Taxes (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Income Tax Disclosure [Abstract] |
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Constituents of Provision for Income Taxes |
Income tax expense on continuing operations consisted of the following (in thousands): | | | | | | | | | | | | | | Year Ended December 31, | | 2018 | | 2017 | | 2016 | Current: | | Federal | $ | 10,624 |
| | $ | 78,152 |
| | $ | 14,459 |
| State | (879 | ) | | 2,687 |
| | (617 | ) | Foreign | 6,307 |
| | 7,624 |
| | 7,309 |
| | 16,052 |
| | 88,463 |
| | 21,151 |
| Deferred: | | | | | | Federal | (1,271 | ) | | 1,569 |
| | (3,031 | ) | State | 554 |
| | (639 | ) | | 1,066 |
| Foreign | (28 | ) | | 359 |
| | (1,058 | ) | | (745 | ) | | 1,289 |
| | (3,023 | ) | | $ | 15,307 |
| | $ | 89,752 |
| | $ | 18,128 |
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Reconciliation of the United States Federal Statutory Corporate Tax Rate to the Company's Effective Tax Rate or Income Tax Provision |
A reconciliation of the U.S. federal statutory corporate tax rate to the Company’s income tax expense on continuing operations, or effective tax rate, was as follows: | | | | | | | | | | | Year Ended December 31, | | 2018 | | 2017 | | 2016 | Income tax expense at U.S. federal statutory corporate tax rate | 21 | % | | 35 | % | | 35 | % | State income taxes, net of federal benefit | 1 |
| | — |
| | 1 |
| Foreign tax rate differential | (9 | ) | | (27 | ) | | (17 | ) | Tax credit | — |
| | (1 | ) | | (1 | ) | Discrete tax benefit related to employee stock option exercises | (4 | ) | | (14 | ) | | (7 | ) | Discrete tax expense (benefit) related to 2017 Tax Act | (3 | ) | | 36 |
| | — |
| Discrete tax expense related to write-down of deferred tax assets | — |
| | 5 |
| | — |
| Other discrete tax events | — |
| | (1 | ) | | — |
| Other | 1 |
| | 1 |
| | — |
| Income tax expense on continuing operations | 7 | % | | 34 | % | | 11 | % |
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Changes in the Reserve for Income Taxes, Excluding Interest and Penalties |
The changes in the reserve for income taxes, excluding gross interest and penalties, were as follows (in thousands): | | | | | Balance of reserve for income taxes as of December 31, 2016 | $ | 5,719 |
| Gross amounts of decreases in unrecognized tax benefits as a result of tax positions taken in prior periods | (56 | ) | Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken in the current period | 1,993 |
| Gross amounts of decreases in unrecognized tax benefits relating to settlements with taxing authorities | (116 | ) | Gross amounts of decreases in unrecognized tax benefits as a result of the expiration of the applicable statutes of limitations | (791 | ) | Balance of reserve for income taxes as of December 31, 2017 | 6,749 |
| Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken in prior periods | 69 |
| Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken in the current period | 1,499 |
| Gross amounts of decreases in unrecognized tax benefits as a result of the expiration of the applicable statutes of limitations | (1,023 | ) | Balance of reserve for income taxes as of December 31, 2018 | $ | 7,294 |
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Constituents of Deferred Tax Assets |
Deferred tax assets and liabilities consisted of the following (in thousands): | | | | | | | | | | December 31, | | 2018 | | 2017 | Non-current deferred tax assets: | | | | Stock-based compensation expense | $ | 13,818 |
| | $ | 11,664 |
| Federal and state tax credit carryforwards | 7,395 |
| | 6,707 |
| Bonuses, commissions, and other compensation | 5,470 |
| | 5,704 |
| Inventory and revenue related | 3,233 |
| | 3,415 |
| Depreciation | 2,475 |
| | 2,279 |
| Other | 2,425 |
| | 3,012 |
| Gross non-current deferred tax assets | 34,816 |
| | 32,781 |
| Non-current deferred tax liabilities: | | | | Nondeductible intangible assets | (44 | ) | | (87 | ) | Gross non-current deferred tax liabilities | (44 | ) | | (87 | ) | Valuation allowance | (6,112 | ) | | (5,309 | ) | Net non-current deferred tax assets | $ | 28,660 |
| | $ | 27,385 |
| | | | | Non-current deferred tax liabilities: | | | | Other | $ | (962 | ) | | $ | (312 | ) | Net non-current deferred tax liabilities | $ | (962 | ) | | $ | (312 | ) |
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