Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
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Schedule of Income before Income Tax, Domestic and Foreign |
Consolidated income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | United States | $ | 3,793 | | | $ | (22,489) | | | $ | (56,665) | | Foreign | 12,031 | | | 18,429 | | | (16,669) | | Total | $ | 15,824 | | | $ | (4,060) | | | $ | (73,334) | |
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Schedule of Components of Income Tax Expense (Benefit) |
Components of income tax provision (benefit) for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | Current: | | | | | | United States | $ | — | | | $ | 155 | | | $ | 370 | | U.S. state | 1,135 | | | 1,191 | | | 250 | | Foreign | 1,572 | | | 2,114 | | | (1,322) | | | 2,707 | | | 3,460 | | | (702) | | Deferred: | | | | | | United States | 2,061 | | | 266 | | | (7,662) | | U.S. state | (721) | | | (12) | | | (177) | | Foreign | (1,114) | | | 1,766 | | | (800) | | | 226 | | | 2,020 | | | (8,639) | | Total income tax provision (benefit) | $ | 2,933 | | | $ | 5,480 | | | $ | (9,341) | |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the U.S. statutory income tax benefit to the total income tax provision (benefit) for the years ended December 31, 2023, 2022 and 2021 is as follows: | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | U.S. statutory income tax provision (benefit) | $ | 3,323 | | | $ | (853) | | | $ | (15,400) | | Effect of foreign income taxed at different rates | (425) | | | 1,895 | | | (483) | | Foreign income subject to U.S. taxes | 931 | | | 1,876 | | | 182 | | Utilization of U.S. foreign tax credits | (1,460) | | | (291) | | | — | | State income taxes, net of federal benefits | 962 | | | 89 | | | (1,157) | | Changes in valuation allowances against tax assets (see Note 16) | (2,010) | | | 19 | | | 2,410 | | Non-deductible compensation | 1,390 | | | 627 | | | 814 | | Other non-deductible expenses, net | 222 | | | 2,118 | | | 2,336 | | Release of foreign currency translation adjustments on liquidation of an international operation | — | | | — | | | 1,957 | | Total income tax provision (benefit) | $ | 2,933 | | | $ | 5,480 | | | $ | (9,341) | |
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Schedule of Deferred Tax Assets and Liabilities |
The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): | | | | | | | | | | | | | 2023 | | 2022 | Deferred tax assets: | | | | Foreign tax credit carryforwards | $ | 12,614 | | | $ | 19,237 | | Net operating loss carryforwards | 23,960 | | | 44,955 | | Inventories | 11,523 | | | 9,969 | | Operating lease liabilities | 4,334 | | | 4,822 | | Employee benefits | 4,442 | | | 4,327 | | Deferred revenue | 6,437 | | | — | | Other | 5,770 | | | 3,357 | | Gross deferred tax asset | 69,080 | | | 86,667 | | Valuation allowance (see Note 16) | (29,638) | | | (36,749) | | Net deferred tax asset | 39,442 | | | 49,918 | | Deferred tax liabilities: | | | | Tax over book depreciation | (14,337) | | | (21,077) | | Intangible assets | (26,542) | | | (29,232) | | Operating lease assets | (3,632) | | | (4,013) | | Other | (437) | | | (731) | | Deferred tax liability | (44,948) | | | (55,053) | | Net deferred tax liability | $ | (5,506) | | | $ | (5,135) | |
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Schedule Of Deferred Tax Reclassifications |
| | | | | | | | | | | | | 2023 | | 2022 | Balance sheet classification: | | | | Other non-current assets | $ | 2,211 | | | $ | 1,517 | | Deferred tax liability | (7,717) | | | (6,652) | | Net deferred tax liability | $ | (5,506) | | | $ | (5,135) | |
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