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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule Of Income Tax Expense | Income tax expense (benefit) based on income before income taxes consisted of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 1,406 |  |  | $ | (1,697 | ) |  | $ | (14,831 | )
State and local |  |  | 24 |  |  |  | (3,567 | ) |  |  | 10,110 |
Foreign |  |  | 9,120 |  |  |  | 11,474 |  |  |  | 29,817 |
|  |  | 10,550 |  |  |  | 6,210 |  |  |  | 25,096 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  |  | (3,784 | ) |  |  | 1,815 |  |  |  | (249 | )
State and local |  |  | (1,021 | ) |  |  | 1,409 |  |  |  | (550 | )
Foreign |  |  | (2,507 | ) |  |  | (5,590 | ) |  |  | 8,427 |
|  |  | (7,312 | ) |  |  | (2,366 | ) |  |  | 7,628 |
|  | $ | 3,238 |  |  | $ | 3,844 |  |  | $ | 32,724 |
Schedule Of Income Before Income Taxes | Worldwide income (loss) before income taxes consisted of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | (33,790 | ) |  | $ | (13,756 | ) |  | $ | (23,645 | )
Foreign |  |  | 51,083 |  |  |  | 41,025 |  |  |  | 79,186 |
|  | $ | 17,293 |  |  | $ | 27,269 |  |  | $ | 55,541 |
Schedule Of Federal Statutory Income Tax Rate To Income Before Income Tax | Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income taxes as a result of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Tax at statutory rate |  | $ | 3,632 |  |  | $ | 5,727 |  |  | $ | 11,664 |
State taxes, net of federal tax effect |  |  | (788 | ) |  |  | (1,705 | ) |  |  | 7,553 |
Effect of foreign operations and tax incentives |  |  | (6,372 | ) |  |  | (5,870 | ) |  |  | (11,945 | )
Change in valuation allowance |  |  | (3,029 | ) |  |  | (2,283 | ) |  |  | 2,114 |
Stock-based compensation |  |  | 347 |  |  |  | 118 |  |  |  | (143 | )
Provisional impact of U.S. Tax Reform |  |  | — |  |  |  | — |  |  |  | (4,353 | )
Impact of cash repatriation |  |  | — |  |  |  | — |  |  |  | 21,612 |
GILTI |  |  | 1,667 |  |  |  | 955 |  |  |  | 3,206 |
Losses in foreign jurisdictions for which no benefit has been provided |  |  | 5,798 |  |  |  | 4,379 |  |  |  | 1,423 |
Change in uncertain tax benefits reserve |  |  | (31 | ) |  |  | 200 |  |  |  | (317 | )
Other |  |  | 2,014 |  |  |  | 2,323 |  |  |  | 1,910 |
Total income tax expense |  | $ | 3,238 |  |  | $ | 3,844 |  |  | $ | 32,724 |
Schedule Of Deferred Tax Assets And Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Carrying value of inventories |  | $ | 3,470 |  |  | $ | 3,212 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis |  |  | 13,086 |  |  |  | 8,945 |
Goodwill |  |  | 1,704 |  |  |  | 1,976 |
Stock-based compensation |  |  | 2,559 |  |  |  | 2,500 |
Operating right-of-use lease liabilities |  |  | 20,003 |  |  |  | 19,087 |
Net operating loss carryforwards |  |  | 19,120 |  |  |  | 19,493 |
Tax credit carryforwards |  |  | 3,368 |  |  |  | 2,421 |
Interest rate swap liabilities |  |  | 2,263 |  |  |  | 1,210 |
Other |  |  | 5,025 |  |  |  | 3,938 |
|  |  | 70,598 |  |  |  | 62,782 |
Less: valuation allowance |  |  | (19,038 | ) |  |  | (15,992 | )
Net deferred tax assets |  |  | 51,560 |  |  |  | 46,790 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Plant and equipment, due to differences in depreciation |  |  | (7,899 | ) |  |  | (10,428 | )
Operating right-of-use lease assets |  |  | (19,742 | ) |  |  | (18,826 | )
Intangible assets, due to differences in amortization |  |  | (14,078 | ) |  |  | (16,302 | )
Foreign withholding tax |  |  | (6,102 | ) |  |  | (7,181 | )
Other |  |  | (3,603 | ) |  |  | (2,283 | )
Gross deferred tax liability |  |  | (51,424 | ) |  |  | (55,020 | )
Net deferred tax liability |  | $ | 136 |  |  | $ | (8,230 | )
The net deferred tax liability is classified as follows: |  |  |  |  |  |  |  |
Long-term asset |  | $ | 4,924 |  |  | $ | 5,274 |
Long-term liability |  |  | (4,788 | ) |  |  | (13,504 | )
Total |  | $ | 136 |  |  | $ | (8,230 | )
Schedule Of Tax Incentives | The Company expects to obtain an extension of the Malaysia tax holiday in 2021 which will extend the tax holiday for another five years until 2026. The net impact of these tax incentives was to lower income tax expense for 2020, 2019, and 2018 by approximately $7.4 million (approximately $0.20 per diluted share), $5.0 million (approximately $0.13 per diluted share) and $7.9 million (approximately $0.17 per diluted share), respectively, as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
China |  | $ | — |  |  | $ | — |  |  | $ | 1,884 |
Malaysia |  |  | 4,945 |  |  |  | 3,010 |  |  |  | 3,287 |
Thailand |  |  | 2,496 |  |  |  | 2,025 |  |  |  | 2,715 |
|  | $ | 7,441 |  |  | $ | 5,035 |  |  | $ | 7,886 |
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits |
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Balance as of January 1 |  | $ | 513 |  |  | $ | 313 |  |  | $ | 708 |
Additions related to current year tax positions |  |  | — |  |  |  | — |  |  |  | 137 |
Additions related to prior year tax positions |  |  | — |  |  |  | 200 |  |  |  | — |
Decreases related to prior year tax positions |  |  | (14 | ) |  |  | — |  |  |  | (532 | )
Balance as of December 31 |  | $ | 499 |  |  | $ | 513 |  |  | $ | 313 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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