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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Earnings Before Income Taxes | The income tax provisions were calculated based upon the following components of earnings before income tax for the years ended December 31, 2021, 2020 and 2019:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Earnings before income tax: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | (4,547 | ) |  | $ | (11,374 | ) |  | $ | 74,531 |
Foreign |  |  | 118,399 |  |  |  | 92,930 |  |  |  | (15,380 | )
Earnings before income tax |  | $ | 113,852 |  |  | $ | 81,556 |  |  | $ | 59,151 |
Provision for Income Taxes | The components of the provision for income taxes for the years ended December 31, 2021, 2020 and 2019 are summarized as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,944 |  |  | $ | 784 |  |  | $ | 262 |
State and local |  |  | 234 |  |  |  | 83 |  |  |  | 94 |
Foreign |  |  | 18,390 |  |  |  | 20,150 |  |  |  | 17,672 |
Total current income tax expense |  | $ | 20,568 |  |  |  | 21,017 |  |  |  | 18,028 |
Deferred income tax (benefit) expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (4,400 | ) |  |  | (2,302 | ) |  |  | (2,490 | )
State and local |  |  | (91 | ) |  |  | 32 |  |  |  | (1 | )
Foreign |  |  | 4,341 |  |  |  | 3,119 |  |  |  | (5,252 | )
Total deferred (benefit) income tax expense |  |  | (150 | ) |  |  | 849 |  |  |  | (7,743 | )
Total income tax expense |  | $ | 20,418 |  |  | $ | 21,866 |  |  | $ | 10,285 |
Deferred Tax Assets and Deferred Tax Liabilities | The deferred tax assets and deferred tax liabilities and related valuation allowance were comprised of the following as of December 31, 2021 and 2020:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses |  | $ | 25,610 |  |  | $ | 22,658 |
Intangible assets |  |  | 21,179 |  |  |  | 29,145 |
Research and development credits |  |  | 9,736 |  |  |  | 10,773 |
Property and equipment |  |  | 7,071 |  |  |  | 7,426 |
Valuation reserves and accrued liabilities |  |  | 7,333 |  |  |  | 7,131 |
Capitalized Research and Development Costs |  |  | 9,018 |  |  |  |  |
Stock compensation |  |  | 3,832 |  |  |  | 4,200 |
Defined benefit obligation |  |  | 1,466 |  |  |  | 1,974 |
Inventory |  |  | 1,914 |  |  |  | 1,571 |
Other credits |  |  | 10,158 |  |  |  | 12,068 |
Unrealized foreign currency exchange loss |  |  | — |  |  |  | 1,431 |
Other |  |  | 146 |  |  |  | 64 |
Total deferred tax asset |  |  | 97,463 |  |  |  | 98,441 |
Valuation allowance |  |  | (16,090 | ) |  |  | (17,197 | )
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized foreign currency exchange gains |  | $ | (2,488 | ) |  | $ | — |
Undistributed profits of subsidiary |  |  | (6,676 | ) |  |  | (5,727 | )
Property and equipment |  |  | (2,420 | ) |  |  | (2,758 | )
Other |  |  | (1,428 | ) |  |  | (572 | )
Total deferred tax liability |  |  | (13,012 | ) |  |  | (9,057 | )
Net deferred tax asset |  | $ | 68,361 |  |  | $ | 72,187 |
Reconciliations Between Statutory Federal Income Tax Rate and Effective Rate | Reconciliations between the statutory Federal income tax rate and the effective rate of income tax expense for the years ended December 31, 2021, 2020 and 2019 are as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Statutory Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | (1.2 | )% |  |  | (0.4 | )% |  |  | 11.5 | %
Effect of different tax rates of foreign jurisdictions |  |  | (5.2 | )% |  |  | (4.7 | )% |  |  | (24.8 | )%
US taxes on foreign income, net of taxes paid credit |  |  | 2.0 | % |  |  | 2.5 | % |  |  | 4.3 | %
Tax credits & deductions related to R&D |  |  | (2.3 | )% |  |  | (3.8 | )% |  |  | (3.6 | )%
Non-deductible expenses |  |  | 1.7 | % |  |  | 2.1 | % |  |  | 3.4 | %
Other foreign, state and local taxes |  |  | 1.6 | % |  |  | 1.4 | % |  |  | 1.7 | %
Tax effects of intercompany transfers |  |  | 0.6 | % |  |  | 1.4 | % |  |  | 1.5 | %
Undistributed profit of subsidiaries |  |  | 1.0 | % |  |  | 0.9 | % |  |  | 1.2 | %
Stock Option Compensation |  |  | (2.0 | )% |  |  | (0.4 | )% |  |  | 1.0 | %
Audit Settlements and Statute Expirations |  |  | 0.0 | % |  |  | 3.9 | % |  |  | 0.6 | %
Other |  |  | 0.7 | % |  |  | 2.9 | % |  |  | (0.4 | )%
Effective rate |  |  | 17.9 | % |  |  | 26.8 | % |  |  | 17.4 | %
Net Operating Loss Carryforwards | The Company has Net Operating Loss (“NOL”) carryforwards as follows:
Jurisdiction |  | Amount as of December 31, 2021 |  |  | Years of Expiration
U.S. state income tax |  | $ | 67,795 |  |  | 2022-2041
Foreign |  | $ | 199,153 |  |  | Never
Reconciliation of Unrecognized Tax Benefits | The reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 4,967 |  |  | $ | 3,795 |  |  | $ | 2,819 |
Additions based on tax position related to current year |  |  | 1,105 |  |  |  | 1,489 |  |  |  | 661 |
Additions based on tax position related to prior year |  |  | 160 |  |  |  | 179 |  |  |  | 352 |
Reductions from settlements and statute of limitation expiration |  |  | (312 | ) |  |  | (650 | ) |  |  | — |
Effect of foreign currency translation |  |  | (255 | ) |  |  | 154 |  |  |  | (37 | )
Balance at end of year |  | $ | 5,665 |  |  | $ | 4,967 |  |  | $ | 3,795 |

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