Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The table below sets forth our income before taxes for the twelve months ended December 31:

Income before income taxes	2023		2022		2021
U.S.	$	172,781	$	221,288	$	122,127
Foreign		105,152		174,652		192,968
Total	$	277,933	$	395,940	$	315,095

The table below sets forth the components of our income tax provision (benefit) for the twelve months ended December 31:

	2023			2022			2021
Current tax provision
Federal	$	27,028		$	46,368		$	15,691
Foreign		34,408			37,598			25,489
State		54			56			(17	)
		61,490			84,022			41,163
Deferred tax provision (benefit)
Federal		(8,273	)		(6,486	)		(1,116	)
Foreign		(10,463	)		(25,537	)		31,222
State		(5	)		(8	)		-
		(18,741	)		(32,031	)		30,106
Liability for unrecognized tax benefits		4,536			4,694			7,538
Total income tax provision	$	47,285		$	56,685		$	78,807

Schedule of Effective Income Tax Rate Reconciliation

The table below sets forth a reconciliation between the effective tax rate and the statutory tax rates for the twelve months ended December 31:

	2023						2022						2021
				Percent						Percent						Percent
				of pretax						of pretax						of pretax
	Amount			earnings*			Amount			earnings*			Amount			earnings*
Federal tax	$	58,366			21.0		$	83,147			21.0		$	66,170			21.0
State income taxes, net of federal tax    provision		49			-			33			-			(474	)		(0.2	)
Foreign income taxed at different tax rates		834			0.3			(6,527	)		(1.6	)		(2,018	)		(0.6	)
U.S. tax impact of foreign operations		(14,778	)		(5.3	)		(7,369	)		(1.9	)		(17,375	)		(5.5	)
Foreign withholding taxes		5,751			2.1			(12,441	)		(3.1	)		33,175			10.5
Research and development		(5,497	)		(2.0	)		(5,865	)		(1.5	)		(6,310	)		(2.0	)
Liability for unrecognized tax benefits		4,536			1.6			4,694			1.2			7,538			2.4
Valuation allowance		2,109			0.8			(1,986	)		(0.5	)		(1,068	)		(0.3	)
Employee stock-based compensation		627			0.2			1,784			0.4			(812	)		(0.3	)
Other		(4,712	)		(1.7	)		1,215			0.3			(19	)		-
Income tax provision	$	47,285			17.0		$	56,685			14.3		$	78,807			25.0

* The sum of the amounts in the table may not equal to the effective tax rate due to rounding.

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

In accordance with the provisions related to accounting for uncertainty in income taxes, we recognize the benefit of a tax position if the position is “more likely than not” to prevail upon examination by the relevant tax authority. The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:

	2023			2022			2021
Balance at January 1,	$	48,072		$	43,378		$	42,466
Additions based on tax positions related to the    current year		11,370			10,022			9,244
Additions for prior year tax positions		110			75			138
Reductions for prior year tax positions		(10,714	)		(5,403	)		(8,470	)
Balance at December 31,	$	48,838		$	48,072		$	43,378

Schedule of Deferred Tax Assets and Liabilities

The table below sets forth our deferred tax assets and liabilities as of December 31:

	2023			2022
Deferred tax assets
Inventory cost	$	32,682		$	30,322
Accrued expenses and accounts receivable		6,120			6,931
Research and development tax credits		9,613			9,613
Net operating loss carryforwards		43,616			52,599
Lease obligations		3,042			3,845
Accrued pension		3,164			2,500
Share based compensation and others		21,754			20,088
		119,991			125,898
Valuation allowances		(25,836	)		(42,405	)
Total deferred tax assets, non-current		94,155			83,493
Deferred tax liabilities
Plant, equipment and intangible assets		(8,003	)		(6,595	)
Right of use assets		(6,358	)		(3,883	)
Outside basis differences and others		(28,989	)		(36,114	)
Total deferred tax liabilities, non-current		(43,350	)		(46,592	)
Net deferred tax assets	$	50,805		$	36,901