Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Income Tax Disclosure [Abstract] |
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Schedule of components of income before income taxes |
The components of income before income taxes is summarized as follows: | | | | | | | | | | | | | | Year Ended December 31, | (in thousands) | 2019 | | 2018 | | 2017 | U.S. | $ | 25,432 |
| | $ | 46,945 |
| | $ | 39,559 |
| International | 3,195 |
| | 2,603 |
| | 80 |
| Income before income taxes | $ | 28,627 |
| | $ | 49,548 |
| | $ | 39,639 |
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Schedule of income tax (benefit) expense |
The income tax (benefit) expense is summarized as follows: | | | | | | | | | | | | | | Year Ended December 31, | (in thousands) | 2019 | | 2018 | | 2017 | Current | | | | | | Federal | $ | 287 |
| | $ | (21 | ) | | $ | (58 | ) | State | (13,166 | ) | | 3,424 |
| | 3,242 |
| International | 114 |
| | (135 | ) | | 16 |
| | (12,765 | ) | | 3,268 |
| | 3,200 |
| Deferred | | | | | | Federal | 8,712 |
| | 7,821 |
| | (71,742 | ) | State | 790 |
| | 1,411 |
| | (15,220 | ) | International | 223 |
| | (3,470 | ) | | 16 |
| | 9,725 |
| | 5,762 |
| | (86,946 | ) | Income tax (benefit) expense | $ | (3,040 | ) | | $ | 9,030 |
| | $ | (83,746 | ) |
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Schedule of reconciliation of income taxes at the U.S. federal statutory rate to the actual income taxes |
The reconciliation of income taxes at the U.S. federal statutory rate to the actual income taxes is as follows: | | | | | | | | | | | | | | Year Ended December 31, | (in thousands) | 2019 | | 2018 | | 2017 | U.S. statutory rate | $ | 6,012 |
| | $ | 10,405 |
| | $ | 13,873 |
| Permanent items | 3,737 |
| | 505 |
| | (1,916 | ) | Uncertain tax positions | (13,156 | ) | | 3,227 |
| | 3,128 |
| Other tax credits | (1,685 | ) | | (742 | ) | | (175 | ) | State and local taxes | 1,914 |
| | 2,125 |
| | 1,252 |
| Impact of rate change on deferred taxes | — |
| | — |
| | 45,129 |
| True-up of prior year tax | — |
| | — |
| | 7 |
| Foreign tax rate differential | (238 | ) | | 30 |
| | 97 |
| Valuation allowance | (22 | ) | | (4,073 | ) | | (141,094 | ) | Benefit of windfall related to stock compensation | (2,768 | ) | | (1,760 | ) | | (2,723 | ) | Increase in indemnification deferred tax asset | 2,531 |
| | (731 | ) | | (1,055 | ) | Other | 635 |
| | 44 |
| | (269 | ) | Income tax (benefit) expense | $ | (3,040 | ) | | $ | 9,030 |
| | $ | (83,746 | ) |
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Schedule of components of deferred incomes tax assets (liabilities) |
The components of deferred income tax assets (liabilities) are as follows: | | | | | | | | | | December 31, | (in thousands) | 2019 | | 2018 | Deferred Tax Assets | | | | Federal benefit of state tax liabilities | $ | 5,278 |
| | $ | 7,809 |
| Reserves, accruals and other | 15,026 |
| | 11,005 |
| Inventory obsolescence | 550 |
| | 428 |
| Capitalized research and development | 5,086 |
| | 7,491 |
| Amortization of intangibles other than goodwill | 1,569 |
| | 2,809 |
| Net operating loss carryforwards | 47,095 |
| | 55,938 |
| Depreciation | 56 |
| | — |
| Deferred tax assets | 74,660 |
| | 85,480 |
| Deferred Tax Liabilities | | | | Reserves, accruals and other | (881 | ) | | (1,078 | ) | Customer relationships | (707 | ) | | (986 | ) | Depreciation | — |
| | (727 | ) | Deferred tax liability | (1,588 | ) | | (2,791 | ) | Less: valuation allowance | (1,238 | ) | | (1,240 | ) | | $ | 71,834 |
| | $ | 81,449 |
| Recorded in the accompanying consolidated balance sheets as: | | | | Noncurrent deferred tax assets, net | $ | 71,834 |
| | $ | 81,449 |
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Schedule of valuation allowance |
A summary of the changes in the Company’s valuation allowance is summarized below: | | | | | (in thousands) | Amount | Balance, January 1, 2018 | $ | 5,368 |
| Charged to income tax (benefit) expense | (103 | ) | Foreign currency | (56 | ) | Release valuation allowance | (3,969 | ) | Balance, December 31, 2018 | 1,240 |
| Charged to income tax (benefit) expense | (22 | ) | Foreign currency | 20 |
| Release valuation allowance | — |
| Balance, December 31, 2019 | $ | 1,238 |
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Schedule of reconciliation of the Company's changes in uncertain tax positions |
A reconciliation of the Company’s changes in uncertain tax positions for 2019 and 2018 is as follows: | | | | | (in thousands) | Amount | Balance of uncertain tax positions as of January 1, 2018 | $ | 9,866 |
| Additions related to current year tax positions | — |
| Reductions related to prior year tax positions | (4 | ) | Settlements | — |
| Lapse of statute of limitations | (74 | ) | Balance of uncertain tax positions as of December 31, 2018 | 9,788 |
| Additions related to current year tax positions | — |
| Reductions related to prior year tax positions | (4,496 | ) | Settlements | — |
| Lapse of statute of limitations | — |
| Balance of uncertain tax positions as of December 31, 2019 | $ | 5,292 |
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