The components of the Company’s income (loss) before provision (benefit) for income taxes are as follows:

	Years ended December 31,
(amounts in thousands)	2020			2019		2018
United States	$	(6,464	)	$	22,553	$	40,245
Foreign		1,184			1,719		210
Income (loss) before provision (benefit) for income taxes	$	(5,280	)	$	24,272	$	40,455

	Years ended December 31,
(amounts in thousands)	2020			2019			2018
Current tax expense (benefit)
Federal	$	(74	)	$	(330	)	$	—
State		198			136			(40	)
Foreign		381			560			171
Total current tax expense		505			366			131
Deferred tax expense (benefit)
Federal		309			3,497			(9,774	)
State		(193	)		(396	)		(1,630	)
Foreign		(72	)		(145	)		(117	)
Total deferred tax expense (benefit)		44			2,956			(11,521	)
Income tax expense (benefit)	$	549		$	3,322		$	(11,390	)

(amounts in thousands)	As of December 31,
Deferred tax assets (liabilities)	2020			2019
Accrued expenses	$	8,346		$	7,981
Net operating loss and credit carryforward		20,145			20,087
Allowance, reserves and other		1,381			1,984
Stock-based compensation		3,379			3,257
Lease liability		2,427			1,627
Deferred tax assets		35,678			34,936
Property, plant, and equipment		(4,805	)		(2,961	)
Intangible amortization		(14,292	)		(16,192	)
Right-of-use asset		(2,139	)		(1,418	)
Deferred tax liabilities		(21,236	)		(20,571	)
Total	$	14,442		$	14,365

Reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2020, 2019 and 2018 is as follows:

	Years ended December 31,
	2020			2019			2018
U.S. Statutory rate		21.00	%		21.00	%		21.00	%
State income taxes, net of federal benefit		(3.86	)		3.70			(3.73	)
Stock-based compensation		(16.80	)		(0.81	)		(45.01	)
R&D credit, net of reserve		(8.11	)		(8.97	)		(1.39	)
Other		(2.62	)		(1.24	)		0.98
Effective income tax rate	(10.39)%				13.68	%	(28.15)%

The Company operates in several taxing jurisdictions, including U.S. federal, multiple U.S. states and the Netherlands. The statute of limitations has expired for all tax years prior to 2017 for federal and prior to 2016 for various state tax purposes. However, the net operating loss generated on the Company’s federal and state tax returns in prior years may be subject to adjustments by the federal and state tax authorities.

As of December 31, 2020, the Company had $55,990 and $25,871 of federal and state net operating loss carryforwards, respectively, and $48,194 of the total federal net operating loss carryforwards have an indefinite life while the remaining federal and state net operating loss carryforwards begin to expire in 2033 and 2028, respectively, if not utilized. As of December 31, 2020, the Company had federal and California research and development credit carryforward of $4,050 and $3,913, respectively. The federal credit will begin to expire in 2022; the California credit has indefinite carryforward.

Utilization of the Company’s net operating loss and tax credit carryforwards may be subject to annual limitations arising from ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such annual limitations could result in the expiration of the net operating loss and tax credit carryforwards before their utilization.

The Company assess the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. As of December 31, 2020, the Company determined that it is more likely than not that deferred tax assets are realizable due to significant positive evidence of cumulative earnings. Accordingly, the Company did not record a valuation allowance as of December 31, 2020.

The Company recognizes interest and penalties on taxes, within its income tax provision on its consolidated statements of comprehensive income. No significant interest or penalties were recognized during the periods presented.

Included in the balance of unrecognized tax benefits as of December 31, 2020, 2019 and 2018, were $1,932, $1,889 and $1,294, respectively, of tax benefits that, if recognized, would affect the effective tax rate. The Company believes that there will be no significant increases or decreases to unrecognized tax benefits within the next 12 months.

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:

(amounts in thousands)	December 31,
Reconciliation of liability for unrecognized tax benefits	2020			2019		2018
Balance at beginning of period	$	1,889		$	1,294	$	1,062
Additions based on tax positions related to current year		70			595		232
Reductions based on tax positions related to prior year		(181	)		—		—
Additions based on tax positions related to prior year		154			—		—
Balance at end of period	$	1,932		$	1,889	$	1,294