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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
Year ended December 31,		2019			2018			2017
Income before income taxes:	​	​	​	​	​	​	​	​	​
Domestic	​	$	30,464	​	$	32,907	​	$	36,657
Foreign	​	​	37,929	​	​	32,151	​	​	15,925
Total income before income taxes	​	$	68,393	​	$	65,058	​	$	52,582
​	​	​	​	​	​	​	​	​	​
Provision for income taxes:	​	​	​	​	​	​	​	​	​
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	(4,384)	​	$	2,370	​	$	2,478
State and foreign	​	​	6,900	​	​	6,288	​	​	11,014
Total current expense	​	​	2,516	​	​	8,658	​	​	13,492
​	​	​	​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	$	6,780	​	$	3,788	​	$	(2,585)
State and foreign	​	​	(1,194)	​	​	(1,236)	​	​	(3,374)
Total deferred benefit	​	​	5,586	​	​	2,552	​	​	(5,959)
Total income tax expense	​	$	8,102	​	$	11,210	​	$	7,533
​	​	​	​	​	​	​	​	​	​

Schedule of Effective Income Tax Rate Reconciliation

​

​ ​	​	​	​	​	​	​	​	​	​	​
Year ended December 31,		​	2019		​	2018		​	2017	​
Statutory U.S. federal income tax rate	​	​	21.0	%	​	21.0	%	​	35.0	%
State income taxes, net of federal tax benefit	​	​	0.2	​	​	0.1	​	​	(0.8)	​
Tax credits and incentives	​	​	(9.2)	​	​	(8.4)	​	​	(4.7)	​
Foreign tax rate differential	​	​	2.0	​	​	1.1	​	​	(4.5)	​
Impact of change in enacted tax law	​	​	1.5	​	​	(1.3)	​	​	(17.2)	​
Change in valuation allowance	​	​	(0.2)	​	​	(3.0)	​	​	4.2	​
U.S. tax on foreign earnings	​	​	(4.9)	​	​	1.0	​	​	-	​
Compensation and benefits	​	​	(0.7)	​	​	1.3	​	​	(1.1)	​
Other (A)	​	​	2.1	​	​	5.4	​	​	3.4	​
Effective income tax rate	​	​	11.8	%	​	17.2	%	​	14.3	%
​	​	​	​	​	​	​	​	​	​	​

(A) The amount for 2018 includes the impact of reducing tax attributes due to legal entity consolidation which is completely offset with change in valuation allowance.

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​
As of December 31		2019			2018
Deferred tax assets:	​	​	​	​	​	​
Inventories	​	$	2,254		$	2,135
Employee compensation and benefits	​		2,105			1,225
Accrued liabilities and reserves	​		3,211			4,181
Property, plant and equipment	​		552			647
Tax loss carryforwards	​		7,536			8,437
Tax credit carryforwards	​		15,448			22,772
Right-of-use assets	​	​	4,768	​	​	-
Other	​		582			410
Gross deferred tax assets	​		36,456			39,807
Less: Valuation allowance	​		(8,586)			(8,962)
Deferred tax assets less valuation allowance	​		27,870			30,845
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Property, plant and equipment	​		(2,071)			(2,545)
Intangible assets	​		(14,846)			(16,683)
Outside basis difference in foreign subsidiary	​	​	(13,750)	​	​	(13,750)
Lease liability	​		(4,695)			-
Other	​		(375)			(641)
Gross deferred tax liabilities	​		(35,737)			(33,619)
Net deferred tax liabilities	​	$	(7,867)		$	(2,774)

Schedule of classification of Net Deferred Tax Assets and Liability

​

​	​	​	​	​	​	​
Year ended December 31		2019			2018
Long-term deferred tax assets	​	$	4,663	​	$	12,121
Long-term deferred tax liabilities	​	​	(12,530)	​	​	(14,895)
Net deferred tax liabilities	​	$	(7,867)	​	$	(2,774)

Summary of Income Tax Contingencies

​

​	​	​	​	​	​	​	​	​	​
​		2019			2018			2017
Balance as of January 1	​	$	3,481	​	$	3,645	​	$	3,839
Tax positions related to the current year:	​	​	​	​	​	​	​	​	​
Additions	​	​	-	​	​	-	​	​	31
Tax positions related to the prior years:	​	​	​	​	​	​	​	​	​
Reductions	​	​	(32)	​	​	(165)	​	​	(176)
Expirations of statutes of limitation	​	​	-	​	​	1	​	​	(49)
Balance as of December 31	​	$	3,449	​	$	3,481	​	$	3,645

Schedule of Tax Years Open for Examination

​

​	​	​	​
Jurisdiction		Open Tax Years
U.S. Federal	​	​	2016-2019
Argentina	​	​	2014-2019
Brazil	​	​	2014-2019
China	​	​	2016-2019
France	​	​	2017-2019
Germany	​	​	2016-2019
Italy	​	​	2014-2019
Mexico	​	​	2014-2019
Netherlands	​	​	2016-2019
Spain	​	​	2015-2019
Sweden	​	​	2014-2019
United Kingdom	​	​	2018-2019

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