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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes for the years ended December 31, 2023, 2022 and 2021 consists of the following:

 202320222021
Current tax expense (benefit): 
Federal$2,066 $98 $(97)
State3,826 1,582 609 
Foreign9,777 14,082 7,046 
 15,669 15,762 7,558 
Deferred income tax expense (benefit):
Federal2,826 (4,096)3,466 
State(893)(1,636)1,449 
Foreign(1,233)(310)(1,910)
700 (6,042)3,005 
Provision for income taxes
$16,369 $9,720 $10,563 
A reconciliation between income taxes computed at the statutory federal rate and the provision for income taxes for the years ended December 31, 2023, 2022 and 2021 follows:

 202320222021
Tax provision at statutory rate based on income before income taxes21.0 %21.0 %21.0 %
State income taxes, net of federal tax benefit2.9 (1.4)3.7 
Foreign income taxes2.8 (1.8)3.1 
Non-deductible/non-taxable items2.0 (2.9)0.8 
US tax on worldwide earnings at different rates(3.1)(1.8)(0.4)
Federal research credit(3.0)2.4 (2.3)
Contingent consideration
(1.8)— — 
Valuation allowance(0.5)2.5 (2.2)
Stock-based compensation— 1.5 (9.4)
Non-deductible premium on extinguishment and change in fair value of convertible notes— (32.2)— 
Other, net— (1.0)0.1 
 20.3 %(13.7)%14.4 %

The Company has elected to account for Global Intangible Low Tax Income ("GILTI") using the period cost method. The net impact of GILTI including the allowable GILTI deduction is presented in the rate reconciliation as a component of “US tax on worldwide earnings at different rates”.
The tax effects of the significant temporary differences which comprise the deferred income tax assets and liabilities at December 31, 2023 and 2022 are as follows:

 20232022
Assets: 
Inventory$4,577 $2,939 
Net operating losses2,809 12,721 
Capitalized research and development16,573 11,402 
Deferred compensation3,114 3,012 
Accounts receivable4,002 3,580 
Compensation and benefits18,234 8,723 
Accrued pension1,658 2,530 
Research and development credit13,090 16,785 
Interest limitation18,332 9,116 
Convertible notes hedge28,765 36,204 
Lease liabilities3,033 2,735 
Other6,290 4,134 
Less: valuation allowances— (543)
120,477 113,338 
Liabilities: 
Goodwill and intangible assets153,692 152,155 
Depreciation2,248 2,373 
State taxes9,732 11,733 
Unremitted foreign earnings1,557 1,573 
Lease right-of-use assets2,939 2,579 
 170,168 170,413 
Net liability$(49,691)$(57,075)

Income (loss) before income taxes consists of the following U.S. and foreign income (loss):

 202320222021
U.S. income (loss)$51,568 $(96,114)$45,260 
Foreign income29,260 25,252 27,845 
Total income (loss)$80,828 $(70,862)$73,105 
 
As of December 31, 2023, the amount of federal net operating loss carryforward was $1.9 million and begins to expire in 2027. As of December 31, 2023, the amount of federal research credit carryforward available was $13.1 million.  These credits begin to expire in 2028.  

We have accrued tax liabilities related to the amount of unremitted earnings at December 31, 2017 and certain subsequent unremitted earnings as these are not considered permanently reinvested.  Deferred taxes have not been accrued on unremitted earnings subsequent to December 31, 2017 that are considered permanently reinvested. The amount of such untaxed foreign earnings for the periods occurring after December 2017 totaled $26.9 million. If we were to repatriate these funds, we would be required to accrue and pay taxes on such amounts. The Company has estimated foreign withholding taxes of $1.0 million would be due if these earnings were repatriated.
The Company is subject to taxation in the United States and various states and foreign jurisdictions. Taxing authority examinations can involve complex issues and may require an extended period of time to resolve. Our federal income tax returns have been examined by the Internal Revenue Service (“IRS”) for calendar years ending through 2019.

We recognize tax liabilities in accordance with the provisions for accounting for uncertainty in income taxes. Such guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
 
The following table summarizes the activity related to our unrecognized tax benefits for the years ending December 31,:

 202320222021
Balance as of January 1,$200 $200 $200 
Increases for positions taken in prior periods
1,504 — — 
Decreases in unrecorded tax positions related to settlement with the taxing authorities— — — 
Decreases in unrecorded tax positions related to lapse of statute of limitations— — — 
Balance as of December 31,$1,704 $200 $200 
If the total unrecognized tax benefits of $1.7 million at December 31, 2023 were recognized, it would reduce our annual effective tax rate.  The amount of interest accrued in 2021, 2022 and 2023 related to these unrecognized tax benefits was not material and is included in the provision for income taxes in the consolidated statements of comprehensive income (loss).