Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Income Tax Disclosure [Abstract] |
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Provision (benefit) for income taxes |
The total provision (benefit) was allocated to the following components of income (loss): | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Income (loss) from continuing operations | $ | 9,788 |
| | $ | 14,997 |
| | $ | 4,893 |
| Loss from discontinued operations | — |
| | — |
| | (4,616 | ) | Total provision for income taxes | $ | 9,788 |
| | $ | 14,997 |
| | $ | 277 |
|
The provision (benefit) for income taxes related to continuing operations was as follows: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Current: | | | | | | U.S. Federal | $ | 1,892 |
| | $ | 805 |
| | $ | (236 | ) | State | 706 |
| | 1,384 |
| | 561 |
| Foreign | 11,440 |
| | 12,572 |
| | 10,301 |
| Total current | 14,038 |
| | 14,761 |
| | 10,626 |
| Deferred: | | | | | | U.S. Federal | (2,926 | ) | | (331 | ) | | (3,848 | ) | State | 1,181 |
| | 66 |
| | (796 | ) | Foreign | (2,505 | ) | | 501 |
| | (1,089 | ) | Total deferred | (4,250 | ) | | 236 |
| | (5,733 | ) | Total provision for income taxes | $ | 9,788 |
| | $ | 14,997 |
| | $ | 4,893 |
|
|
Income (loss) from continuing operations before income taxes |
Income (loss) from continuing operations before income taxes was as follows: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | U.S. | $ | (15,270 | ) | | $ | 4,084 |
| | $ | (27,282 | ) | Foreign | 12,112 |
| | 43,194 |
| | 43,394 |
| Income (loss) from continuing operations before income taxes | $ | (3,158 | ) | | $ | 47,278 |
| | $ | 16,112 |
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Effective income tax rate |
The effective income tax rate for continuing operations is reconciled to the statutory federal income tax rate as follows: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2019 | | 2018 | | 2017 | Income tax expense (benefit) at federal statutory rate | $ | (663 | ) | | $ | 9,929 |
| | $ | 5,639 |
| Nondeductible executive compensation | 756 |
| | 1,165 |
| | 768 |
| Nondeductible goodwill impairment | 2,401 |
| | — |
| | — |
| Other nondeductible expenses | 1,506 |
| | 1,216 |
| | 1,368 |
| Stock-based compensation | (248 | ) | | (786 | ) | | 472 |
| Different rates on earnings of foreign operations | 463 |
| | 912 |
| | (2,139 | ) | Dividend taxes on unremitted earnings | 1,609 |
| | 3,023 |
| | 1,506 |
| U.S. tax on foreign earnings | 1,215 |
| | 333 |
| | — |
| Change in valuation allowance | 1,272 |
| | (790 | ) | | 240 |
| State tax expense (benefit), net | 430 |
| | 1,298 |
| | (283 | ) | Net impact of Tax Act | — |
| | (1,613 | ) | | (3,387 | ) | Other items, net | 1,047 |
| | 310 |
| | 709 |
| Total provision for income taxes | $ | 9,788 |
| | $ | 14,997 |
| | $ | 4,893 |
|
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Schedule of deferred tax assets and liabilities |
tax income. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31: | | | | | | | | | (In thousands) | 2019 | | 2018 | Deferred tax assets: | | | | Net operating losses | $ | 14,205 |
| | $ | 14,054 |
| Foreign tax credits | 5,651 |
| | 7,304 |
| Accruals not currently deductible | 4,928 |
| | 3,209 |
| Unrealized foreign exchange losses, net | 3,837 |
| | 3,575 |
| Stock-based compensation | 3,380 |
| | 3,266 |
| Capitalized inventory costs | 1,611 |
| | 1,972 |
| Alternative minimum tax carryforwards | 369 |
| | 2,198 |
| Other | 6,709 |
| | 6,631 |
| Total deferred tax assets | 40,690 |
| | 42,209 |
| Valuation allowance | (23,962 | ) | | (23,842 | ) | Total deferred tax assets, net of allowances | 16,728 |
| | 18,367 |
| Deferred tax liabilities: | | | | Accelerated depreciation and amortization | (28,703 | ) | | (29,656 | ) | Tax on unremitted earnings | (13,645 | ) | | (16,174 | ) | Original issue discount on 2021 Convertible Notes | (2,311 | ) | | (3,347 | ) | Other | (2,716 | ) | | (2,160 | ) | Total deferred tax liabilities | (47,375 | ) | | (51,337 | ) | Total net deferred tax liabilities | $ | (30,647 | ) | | $ | (32,970 | ) | | | | | Noncurrent deferred tax assets | $ | 3,600 |
| | $ | 4,516 |
| Noncurrent deferred tax liabilities | (34,247 | ) | | (37,486 | ) | Net deferred tax liabilities | $ | (30,647 | ) | | $ | (32,970 | ) |
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Income tax contingencies |
A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: | | | | | | | | | | | | | (In thousands) | 2019 | | 2018 | | 2017 | Balance at January 1 | $ | 223 |
| | $ | 257 |
| | $ | 665 |
| Additions (reductions) for tax positions of prior years | 68 |
| | (3 | ) | | (399 | ) | Additions (reductions) for tax positions of current year | — |
| | — |
| | — |
| Reductions for settlements with tax authorities | — |
| | — |
| | — |
| Reductions for lapse of statute of limitations | — |
| | (31 | ) | | (9 | ) | Balance at December 31 | $ | 291 |
| | $ | 223 |
| | $ | 257 |
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