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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

(Loss) earnings before income tax:

 

 

 

 

 

 

 

 

 

Domestic

 

$

(54,073

)

 

$

(37,222

)

 

$

(34,211

)

Foreign

 

 

156,338

 

 

 

92,176

 

 

 

72,593

 

Earnings before income tax

 

$

102,265

 

 

$

54,954

 

 

$

38,382

 

 
Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, 2024, 2023 and 2022 are summarized as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current income tax (benefit) expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

(1,181

)

 

$

3,510

 

 

$

3,006

 

State and local

 

 

679

 

 

 

414

 

 

 

650

 

Foreign

 

 

27,240

 

 

 

23,759

 

 

 

17,607

 

Total current income tax expense

 

 

26,738

 

 

 

27,683

 

 

 

21,263

 

Deferred income tax (benefit) expense:

 

 

 

 

 

 

 

 

 

Federal

 

 

(7,944

)

 

 

(7,495

)

 

 

(5,971

)

State and local

 

 

66

 

 

 

444

 

 

 

(213

)

Foreign

 

 

18,458

 

 

 

(6,021

)

 

 

(1,138

)

Total deferred income tax expense (benefit)

 

 

10,580

 

 

 

(13,072

)

 

 

(7,322

)

Total income tax expense

 

$

37,318

 

 

$

14,611

 

 

$

13,941

 
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, 2024 and 2023:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Net operating losses

 

$

35,966

 

 

$

44,053

 

Intangible assets

 

 

10,893

 

 

 

4,314

 

Research and development credits

 

 

5,475

 

 

 

7,127

 

Property and equipment

 

 

4,132

 

 

 

4,800

 

Valuation reserves and accrued liabilities

 

 

8,446

 

 

 

11,221

 

Capitalized research and development costs

 

 

28,318

 

 

 

23,658

 

Stock compensation

 

 

2,039

 

 

 

3,227

 

Defined benefit obligation

 

 

1,514

 

 

 

1,691

 

Inventory

 

 

717

 

 

 

181

 

Other credits

 

 

—

 

 

 

8,946

 

Other

 

 

8,707

 

 

 

9,154

 

Total deferred tax asset

 

 

106,207

 

 

 

118,372

 

Valuation allowance

 

 

(25,272

)

 

 

(35,888

)

Deferred tax liabilities:

 

 

 

 

 

 

Unrealized foreign currency exchange gains

 

$

(1,092

)

 

$

—

 

Undistributed profits of subsidiary

 

 

(5,016

)

 

 

(4,609

)

Property and equipment

 

 

(10,524

)

 

 

(12,627

)

Intangible assets

 

 

(8,720

)

 

 

—

 

Other

 

 

(1,383

)

 

 

(1,550

)

Total deferred tax liability

 

 

(26,735

)

 

 

(18,786

)

Net deferred tax asset

 

$

54,200

 

 

$

63,698

 
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, 2024, 2023 and 2022 are as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Statutory Federal income tax rate

 

 

21.0

 %

 

 

21.0

 %

 

 

21.0

 %

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

Change in valuation allowance

 

 

(9.0

)%

 

 

(3.1

)%

 

 

6.4

 %

Effect of different tax rates of foreign jurisdictions

 

 

(0.7

)%

 

 

0.9

 %

 

 

(4.9

)%

Tax credits & deductions related to R&D

 

 

(3.7

)%

 

 

(8.5

)%

 

 

(10.1

)%

Goodwill impairment

 

 

—

 

 

 

4.1

 %

 

 

—

 

Non-deductible expenses

 

 

15.7

 %

 

 

6.8

 %

 

 

14.9

 %

Non-deductible expenses related to acquisitions

 

 

—

 

 

 

—

 

 

 

7.0

 %

Other foreign, state and local taxes

 

 

2.1

 %

 

 

3.5

 %

 

 

0.7

 %

Tax impact of foreign income

 

 

7.5

 %

 

 

3.6

 %

 

 

4.2

 %

Stock option compensation

 

 

1.0

 %

 

 

—

 

 

 

(3.8

)%

Audit settlements and statute expirations

 

 

11.0

 %

 

 

—

 

 

 

—

 

Incentive tax rates in foreign jurisdictions

 

 

(5.5

)%

 

 

(1.9

)%

 

 

—

 

Other

 

 

(2.9

)%

 

 

0.2

 %

 

 

0.9

 %

Effective rate

 

 

36.5

 %

 

 

26.6

 %

 

 

36.3

 %

 
Net Operating Loss Carryforwards

The Company has Net Operating Loss (“NOL”) carryforwards as follows:

Jurisdiction

 

Amount as of December 31, 2024

 

 

Years of Expiration

U.S. state income tax

 

$

41,396

 

 

2025-2043

Foreign

 

 

199,365

 

 

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,

 

 

 

2024

 

 

2023

 

 

2022

 

Balance at beginning of year

 

$

5,486

 

 

$

6,185

 

 

$

5,665

 

Additions based on tax position related to current year

 

 

78

 

 

 

87

 

 

 

972

 

Additions based on tax position related to prior year

 

 

4,587

 

 

 

347

 

 

 

433

 

Reductions from settlements and statute of limitation expiration

 

 

(1,636

)

 

 

(1,266

)

 

$

(610

)

Effect of foreign currency translation

 

 

(249

)

 

 

133

 

 

 

(275

)

Balance at end of year

 

$

8,266

 

 

$

5,486

 

 

$

6,185