XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Consolidated income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):
| 2024 |  | 2023 |  | 2022
United States | $ | (27,024) |  |  | $ | 3,793 |  |  | $ | (22,489) |
Foreign | 19,172 |  |  | 12,031 |  |  | 18,429 |
Total | $ | (7,852) |  |  | $ | 15,824 |  |  | $ | (4,060) |
Components of income tax provision for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
United States | $ | — |  |  | $ | — |  |  | $ | 155 |
U.S. state | 555 |  |  | 1,135 |  |  | 1,191 |
Foreign | 5,207 |  |  | 1,572 |  |  | 2,114 |
| 5,762 |  |  | 2,707 |  |  | 3,460 |
Deferred: |  |  |  |  |
United States | (1,822) |  |  | 2,061 |  |  | 266 |
U.S. state | (281) |  |  | (721) |  |  | (12) |
Foreign | (253) |  |  | (1,114) |  |  | 1,766 |
| (2,356) |  |  | 226 |  |  | 2,020 |
Total income tax provision | $ | 3,406 |  |  | $ | 2,933 |  |  | $ | 5,480 |
A reconciliation of the U.S. statutory income tax provision (benefit) to the total income tax provision for the years ended December 31, 2024, 2023 and 2022 is as follows:
| 2024 |  | 2023 |  | 2022
U.S. statutory income tax provision (benefit) | $ | (1,649) |  |  | $ | 3,323 |  |  | $ | (853) |
Impairment of goodwill | 1,619 |  |  | — |  |  | — |
Effect of foreign income taxed at different rates | 1,400 |  |  | (425) |  |  | 1,895 |
Foreign income subject to U.S. taxes | 1,214 |  |  | 931 |  |  | 1,876 |
Utilization of U.S. foreign tax credits | (1,373) |  |  | (1,460) |  |  | (291) |
State income taxes, net of federal benefits | 502 |  |  | 962 |  |  | 89 |
Changes in valuation allowances against tax assets (see Note 16) | 760 |  |  | (2,010) |  |  | 19 |
Non-deductible compensation | 1,449 |  |  | 1,390 |  |  | 627 |
Other, net | (516) |  |  | 222 |  |  | 2,118 |
Total income tax provision | $ | 3,406 |  |  | $ | 2,933 |  |  | $ | 5,480 |
The significant items giving rise to the deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):
| 2024 |  | 2023
Deferred tax assets: |  |  |
Foreign tax credit carryforwards | $ | 3,423 |  |  | $ | 12,614 |
Net operating loss carryforwards | 14,147 |  |  | 21,065 |
R&D credit carryforwards | 3,880 |  |  | 2,895 |
Inventories | 8,456 |  |  | 11,523 |
Operating lease liabilities | 4,337 |  |  | 4,334 |
Employee benefits | 4,292 |  |  | 4,442 |
Deferred revenue | 8,088 |  |  | 6,437 |
Other | 7,835 |  |  | 7,569 |
Gross deferred tax asset | 54,458 |  |  | 70,879 |
Valuation allowance (see Note 16) | (22,088) |  |  | (29,638) |
Net deferred tax asset | 32,370 |  |  | 41,241 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (8,895) |  |  | (14,337) |
Intangible assets | (21,009) |  |  | (26,542) |
Operating lease assets | (3,108) |  |  | (3,632) |
Other | (2,744) |  |  | (2,236) |
Deferred tax liability | (35,756) |  |  | (46,747) |
Net deferred tax liability | $ | (3,386) |  |  | $ | (5,506) |
| 2024 |  | 2023
Balance sheet classification: |  |  |
Other non-current assets | $ | 1,964 |  |  | $ | 2,211 |
Deferred tax liability | (5,350) |  |  | (7,717) |
Net deferred tax liability | $ | (3,386) |  |  | $ | (5,506) |
The Company had U.S. state NOL carryforwards as of December 31, 2024 totaling $161.1 million, of which $8.9 million were attributable to the acquired GEODynamics operations and subject to certain limitation provisions. As of December 31, 2024, the Company had NOL carryforwards related to certain of its international operations totaling $27.9 million, of which $7.4 million can be carried forward indefinitely. As of December 31, 2024 and 2023, the Company had recorded valuation allowances of $13.9 million and $17.7 million, respectively, primarily with respect to foreign and U.S. state NOL carryforwards. As of December 31, 2024 and 2023, the Company’s foreign tax credit carryforwards totaled $3.4 million and $12.6 million, respectively. During 2024 and 2023, $4.3 million and $5.0 million, respectively, of the Company’s foreign tax credits expired, and the offsetting valuation allowances were reduced. The remaining foreign tax credits will expire, if unused, in varying amounts from 2025 to 2029. As of December 31, 2024 and 2023, the Company had recorded valuation allowances of $3.4 million and $11.9 million, respectively, with respect to foreign tax credit carryforwards. As of December 31, 2024 and 2023, the Company’s U.S. research and development tax credit carryforwards totaled $3.9 million and $2.9 million, respectively, which will expire, if unused, between 2032 and 2044. As of December 31, 2024, the Company had a valuation allowance of $2.0 million (nil as of December 31, 2023) with respect to research and development tax credit carryforwards. The Company files tax returns in the jurisdictions in which they are required. These returns are subject to examination or audit and possible adjustment as a result of assessments by taxing authorities. The Company believes that it has recorded sufficient tax liabilities and does not expect that the resolution of any examination or audit of its tax returns will have a material adverse effect on its consolidated operating results, financial condition or liquidity. Tax years subsequent to 2013 (except for 2016) remain open to U.S. federal tax audit. Foreign subsidiary federal tax returns subsequent to 2018 are subject to audit by various foreign tax authorities. The total amount of unrecognized tax benefits as of December 31, 2024 and 2023 was nil. The Company accrues interest and penalties related to unrecognized tax benefits as a component of the Company’s provision for income taxes. As of December 31, 2024 and 2023, the Company had no accrued interest expense or penalties.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration