Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
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Schedule of Provision (Benefit) for Income Taxes |
The provision (benefit) for income taxes was as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2023 | | 2022 | | 2021 | Current: | | | | | | U.S. Federal | $ | 284 | | | $ | 318 | | | $ | 773 | | State | 1,134 | | | 338 | | | 525 | | Foreign | 9,730 | | | 7,099 | | | 7,204 | | Total current | 11,148 | | | 7,755 | | | 8,502 | | Deferred: | | | | | | U.S. Federal | 418 | | | (3,204) | | | 547 | | State | 179 | | | (142) | | | (545) | | Foreign | (1,079) | | | (38) | | | (1,211) | | Total deferred | (482) | | | (3,384) | | | (1,209) | | Total provision (benefit) for income taxes | $ | 10,666 | | | $ | 4,371 | | | $ | 7,293 | |
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Schedule of Income (Loss) Before Income Taxes |
Income (loss) before income taxes was as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2023 | | 2022 | | 2021 | U.S. | $ | (1,907) | | | $ | (38,001) | | | $ | (36,250) | | Foreign | 27,089 | | | 21,538 | | | 18,017 | | Loss before income taxes | $ | 25,182 | | | $ | (16,463) | | | $ | (18,233) | |
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Schedule of Effective Income Tax Rate |
The effective income tax rate is reconciled to the statutory federal income tax rate as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2023 | | 2022 | | 2021 | Income tax expense (benefit) at federal statutory rate | $ | 5,288 | | | $ | (3,457) | | | $ | (3,829) | | Tax benefit on restructuring of certain subsidiary legal entities | — | | | (3,111) | | | — | | Nondeductible executive compensation | 1,171 | | | 958 | | | 999 | | Other nondeductible expenses | 455 | | | 684 | | | 557 | | Stock-based compensation | (42) | | | 5 | | | 880 | | Different rates on earnings of foreign operations | 812 | | | 63 | | | (115) | | Dividend taxes on unremitted earnings | 561 | | | 874 | | | 980 | | U.S. tax on foreign earnings | 1,121 | | | 378 | | | — | | Research and development credits | (476) | | | (649) | | | (1,093) | | Change in valuation allowance | 589 | | | 8,156 | | | 10,416 | | State tax expense (benefit), net | 591 | | | 55 | | | (1,302) | | Other items, net | 596 | | | 415 | | | (200) | | Total provision (benefit) for income taxes | $ | 10,666 | | | $ | 4,371 | | | $ | 7,293 | |
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Schedule of Deferred Tax Assets and Liabilities |
Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31: | | | | | | | | | | | | (In thousands) | 2023 | | 2022 | Deferred tax assets: | | | | Net operating losses | $ | 36,484 | | | $ | 35,430 | | Foreign tax credits | 10,373 | | | 8,836 | | Accruals not currently deductible | 4,873 | | | 2,989 | | Unrealized foreign exchange losses, net | 5,157 | | | 5,353 | | Research and development credits | 5,690 | | | 5,181 | | Stock-based compensation | 1,723 | | | 1,359 | | Capitalized inventory costs | 508 | | | 1,821 | | Capitalized research and development expenditures | 7,110 | | | 4,342 | | Other | 5,372 | | | 6,551 | | Total deferred tax assets | 77,290 | | | 71,862 | | Valuation allowance | (49,197) | | | (47,280) | | Total deferred tax assets, net of allowances | 28,093 | | | 24,582 | | Deferred tax liabilities: | | | | Accelerated depreciation and amortization | (27,071) | | | (24,099) | | Tax on unremitted earnings | (6,208) | | | (5,656) | | Other | (493) | | | (673) | | Total deferred tax liabilities | (33,772) | | | (30,428) | | Total net deferred tax liabilities | $ | (5,679) | | | $ | (5,846) | | | | | | Noncurrent deferred tax assets | $ | 2,628 | | | $ | 2,275 | | Noncurrent deferred tax liabilities | (8,307) | | | (8,121) | | Net deferred tax liabilities | $ | (5,679) | | | $ | (5,846) | |
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Schedule of Income Tax Contingencies |
A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: | | | | | | | | | | | | | | | | | | (In thousands) | 2023 | | 2022 | | 2021 | Balance at January 1 | $ | 318 | | | $ | 485 | | | $ | 213 | | Additions (reductions) for tax positions of prior years | 3 | | | (8) | | | (6) | | Additions (reductions) for tax positions of current year | 20 | | | — | | | 306 | | Reductions for settlements with tax authorities | — | | | (93) | | | — | | Reductions for lapse of statute of limitations | (94) | | | (66) | | | (28) | | Balance at December 31 | $ | 247 | | | $ | 318 | | | $ | 485 | |
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