XML 45 R31.htm IDEA: XBRL DOCUMENT v3.23.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The provision (benefit) for income taxes consists of the following:

		Year Ended
		December 31,
		2022				2021				2020
		(in thousands)
Federal:
Current		$	(579	)		$	(511	)		$	8,518
Deferred			4,667				701				714
Total Federal			4,088				190				9,232
State and Local:
Current			(762	)			769				3,476
Deferred			1,602				346				(221	)
Total State and Local			840				1,115				3,255
Foreign
Current			255				1,051				1,249
Deferred			(90	)			72				(25	)
Total Foreign			165				1,123				1,224
Total		$	5,093			$	2,428			$	13,711

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the provision (benefit) for income taxes and the expected provision (benefit) for income taxes at the U.S. federal statutory rate is as follows:

		Year Ended
		December 31,
		2022				2021				2020
		(in thousands)
U.S. Operations		$	(53,947	)		$	15,146			$	46,970
Foreign Operations			(506	)			5,003				5,487
Income (loss) before income taxes			(54,453	)			20,149				52,457
Federal statutory rate			21	%			21	%			21	%
Provision (benefit) for income taxes at federal statutory rate			(11,435	)			4,231				11,016
State taxes, net of federal benefit			(2,098	)			812				1,434
Foreign tax rate differential			90				(60	)			4
Change in valuation allowance			18,353				—				(2	)
Excess tax benefit recognized			(232	)			(2,159	)			(413	)
Foreign Derived Intangible Income (a)			—				(976	)			—
Foreign tax credit			—				(770	)			(568	)
R&D Credit (b)			(400	)			(878	)			—
Global intangible low taxed income			325				530				586
Prior year adjustment			—				—				16
Change in unrecognized tax benefits			(382	)			673				969
Section 162(m)			395				634				414
Other			477				391				255
Provision for income taxes		$	5,093			$	2,428			$	13,711

(a)The Company completed an analysis of its export sales during 2021. The FDII benefit is for the 2020 and 2021 tax years.

(b)The Company completed a Research and Development credit analysis study during 2021. The R&D credit benefit is for the 2018 through 2021 tax years.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s deferred tax assets (liabilities) are as follows:

		December 31, 2022				December 31, 2021
		(in thousands)
Allowance for doubtful accounts		$	4			$	4
Fixed assets			(897	)			(250	)
Goodwill			(1,268	)			(1,162	)
Employee benefits			2,254				1,980
Intangible assets			1,573				1,053
Inventories			2,846				1,559
Lease liability			2,227				1,655
Net operating loss			7,354				1,271
Research and development expenses			3,835				—
Right of use asset			(2,010	)			(1,547	)
Sales reserves			1,501				1,520
Unrecognized tax benefits			470				575
Other			852				(68	)
			18,741				6,590
Valuation allowance			(19,244	)			(891	)
Net deferred tax assets (liabilities)		$	(503	)		$	5,699

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

		December 31, 2022				December 31, 2021
		(in thousands)
Gross unrecognized tax benefit, beginning of period		$	3,415			$	3,090
Additions based on tax positions related to the current year			150				573
Additions related to tax positions in a prior year			158				—
Settlements related to tax positions in a prior period			(321	)			—
Decreases based on tax positions in a prior period			(400	)			(248	)
Gross unrecognized tax benefit, end of period		$	3,002			$	3,415

Summary of Income Tax Examinations

The Company files U.S., state, and foreign income tax returns in jurisdictions with various statutes of limitations. Below is a summary of the filing jurisdictions and open tax years:

		Open Years
U.S. Federal		2019 - 2021
U.S. State and Local		2018 - 2021
Non-U.S.		2019 - 2021

On August 16, 2022, the Inflation Reduction Act was signed into law. The Inflation Reduction Act includes various tax provisions, which are effective for tax years beginning on or after January 1, 2023. For tax years beginning after December 31, 2021, the Tax Cuts & Jobs Act of 2017 eliminated the option to deduct research and development expenditures as incurred and instead required taxpayers to capitalize and amortize them over five or 15 years beginning in 2022. The Company included the impact of the research and development expenditures in its December 31, 2022 tax expense. The Inflation Reduction Act includes a 1% excise tax on publicly traded US corporations for the value of its stock repurchased after December 31, 2022. The Company does not expect the impact of the excise tax to be material to its financial statement. The Company will continue to monitor possible future impact of changes in tax legislation.

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

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration