INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
United States	$	38,839	$	53,629	$	13,565
Foreign		124,690		116,276		50,746
Income before income taxes	$	163,529	$	169,905	$	64,311

Components of Income Tax Expense

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

	Year ended December 31,
	2020			2019			2018
Current income tax (expense) benefit:
Federal	$	(14,773	)	$	(20,108	)	$	(9,097	)
State		(568	)		(755	)		(511	)
Foreign		(19,262	)		(16,514	)		(8,677	)
		(34,603	)		(37,377	)		(18,285	)
Deferred income tax (expense) benefit:
Federal		4,883			5,208			12,622
State		(34	)		1,054			611
Foreign		(403	)		(486	)		(419	)
		4,446			5,776			12,814
Income tax expense	$	(30,157	)	$	(31,601	)	$	(5,471	)

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,
	2020			2019			2018
Statutory U.S. federal income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		0.2			0.1			(0.2	)
Effect of foreign operations		(5.2	)		(5.4	)		(4.7	)
Accruals and reserves		(1.0	)		(1.1	)		—
Nondeductible employee compensation		2.6			2.5			1.7
Research tax credits		(1.8	)		(1.4	)		(2.7	)
Stock based compensation		(0.9	)		(1.7	)		(2.7	)
U.S. Tax Cuts and Jobs Act		—			—			(3.5	)
U.S. International Tax (Sub F, GILTI, FDII)		3.5			3.8			(1.2	)
Other		—			0.8			0.8
Effective tax rate		18.4	%		18.6	%		8.5	%

Tax Loss and Tax Credit Carryforwards

The following table summarizes Company tax credit carry forwards for tax return purposes at December 31, 2020 (in thousands):

	Tax Benefit		Expiration Date
Tax credit carry forwards:
State research tax credits	$	4,560	2028 to 2035
Total credit carry forwards	$	4,560

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,
	2020			2019
Deferred tax asset:
Capitalized technology license and patents	$	580		$	560
Capitalized research expenditures		4,291			3,319
Accruals and reserves		4,178			4,130
Retirement plan		15,444			11,363
Deferred revenue		16,834			14,354
Tax credit carry forwards		4,589			3,997
Stock-based compensation		1,059			1,884
Other		1,914			1,682
		48,889			41,289
Valuation allowance		(4,560	)		(3,368	)
Deferred tax assets		44,329			37,921
Deferred tax liability:
Accruals and reserves		(6,634	)		(7,546	)
Deferred tax liabilities		(6,634	)		(7,546	)
Net deferred tax assets	$	37,695		$	30,375