v3.22.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of deferred tax liabilities and assets

Significant components of the Company’s deferred tax liabilities and assets are as follows:

 
   
December 31,
  
   
2022
    
2021
  
Deferred tax assets, net:
            
Research and Development carryforward expenses
  
$
9,335
    
$
2,479
  
Carryforward tax losses(1)
    
19,916
      
19,635
  
Stock based compensation expenses
    
9,863
      
12,140
  
Deferred revenue
    
8,954
      
8,078
  
Lease liabilities
    
6,520
      
11,168
  
Inventory Impairment
    
627
      
1,326
  
Allowance and other reserves
    
30,242
      
10,229
  
Total Gross deferred tax assets, net
  
$
85,457
    
$
65,055
  
Less, Valuation Allowance
    
(23,777
)
    
(14,648
)
Total deferred tax assets, net
  
$
61,680
    
$
50,407
  
Deferred tax liabilities, net:
                
Intercompany transactions
  
$
(6,292
)
  
$
(6,099
)
Right-of-use assets
    
(6,618
)
    
(10,486
)
Purchase price allocation
    
(4,617
)
    
(6,406
)
Total deferred tax liabilities, net
  
$
(17,527
)
  
$
(22,991
)
Recorded as:
                
Deferred tax assets, net
  
$
44,153
    
$
27,572
  
Deferred tax liabilities, net
    
-
      
(156
)
Net deferred tax assets
  
$
44,153
    
$
27,416
  
Schedule of Uncertain Tax Positions
e.      Uncertain tax positions are comprised as follows:
   
December 31,
  
   
2022
    
2021
    
2020
  
Balance, at the beginning of the period
  
$
2,192
    
$
10,564
    
$
9,532
  
Increases related to current year tax positions
    
564
      
635
      
757
  
Increase for tax positions related to prior years
    
-
      
-
      
275
  
Decreases related to prior year tax positions
    
-
      
(9,007
)
    
-
  
Balance, at end of the period
  
$
2,756
    
$
2,192
    
$
10,564
  
 
Schedule of Income (Loss) Before Taxes
f.      Income before income taxes are comprised as follows:

 

   
Year ended December 31,
  
   
2022
    
2021
    
2020
  
Domestic
  
$
47,324
    
$
13,659
    
$
33,909
  
Foreign
    
129,831
      
173,565
      
129,757
  
Income before income taxes
  
$
177,155
    
$
187,224
    
$
163,666
  
 
Schedule of Income taxes
g.     Income taxes (tax benefit) are comprised as follows:
 
   
Year ended December 31,
  
   
2022
    
2021
    
2020
  
Current taxes:
                  
Domestic
  
$
56,957
    
$
(7,872
)
  
$
1,842
  
Foreign
    
37,473
      
37,564
      
24,936
  
Total current taxes
    
94,430
      
29,692
      
26,778
  
Deferred taxes:
                        
Domestic
    
(8,954
)
    
(3,682
)
    
2,794
  
Foreign
    
(2,100
)
    
(7,956
)
    
(6,228
)
Total deferred taxes
    
(11,054
)
    
(11,638
)
    
(3,434
)
Income taxes, net
  
$
83,376
    
$
18,054
    
$
23,344
  
 
Schedule of Reconciliation Between the Theoretical Tax Expense and the Actual Tax Expense (Benefit)
A reconciliation between the theoretical tax expense and the actual tax expense as reported in the consolidated statements of income is as follows:
   
Year ended December 31,
  
   
2022
    
2021
    
2020
  
Statutory tax rate
    
21
%
    
21
%
    
21
%
Effect of:
                        
Income tax at rate other than the U.S. statutory tax rate
    
(10.8
)%
    
(7.4
)%
    
(6.9
)%
Losses and timing differences for which valuation allowance was provided
    
5.2
%
    
2.7
%
    
4.4
%
Prior year income taxes (benefit)
    
2.9
%
    
(4.4
)%
    
(0.4
)%
R&D Capitalization and other effects of TCJA
    
18.9
%
    
0.1
%
    
-
%
Disallowable and allowable deductions
    
13.2
%
    
2.0
%
    
(2.6
)%
Other individually immaterial income tax items, net
    
(3.3
)%
    
(4.4
)%
    
(1.3
)%
Effective tax rate
    
47.1
%
    
9.6
%
    
14.2
%