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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022 and 2021:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Earnings (loss) before income tax: |  |  |  |  |  |  |  |  |
Domestic |  | $ | (37,222 | ) |  | $ | (34,211 | ) |  | $ | (4,547 | )
Foreign |  |  | 92,176 |  |  |  | 72,593 |  |  |  | 118,399 |
Earnings before income tax |  | $ | 54,954 |  |  | $ | 38,382 |  |  | $ | 113,852 |
Provision for Income Taxes | The components of the provision for income taxes for the years ended December 31, 2023, 2022 and 2021 are summarized as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current income tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,510 |  |  | $ | 3,006 |  |  | $ | 1,944 |
State and local |  |  | 414 |  |  |  | 650 |  |  |  | 234 |
Foreign |  |  | 23,759 |  |  |  | 17,607 |  |  |  | 18,390 |
Total current income tax expense |  |  | 27,683 |  |  |  | 21,263 |  |  |  | 20,568 |
Deferred income tax (benefit) expense: |  |  |  |  |  |  |  |  |
Federal |  |  | (7,495 | ) |  |  | (5,971 | ) |  |  | (4,400 | )
State and local |  |  | 444 |  |  |  | (213 | ) |  |  | (91 | )
Foreign |  |  | (6,021 | ) |  |  | (1,138 | ) |  |  | 4,341 |
Total deferred (benefit) income tax expense |  |  | (13,072 | ) |  |  | (7,322 | ) |  |  | (150 | )
Total income tax expense |  | $ | 14,611 |  |  | $ | 13,941 |  |  | $ | 20,418 |
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, 2023 and 2022:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 44,053 |  |  | $ | 43,296 |
Intangible assets |  |  | 4,314 |  |  |  | 4,417 |
Research and development credits |  |  | 7,127 |  |  |  | 7,835 |
Property and equipment |  |  | 4,800 |  |  |  | 6,983 |
Valuation reserves and accrued liabilities |  |  | 11,221 |  |  |  | 8,388 |
Capitalized Research and Development Costs |  |  | 23,658 |  |  |  | 19,087 |
Stock compensation |  |  | 3,227 |  |  |  | 3,051 |
Defined benefit obligation |  |  | 1,691 |  |  |  | 1,265 |
Inventory |  |  | 181 |  |  |  | 6,762 |
Other credits |  |  | 8,946 |  |  |  | 10,296 |
Other |  |  | 9,154 |  |  |  | 790 |
Total deferred tax asset |  |  | 118,372 |  |  |  | 112,170 |
Valuation allowance |  |  | (35,888 | ) |  |  | (36,671 | )
Deferred tax liabilities: |  |  |  |  |  |
Unrealized foreign currency exchange gains |  |  | — |  |  |  | (2,413 | )
Undistributed profits of subsidiary |  |  | (4,609 | ) |  |  | (5,981 | )
Property and equipment |  |  | (12,627 | ) |  |  | (15,423 | )
Other |  |  | (1,550 | ) |  |  | (3,056 | )
Total deferred tax liability |  |  | (18,786 | ) |  |  | (26,873 | )
Net deferred tax asset |  | $ | 63,698 |  |  | $ | 48,626 |
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, 2023, 2022 and 2021 are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory Federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | (3.1 | )% |  |  | 6.4 | % |  |  | (1.2 | )%
Effect of different tax rates of foreign jurisdictions |  |  | 0.9 | % |  |  | (4.9 | )% |  |  | (5.2 | )%
Tax credits & deductions related to R&D |  |  | (8.5 | )% |  |  | (10.1 | )% |  |  | (2.3 | )%
Goodwill impairment |  |  | 4.1 | % |  |  | — |  |  |  | — |
Non-deductible expenses |  |  | 6.8 | % |  |  | 14.9 | % |  |  | 1.7 | %
Non-deductible expenses related to acquisitions |  |  | — |  |  |  | 7.0 | % |  |  | — |
Other foreign, state and local taxes |  |  | 3.5 | % |  |  | 0.7 | % |  |  | 1.6 | %
Tax impact of foreign income |  |  | 3.6 | % |  |  | 4.2 | % |  |  | 3.6 | %
Stock option compensation |  |  | — |  |  |  | (3.8 | )% |  |  | (2.0 | )%
Prior year adjustments |  |  | 0.7 | % |  |  | 1.7 | % |  |  | (0.7 | )%
Other |  |  | (2.4 | )% |  |  | (0.8 | )% |  |  | 1.4 | %
Effective rate |  |  | 26.6 | % |  |  | 36.3 | % |  |  | 17.9 | %
Net Operating Loss Carryforwards | The Company has Net Operating Loss (“NOL”) carryforwards as follows:
Jurisdiction |  | Amount as of December 31, 2023 |  |  | Years of Expiration
U.S. state income tax |  | $ | 51,235 |  |  | 2024-2042
Foreign |  | $ | 296,334 |  |  | 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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | 6,185 |  |  | $ | 5,665 |  |  | $ | 4,967 |
Additions based on tax position related to current year |  |  | 87 |  |  |  | 972 |  |  |  | 1,105 |
Additions based on tax position related to prior year |  |  | 347 |  |  |  | 433 |  |  |  | 160 |
Reductions from settlements and statute of limitation expiration |  |  | (1,266 | ) |  |  | (610 | ) |  | $ | (312 | )
Effect of foreign currency translation |  |  | 133 |  |  |  | (275 | ) |  |  | (255 | )
Balance at end of year |  | $ | 5,486 |  |  | $ | 6,185 |  |  | $ | 5,665 |

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