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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Taxes |
Income Taxes | 5.Income Taxes Income taxes primarily consist of a provision for foreign taxes recorded by the Company’s foreign subsidiaries in accordance with local tax regulations. The estimated annual effective tax rate applied to the six-month period ended June 30, 2024, differs from the U.S. federal statutory rate of 21% principally due to income earned outside the United States which is subject to the U.S. tax on global intangible low taxed income (“GILTI”), tax effects of foreign operations, changes in valuation allowance, provision on uncertain tax positions, and other net increases; offset in part by a reduction in foreign exchange gains and losses, deemed interest and true up adjustment on prior year tax provision. ​ The reconciliations of the U.S. federal statutory rate with the Company’s effective tax rate for the six months ended June 30, 2024 and 2023, respectively, are summarized in the table below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months | ​
​ | ​ | Ended June 30, | ​
​ |  | 2024 |  | 2023 | ​
Federal income tax expense (benefit) at statutory rate |  | 21.0 | % | (21.0) | %
Effect of: |  | ​ | ​ | ​ | ​
GILTI provisions | ​ | 17.6 | ​ | - | ​
Tax effects of foreign operations | ​ | 7.1 | ​ | 3.8 | ​
Change in valuation allowance | ​ | 6.4 | ​ | 51.3 | ​
Increase in unrecognized tax benefits (ASC 740) | ​ | 5.5 | ​ | 2.6 | ​
State income tax net of federal benefit | ​ | 0.8 | ​ | 0.4 | ​
Foreign rate differential | ​ | (1.4) | ​ | (1.5) | ​
Effect of stock - based compensation | ​ | (2.9) | ​ | (22.7) | ​
Return to provision true up | ​ | (3.2) | ​ | (0.6) | ​
Deemed interest | ​ | (5.2) | ​ | (7.1) | ​
Foreign operations permanent differences - foreign exchange gains and losses | ​ | (7.9) | ​ | 4.7 | ​
Other | ​ | 4.2 | ​ | 6.2 | ​
Effective tax rate | ​ | 42.0 | % | 16.1 | %
​ The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the six months ended June 30, 2024 (in thousands): ​
​ | ​ | ​ | ​
​ |  | Unrecognized
​ |  | Tax Benefits
Balance at January 1, 2024 | ​ | $ | 1,942
Increase for current period tax positions | ​ |  | 115
Decrease for prior year tax positions | ​ | ​ | (81)
Interest accrual | ​ |  | 59
Foreign currency remeasurement | ​ |  | (22)
Balance at June 30, 2024 | ​ | $ | 2,013
​ The Company expects that unrecognized tax benefits as of June 30, 2024, if recognized, would have a material impact on the Company’s effective tax rate.

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