U.S. operations	$	17,250	$	241	$	(6,252)
Foreign operations		166,176		175,894		81,503
Total income before income taxes	$	183,426	$	176,135	$	75,251

Components of provision for income taxes

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

	Year Ended December 31,
(In thousands)	2022		2021		2020
Current provision (benefit):
Federal	$	19,740	$	23,648	$	2,788
State		2		2		(181)
Foreign		1,079		1,608		1,677
		20,821		25,258		4,284
Deferred provision (benefit):
Federal		(7,962)		(11,449)		348
State		—		—		—
Foreign		(284)		(2,087)		(557)
		(8,246)		(13,536)		(209)
Total	$	12,575	$	11,722	$	4,075

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,
	2022		2021		2020
Provision (benefit) computed at Federal statutory rate	21.0	%	21.0	%	21.0	%
Business tax credits	(3.7)		(3.6)		(7.4)
Stock-based compensation	(1.6)		(0.6)		(0.1)
Foreign income taxed at different rate	(18.5)		(23.8)		(22.0)
GILTI inclusion	8.5		13.1		10.7
Valuation allowance	1.3		1.3		2.6
Other	(0.1)		(0.7)		0.6
Total	6.9	%	6.7	%	5.4	%

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)	2022		2021
Deferred tax assets:
Capitalized R&D costs	$	20,666	$	13,226
Other reserves and accruals		2,516		3,967
Tax credit carry-forwards		26,154		23,647
Stock compensation		1,559		1,278
Capital losses		150		159
Net operating loss		2,217		2,370
Other		439		692
Valuation allowance		(29,036)		(27,085)
		24,665		18,254
Deferred tax liabilities:
Depreciation		(5,596)		(1,750)
		(5,596)		(1,750)
Net deferred tax assets	$	19,069	$	16,504

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, 2020	$	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
Gross Increase for Tax Positions of Current Year		2,188
Gross Decrease for Tax Positions of Prior Years		(165)
Unrecognized Tax Benefits Balance at December 31, 2022	$	23,386