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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Provision for (Benefit from) Income Taxes | The provision for (benefit from) income taxes at December 31 consists of the following:
(In thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
U.S. Federal | $ | (2,573) |  |  | $ | 5,338 |  |  | $ | (1,713) |
State | 937 |  |  | (153) |  |  | (667) |
Foreign | 1,600 |  |  | 750 |  |  | 1,439 |
Current | (36) |  |  | 5,935 |  |  | (941) |
Deferred |  |  |  |  |
U.S. Federal | (336) |  |  | 113 |  |  | (237) |
State | 583 |  |  | (239) |  |  | (87) |
Foreign | (101) |  |  | 145 |  |  | (117) |
Deferred | 146 |  |  | 19 |  |  | (441) |
Total | $ | 110 |  |  | $ | 5,954 |  |  | $ | (1,382) |
Summary of Effective Tax Rates Differ From Statutory Federal Income Tax Rate | The effective tax rates differ from the statutory federal income tax rate as follows:
| 2023 |  | 2022 |  | 2021
Statutory Federal Income Tax Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent Items |  |  |  |  |
Stock Compensation Expense | (1.4) | % |  | (2.2) | % |  | (2.1) | %
Contingent Consideration Liability Fair Value Adjustment | — | % |  | — | % |  | 1.7 | %
Other | (1.4) | % |  | (0.3) | % |  | (0.7) | %
Foreign Tax Rate Differential | (0.4) | % |  | (2.8) | % |  | (2.7) | %
State Income Tax, Net of Federal Income Tax Effect | (4.6) | % |  | 1.0 | % |  | 2.2 | %
Research and Development Tax Credits | 14.1 | % |  | 7.7 | % |  | 12.8 | %
Change in Valuation Allowance | (26.1) | % |  | (44.6) | % |  | (29.8) | %
Net GILTI and FDII Tax (Benefit) Expense | (1.0) | % |  | 1.8 | % |  | — | %
Foreign Tax Credit for Dividend Withholding | — | % |  | (1.5) | % |  | 1.7 | %
Tax Rate Change on 2020 Federal Net Operating Loss (NOL) Carryback | — | % |  | — | % |  | 0.9 | %
Other | (0.6) | % |  | (0.1) | % |  | 0.1 | %
Effective Tax Rate | (0.4) | % |  | (20.0) | % |  | 5.1 | %
Summary of Significant Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31, are as follows:
(In thousands) | 2023 |  | 2022
Deferred Tax Assets: |  |  |
Asset Reserves | $ | 19,609 |  |  | $ | 17,680 |
Deferred Compensation | 6,968 |  |  | 6,798 |
Section 163(j) - Interest Expense Limitation | 1,777 |  |  | — |
State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax | 1,430 |  |  | 1,128 |
Customer Advanced Payments and Deferred Revenue | 870 |  |  | 1,917 |
Net Operating Loss Carryforwards and Other | 11,178 |  |  | 11,307 |
Goodwill and Intangible Assets | 1,001 |  |  | 1,277 |
ASC 606 Revenue Recognition | 92 |  |  | 197 |
Research & Development Costs | 25,659 |  |  | 19,892 |
Lease Liabilities | 6,952 |  |  | 3,201 |
Other | 5,308 |  |  | 6,135 |
Total Gross Deferred Tax Assets | 80,844 |  |  | 69,532 |
Valuation Allowance | (65,640) |  |  | (57,369) |
Deferred Tax Assets | 15,204 |  |  | 12,163 |
Deferred Tax Liabilities: |  |  |
Depreciation | 8,593 |  |  | 8,886 |
ASC 606 Revenue Recognition - Section 481(a) Adjustment | 227 |  |  | 525 |
Lease Assets | 6,595 |  |  | 2,905 |
Earnout Income Accrual | 99 |  |  | — |
Other | 997 |  |  | 1,005 |
Deferred Tax Liabilities | 16,511 |  |  | 13,321 |
Net Deferred Tax Liabilities | $ | (1,307) |  |  | $ | (1,158) |
Summary of Components of Net Deferred Tax Assets and Liabilities | The net deferred tax assets and liabilities presented in the Consolidated Balance Sheets are as follows at December 31:
(In thousands) | 2023 |  | 2022
Other Assets — Long-term | $ | — |  |  | $ | 712 |
Deferred Tax Liabilities — Long-term | (1,307) |  |  | (1,870) |
Net Deferred Tax Liabilities | $ | (1,307) |  |  | $ | (1,158) |
Summary of Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties | A reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:
(in thousands) | 2023 |  | 2022 |  | 2021
Balance at Beginning of the Year | $ | 443 |  |  | $ | 1,412 |  |  | $ | 1,890 |
Decreases as a Result of Tax Positions Taken in Prior Years | (343) |  |  | (969) |  |  | (478) |
Balance at End of the Year | $ | 100 |  |  | $ | 443 |  |  | $ | 1,412 |

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