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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 903 |  |  | $ | 6 |  |  | $ | 1,406 |
State and local |  |  | 107 |  |  |  | 1,702 |  |  |  | 24 |
Foreign |  |  | 22,351 |  |  |  | 14,812 |  |  |  | 9,120 |
|  |  | 23,361 |  |  |  | 16,520 |  |  |  | 10,550 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. Federal |  |  | (6,544 | ) |  |  | (6,179 | ) |  |  | (3,784 | )
State and local |  |  | (1,734 | ) |  |  | (1,380 | ) |  |  | (1,021 | )
Foreign |  |  | 1,030 |  |  |  | 676 |  |  |  | (2,507 | )
|  |  | (7,248 | ) |  |  | (6,883 | ) |  |  | (7,312 | )
|  | $ | 16,113 |  |  | $ | 9,637 |  |  | $ | 3,238 |
Schedule Of Income Before Income Taxes | Worldwide income (loss) before income taxes consisted of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
United States |  | $ | (45,390 | ) |  | $ | (34,930 | ) |  | $ | (33,790 | )
Foreign |  |  | 129,732 |  |  |  | 80,337 |  |  |  | 51,083 |
|  | $ | 84,342 |  |  | $ | 45,407 |  |  | $ | 17,293 |
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Tax at statutory rate |  | $ | 17,713 |  |  | $ | 9,536 |  |  | $ | 3,632 |
State taxes, net of federal tax effect |  |  | (1,285 | ) |  |  | (36 | ) |  |  | (788 | )
Effect of foreign operations and tax incentives |  |  | (3,907 | ) |  |  | (4,048 | ) |  |  | (6,372 | )
Change in valuation allowance |  |  | 41 |  |  |  | (336 | ) |  |  | (3,029 | )
Stock-based compensation |  |  | 447 |  |  |  | (69 | ) |  |  | 347 |
GILTI |  |  | 1,768 |  |  |  | 2,104 |  |  |  | 1,667 |
Foreign tax refund benefit |  |  | — |  |  |  | (7,285 | ) |  |  | — |
Losses in foreign jurisdictions for which no benefit has been provided |  |  | 3 |  |  |  | 2,608 |  |  |  | 5,798 |
Change in uncertain tax benefits reserve |  |  | 40 |  |  |  | 8,858 |  |  |  | (31 | )
Other |  |  | 1,293 |  |  |  | (1,695 | ) |  |  | 2,014 |
Total income tax expense |  | $ | 16,113 |  |  | $ | 9,637 |  |  | $ | 3,238 |
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) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Carrying value of inventories |  | $ | 4,809 |  |  | $ | 2,704 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis |  |  | 7,811 |  |  |  | 10,592 |
Goodwill |  |  | 937 |  |  |  | 1,320 |
Stock-based compensation |  |  | 5,032 |  |  |  | 3,741 |
Operating right-of-use lease liabilities |  |  | 23,252 |  |  |  | 24,851 |
Net operating loss carryforwards |  |  | 16,848 |  |  |  | 17,417 |
Tax credit carryforwards |  |  | 5,805 |  |  |  | 4,629 |
Interest rate swap |  |  | — |  |  |  | 1,133 |
Research and experimentation |  |  | 10,691 |  |  |  | — |
Other |  |  | 4,086 |  |  |  | 5,961 |
|  |  | 79,271 |  |  |  | 72,348 |
Less: valuation allowance |  |  | (18,743 | ) |  |  | (18,702 | )
Net deferred tax assets |  |  | 60,528 |  |  |  | 53,646 |
Deferred tax liabilities: |  |  |  |  |  |
Plant and equipment, due to differences in depreciation |  |  | (7,957 | ) |  |  | (4,887 | )
Operating right-of-use lease assets |  |  | (22,991 | ) |  |  | (24,590 | )
Intangible assets, due to differences in amortization |  |  | (10,502 | ) |  |  | (11,687 | )
Foreign withholding tax |  |  | (4,902 | ) |  |  | (4,902 | )
Interest rate swap |  |  | (263 | ) |  |  | — |
Other |  |  | (2,173 | ) |  |  | (1,692 | )
Gross deferred tax liability |  |  | (48,788 | ) |  |  | (47,758 | )
Net deferred tax liability |  | $ | 11,740 |  |  | $ | 5,888 |
The net deferred tax liability is classified as follows: |  |  |  |  |  |
Long-term asset |  | $ | 12,235 |  |  | $ | 5,972 |
Long-term liability |  |  | (495 | ) |  |  | (84 | )
Total |  | $ | 11,740 |  |  | $ | 5,888 |
Schedule Of Tax Incentives | The net impact of these tax incentives was to lower income tax expense for 2022, 2021, and 2020 by approximately $9.0 million (approximately $0.25 per diluted share), $4.5 million (approximately $0.13 per diluted share) and $5.0 million (approximately $0.13 per diluted share), respectively, as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
China |  | $ | 643 |  |  | $ | 443 |  |  | $ | — |
Malaysia |  |  | — |  |  |  | 1,946 |  |  |  | 4,945 |
Thailand |  |  | 8,362 |  |  |  | 5,360 |  |  |  | 2,496 |
|  | $ | 9,005 |  |  | $ | 7,749 |  |  | $ | 7,441 |
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits |
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Balance as of January 1 |  | $ | 9,121 |  |  | $ | 499 |  |  | $ | 513 |
Additions related to current year tax positions |  |  | — |  |  |  | 7,424 |  |  |  | — |
Additions related to prior year tax positions |  |  | — |  |  |  | 1,575 |  |  |  | — |
Decreases related to prior year tax positions |  |  | — |  |  |  | (138 | ) |  |  | — |
Decreases related to lapse of statutes |  |  | (60 | ) |  |  | (239 | ) |  |  | (14 | )
Balance as of December 31 |  | $ | 9,061 |  |  | $ | 9,121 |  |  | $ | 499 |

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