Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Earnings Before Income Taxes

The income tax provisions were calculated based upon the following components of earnings before income tax for the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
	2023			2022			2021
Earnings (loss) before income tax:
Domestic	$	(37,222	)	$	(34,211	)	$	(4,547	)
Foreign		92,176			72,593			118,399
Earnings before income tax	$	54,954		$	38,382		$	113,852

Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:

	Year Ended December 31,
	2023			2022			2021
Current income tax expense:
Federal	$	3,510		$	3,006		$	1,944
State and local		414			650			234
Foreign		23,759			17,607			18,390
Total current income tax expense		27,683			21,263			20,568
Deferred income tax (benefit) expense:
Federal		(7,495	)		(5,971	)		(4,400	)
State and local		444			(213	)		(91	)
Foreign		(6,021	)		(1,138	)		4,341
Total deferred (benefit) income tax expense		(13,072	)		(7,322	)		(150	)
Total income tax expense	$	14,611		$	13,941		$	20,418

Deferred Tax Assets and Deferred Tax Liabilities

The deferred tax assets and deferred tax liabilities and related valuation allowance were comprised of the following as of December 31, 2023 and 2022:

	December 31,
	2023			2022
Deferred tax assets:
Net operating losses	$	44,053		$	43,296
Intangible assets		4,314			4,417
Research and development credits		7,127			7,835
Property and equipment		4,800			6,983
Valuation reserves and accrued liabilities		11,221			8,388
Capitalized Research and Development Costs		23,658			19,087
Stock compensation		3,227			3,051
Defined benefit obligation		1,691			1,265
Inventory		181			6,762
Other credits		8,946			10,296
Other		9,154			790
Total deferred tax asset		118,372			112,170
Valuation allowance		(35,888	)		(36,671	)
Deferred tax liabilities:
Unrealized foreign currency exchange gains		—			(2,413	)
Undistributed profits of subsidiary		(4,609	)		(5,981	)
Property and equipment		(12,627	)		(15,423	)
Other		(1,550	)		(3,056	)
Total deferred tax liability		(18,786	)		(26,873	)
Net deferred tax asset	$	63,698		$	48,626

Reconciliations Between Statutory Federal Income Tax Rate and Effective Rate

Reconciliations between the statutory Federal income tax rate and the effective rate of income tax expense for the years ended December 31, 2023, 2022 and 2021 are as follows:

	Year Ended December 31,
	2023			2022			2021
Statutory Federal income tax rate		21.0	%		21.0	%		21.0	%
Increase (decrease) resulting from:
Change in valuation allowance		(3.1	)%		6.4	%		(1.2	)%
Effect of different tax rates of foreign jurisdictions		0.9	%		(4.9	)%		(5.2	)%
Tax credits & deductions related to R&D		(8.5	)%		(10.1	)%		(2.3	)%
Goodwill impairment		4.1	%		—			—
Non-deductible expenses		6.8	%		14.9	%		1.7	%
Non-deductible expenses related to acquisitions		—			7.0	%		—
Other foreign, state and local taxes		3.5	%		0.7	%		1.6	%
Tax impact of foreign income		3.6	%		4.2	%		3.6	%
Stock option compensation		—			(3.8	)%		(2.0	)%
Prior year adjustments		0.7	%		1.7	%		(0.7	)%
Other		(2.4	)%		(0.8	)%		1.4	%
Effective rate		26.6	%		36.3	%		17.9	%

Net Operating Loss Carryforwards

The Company has Net Operating Loss (“NOL”) carryforwards as follows:

Jurisdiction	Amount as of December 31, 2023		Years of Expiration
U.S. state income tax	$	51,235	2024-2042
Foreign	$	296,334	Never

Reconciliation of Unrecognized Tax Benefits

The reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Year Ended December 31,
	2023			2022			2021
Balance at beginning of year	$	6,185		$	5,665		$	4,967
Additions based on tax position related to current year		87			972			1,105
Additions based on tax position related to prior year		347			433			160
Reductions from settlements and statute of limitation expiration		(1,266	)		(610	)	$	(312	)
Effect of foreign currency translation		133			(275	)		(255	)
Balance at end of year	$	5,486		$	6,185		$	5,665