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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Earnings before income tax: |  |  |  |  |  |  |  |  |
Domestic |  | $ | (34,211 | ) |  | $ | (4,547 | ) |  | $ | (11,374 | )
Foreign |  |  | 72,593 |  |  |  | 118,399 |  |  |  | 92,930 |
Earnings before income tax |  | $ | 38,382 |  |  | $ | 113,852 |  |  | $ | 81,556 |
Provision for Income Taxes | The components of the provision for income taxes for the years ended December 31, 2022, 2021 and 2020 are summarized as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current income tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,006 |  |  | $ | 1,944 |  |  | $ | 784 |
State and local |  |  | 650 |  |  |  | 234 |  |  |  | 83 |
Foreign |  |  | 17,607 |  |  |  | 18,390 |  |  |  | 20,150 |
Total current income tax expense |  | $ | 21,263 |  |  |  | 20,568 |  |  |  | 21,017 |
Deferred income tax (benefit) expense: |  |  |  |  |  |  |  |  |
Federal |  |  | (5,971 | ) |  |  | (4,400 | ) |  |  | (2,302 | )
State and local |  |  | (213 | ) |  |  | (91 | ) |  |  | 32 |
Foreign |  |  | (1,138 | ) |  |  | 4,341 |  |  |  | 3,119 |
Total deferred (benefit) income tax expense |  |  | (7,322 | ) |  |  | (150 | ) |  |  | 849 |
Total income tax expense |  | $ | 13,941 |  |  | $ | 20,418 |  |  | $ | 21,866 |
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, 2022 and 2021:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 43,296 |  |  | $ | 25,610 |
Intangible assets |  |  | 4,417 |  |  |  | 21,179 |
Research and development credits |  |  | 7,835 |  |  |  | 9,736 |
Property and equipment |  |  | 6,983 |  |  |  | 7,071 |
Valuation reserves and accrued liabilities |  |  | 8,388 |  |  |  | 7,333 |
Capitalized Research and Development Costs |  |  | 19,087 |  |  |  | 9,018 |
Stock compensation |  |  | 3,051 |  |  |  | 3,832 |
Defined benefit obligation |  |  | 1,265 |  |  |  | 1,466 |
Inventory |  |  | 6,762 |  |  |  | 1,914 |
Other credits |  |  | 10,296 |  |  |  | 10,158 |
Other |  |  | 790 |  |  |  | 146 |
Total deferred tax asset |  |  | 112,170 |  |  |  | 97,463 |
Valuation allowance |  |  | (36,671 | ) |  |  | (16,090 | )
Deferred tax liabilities: |  |  |  |  |  |
Unrealized foreign currency exchange gains |  | $ | (2,413 | ) |  | $ | (2,488 | )
Undistributed profits of subsidiary |  |  | (5,981 | ) |  |  | (6,676 | )
Property and equipment |  |  | (15,423 | ) |  |  | (2,420 | )
Other |  |  | (3,056 | ) |  |  | (1,428 | )
Total deferred tax liability |  |  | (26,873 | ) |  |  | (13,012 | )
Net deferred tax asset |  | $ | 48,626 |  |  | $ | 68,361 |
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, 2022, 2021 and 2020 are as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Statutory Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | 6.4 | % |  |  | (1.2 | )% |  |  | (0.4 | )%
Effect of different tax rates of foreign jurisdictions |  |  | (4.9 | )% |  |  | (5.2 | )% |  |  | (4.7 | )%
Tax credits & deductions related to R&D |  |  | (10.1 | )% |  |  | (2.3 | )% |  |  | (3.8 | )%
Non-deductible expenses |  |  | 14.9 | % |  |  | 1.7 | % |  |  | 2.1 | %
Non-deductible expenses related to acquisitions |  |  | 7.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Other foreign, state and local taxes |  |  | 0.7 | % |  |  | 1.6 | % |  |  | 1.4 | %
Tax impact of foreign income |  |  | 4.2 | % |  |  | 3.6 | % |  |  | 4.9 | %
Stock option compensation |  |  | (3.8 | )% |  |  | (2.0 | )% |  |  | (0.4 | )%
Other |  |  | 0.9 | % |  |  | 0.7 | % |  |  | 6.7 | %
Effective rate |  |  | 36.3 | % |  |  | 17.9 | % |  |  | 26.8 | %
Net Operating Loss Carryforwards | The Company has Net Operating Loss (“NOL”) carryforwards as follows:
Jurisdiction |  | Amount as of December 31, 2022 |  |  | Years of Expiration
U.S. state income tax |  | $ | 54,912 |  |  | 2023-2042
Foreign |  | $ | 320,417 |  |  | Indefinite
Reconciliation of Unrecognized Tax Benefits | The reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Balance at beginning of year |  | $ | 5,665 |  |  | $ | 4,967 |  |  | $ | 3,795 |
Additions based on tax position related to current year |  |  | 972 |  |  |  | 1,105 |  |  |  | 1,489 |
Additions based on tax position related to prior year |  |  | 433 |  |  |  | 160 |  |  |  | 179 |
Reductions from settlements and statute of limitation expiration |  |  | (610 | ) |  |  | (312 | ) |  | $ | (650 | )
Effect of foreign currency translation |  |  | (275 | ) |  |  | (255 | ) |  |  | 154 |
Balance at end of year |  | $ | 6,185 |  |  | $ | 5,665 |  |  | $ | 4,967 |

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