Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income before Income Tax

Income (loss) before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023		2022
Domestic	$	14,575	$	(5,074)
Foreign	(13,631)		(3,922)
Income (loss) before income taxes	$	944	$	(8,996)

Schedule of Significant Components of Income Tax

Significant components of the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows:


	Year Ended December 31,
	2023		2022
Current:
Federal	$	(16)	$	—
State	53		127
Foreign	1,460		769
Total current	1,497		896
Deferred:
Federal	—		28,287
State	—		9,001
Foreign	(1,852)		(1,503)
Total deferred	(1,852)		35,785
Total income tax (benefit) expense	$	(355)	$	36,681

Schedule of Reconciliation of Statutory Income to Income Tax Expense

The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2023 and 2022 is as follows:


	Year Ended December 31,
	2023				2022
	Amount		Percent		Amount		Percent
Statutory rate	$	198	21.0	%	$	(1,889)	21.0	%
Foreign tax rate differential	(520)		(55.1)		(306)		3.4
State income taxes, net of federal benefit	322		34.1		327		(3.6)

Non-deductible expenses	206		21.8		200		(2.2)
Non-deductible executive compensation	256		27.1		45		(0.5)



Income tax credits	(218)		(23.1)		(261)		2.9
Change in income tax rates	(38)		(4.0)		176		(2.0)
Tax on unremitted foreign earnings	181		19.2		439		(4.9)
Change in valuation allowance	(723)		(76.6)		37,895		(421.2)
Other	(19)		(2.0)		55		(0.6)
Total income tax (benefit) expense / Effective rate	$	(355)	(37.6)	%	$	36,681	(407.7)	%

Schedule of Significant Components of Deferred Tax Asset and Liability

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022
Deferred tax assets:
Goodwill and other intangibles	$	1,762	$	8,099
Accrued settlement	2,001		3,915
Deferred compensation	4,127		2,396
Contingent liabilities	600		613
Net operating loss / tax credit carryforwards	36,217		30,812
Pension and post-retirement liability	149		297
Inventories	852		1,790
Warranty reserve	146		202
Accounts receivable	201		181
Interest deduction carryforward	1,882		775
Capitalized research expenditures	1,599		1,292
Other	680		644
Total deferred tax assets	50,216		51,016
Less: valuation allowance	(40,125)		(40,601)
Net deferred tax assets	10,091		10,415
Deferred tax liabilities:
Goodwill and other intangibles	(2,181)		(2,803)
Depreciation	(8,596)		(9,434)
Unrealized income on interest rate swap contracts	(306)		(472)
Unremitted earnings of foreign subsidiaries	(50)		(625)
Other	(190)		(166)
Total deferred tax liabilities	(11,323)		(13,500)
Net deferred tax (liabilities) assets	$	(1,232)	$	(3,085)

Schedule of Reconciliation of Unrealized tax Benefits

The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Unrecognized tax benefits at beginning of period:	$	354	$	365

Decreases based on tax positions for prior periods	(47)		(11)

Balance at end of period	$	307	$	354