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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 2,989 |  |  | $ | 903 |  |  | $ | 6 |
State and local |  |  | 587 |  |  |  | 107 |  |  |  | 1,702 |
Foreign |  |  | 28,321 |  |  |  | 22,351 |  |  |  | 14,812 |
Total current taxes |  |  | 31,897 |  |  |  | 23,361 |  |  |  | 16,520 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. Federal |  |  | (6,206 | ) |  |  | (6,544 | ) |  |  | (6,179 | )
State and local |  |  | (1,612 | ) |  |  | (1,734 | ) |  |  | (1,380 | )
Foreign |  |  | (7,174 | ) |  |  | 1,030 |  |  |  | 676 |
Total deferred taxes |  |  | (14,992 | ) |  |  | (7,248 | ) |  |  | (6,883 | )
Total income tax expense |  | $ | 16,905 |  |  | $ | 16,113 |  |  | $ | 9,637 |
Schedule of Income (Loss) Before Income Taxes | Income (loss) before income taxes consisted of the following:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | (31,534 | ) |  | $ | (45,390 | ) |  | $ | (34,930 | )
Foreign |  |  | 112,754 |  |  |  | 129,732 |  |  |  | 80,337 |
Total income before income taxes |  | $ | 81,220 |  |  | $ | 84,342 |  |  | $ | 45,407 |
Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Tax | Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income (loss) before income taxes as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Tax at statutory rate |  | $ | 17,056 |  |  | $ | 17,713 |  |  | $ | 9,536 |
State taxes, net of federal tax effect |  |  | (809 | ) |  |  | (1,285 | ) |  |  | (36 | )
Effect of foreign operations and tax incentives |  |  | (909 | ) |  |  | (3,907 | ) |  |  | (4,048 | )
Change in valuation allowance |  |  | (241 | ) |  |  | 41 |  |  |  | (336 | )
Stock-based compensation |  |  | 623 |  |  |  | 447 |  |  |  | (69 | )
GILTI |  |  | (450 | ) |  |  | 1,768 |  |  |  | 2,104 |
Foreign tax refund benefit |  |  | — |  |  |  | — |  |  |  | (7,285 | )
Losses in foreign jurisdictions for which no benefit has been provided |  |  | 6 |  |  |  | 3 |  |  |  | 2,608 |
Change in uncertain tax benefit reserve |  |  | 370 |  |  |  | 40 |  |  |  | 8,858 |
Other |  |  | 1,259 |  |  |  | 1,293 |  |  |  | (1,695 | )
Total income tax expense |  | $ | 16,905 |  |  | $ | 16,113 |  |  | $ | 9,637 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities were as follows:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Carrying value of inventories |  | $ | 5,782 |  |  | $ | 4,809 |
Accrued liabilities and allowances deductible for tax purposes on a cash basis |  |  | 10,213 |  |  |  | 7,811 |
Goodwill |  |  | 554 |  |  |  | 937 |
Stock-based compensation |  |  | 5,853 |  |  |  | 5,032 |
Operating lease liabilities |  |  | 33,260 |  |  |  | 23,252 |
Net operating loss carryforwards |  |  | 12,662 |  |  |  | 16,848 |
Tax credit carryforwards |  |  | 7,372 |  |  |  | 5,805 |
Research and experimentation |  |  | 15,861 |  |  |  | 10,691 |
Other |  |  | 8,540 |  |  |  | 4,086 |
Total gross deferred tax assets |  |  | 100,097 |  |  |  | 79,271 |
Less: valuation allowance |  |  | (18,502 | ) |  |  | (18,743 | )
Total net deferred tax assets |  |  | 81,595 |  |  |  | 60,528 |
Deferred tax liabilities: |  |  |  |  |  |
Plant and equipment, due to differences in depreciation |  |  | (10,652 | ) |  |  | (7,957 | )
Operating lease right-of-use assets |  |  | (32,999 | ) |  |  | (22,991 | )
Intangible assets, due to differences in amortization |  |  | (8,946 | ) |  |  | (10,502 | )
Foreign withholding tax |  |  | (898 | ) |  |  | (4,902 | )
Interest rate swap |  |  | (52 | ) |  |  | (263 | )
Other |  |  | (1,105 | ) |  |  | (2,173 | )
Total gross deferred tax liabilities |  |  | (54,652 | ) |  |  | (48,788 | )
Total net deferred tax assets |  | $ | 26,943 |  |  | $ | 11,740 |
The net deferred tax assets are classified as follows: |  |  |  |  |  |
Long-term assets |  | $ | 26,943 |  |  | $ | 12,235 |
Long-term liabilities |  |  | — |  |  |  | (495 | )
Total net deferred tax assets |  | $ | 26,943 |  |  | $ | 11,740 |
Schedule of Tax Incentives | The net impact of the current tax incentives was to lower income tax expense for 2023, 2022, and 2021 by approxima tely $6.3 million (approximately $0.17 per dil uted share), $9.0 million (approximately $0.25 per diluted share) and $7.7 million (approximately $0.21 per diluted share), respectively, as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Thailand |  | $ | 4,923 |  |  | $ | 8,362 |  |  | $ | 5,360 |
China |  |  | 1,338 |  |  |  | 643 |  |  |  | 443 |
Malaysia |  |  | — |  |  |  | — |  |  |  | 1,946 |
Total tax incentives |  | $ | 6,261 |  |  | $ | 9,005 |  |  | $ | 7,749 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:
|  | December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Balances as of the beginning of the year |  | $ | 9,061 |  |  | $ | 9,121 |  |  | $ | 499 |
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 | )
Balances as of the end of the year |  | $ | 9,061 |  |  | $ | 9,061 |  |  | $ | 9,121 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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