XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components of Income before Income Taxes | The components of income (loss) before income taxes and equity in earnings are as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Domestic | $ | 61,045 |  |  | $ | 18,012 |  |  | $ | (21,311) |
Foreign | (24,665) |  |  | (12,463) |  |  | (22,462) |
Total income (loss) before income taxes and equity in earnings | $ | 36,380 |  |  | $ | 5,549 |  |  | $ | (43,773) |
Provision for Income Taxes | The provision for income taxes (before equity in earnings) consists of:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Current: |  |  |  |  |
Federal | $ | 10,361 |  |  | $ | 8,522 |  |  | $ | 906 |
State and local | 3,558 |  |  | 2,540 |  |  | 884 |
Foreign | 823 |  |  | 665 |  |  | 392 |
Deferred | 1,799 |  |  | (1,861) |  |  | (1,073) |
Income tax provision | $ | 16,541 |  |  | $ | 9,866 |  |  | $ | 1,109 |
Significant Components of Net Deferred Income Tax Asset (Liability) | Significant components of the Company’s deferred income tax assets and (liabilities) are as follows:
| December 31,
| 2021 |  | 2020
| (in thousands)
Deferred income tax assets: |  |  |
Operating lease liabilities | $ | 26,158 |  |  | $ | 27,502 |
Stock options | 1,825 |  |  | 2,178 |
Inventory | 2,612 |  |  | 2,438 |
Operating loss carryforwards | 15,684 |  |  | 9,894 |
Accounts receivable allowances | 1,696 |  |  | 1,461 |
Accrued compensation | 1,310 |  |  | 1,839 |
Deferred compensation | 1,167 |  |  | 1,310 |
Other | 1,536 |  |  | 3,061 |
Total deferred income tax assets | $ | 51,988 |  |  | $ | 49,683 |
Deferred income tax liabilities: |  |  |
Operating lease right-of-use assets | $ | (21,857) |  |  | $ | (23,127) |
Fixed assets | (1,784) |  |  | (1,920) |
Intangibles | (26,117) |  |  | (28,447) |
Total deferred income tax liabilities | (49,758) |  |  | (53,494) |
Net deferred income tax asset (liability) | 2,230 |  |  | (3,811) |
Valuation allowance | (15,072) |  |  | (6,903) |
Net deferred income tax liability | $ | (12,842) |  |  | $ | (10,714) |
Difference between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates | The provision for income taxes (before equity in earnings) differs from the amounts computed by applying the applicable federal statutory rates as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Federal income taxes at the statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decreases): |  |  |  |  |
State and local income taxes, net of Federal income tax benefit | 8.8 |  |  | 38.9 |  |  | (1.7) |
Foreign rate differences | (8.0) |  |  | (43.9) |  |  | 2.1 |
Impairment of goodwill (1) | — |  |  | 65.5 |  |  | (20.8) |
Non-deductible expenses | 3.3 |  |  | 16.4 |  |  | (1.2) |
Uncertain tax positions | 0.1 |  |  | 4.0 |  |  | (0.3) |
Research and development credit | (1.1) |  |  | (7.2) |  |  | 1.4 |
Federal return to provision | (0.4) |  |  | 6.8 |  |  | 0.4 |
Loss of Filament pre-acquisition attributes due to CARES Act | — |  |  | 8.6 |  |  | — |
Equity-based compensation | (0.6) |  |  | 19.4 |  |  | — |
Valuation Allowance | 22.4 |  |  | 48.3 |  |  | (3.1) |
Other | — |  |  | — |  |  | (0.3) |
Provision for income taxes | 45.5 | % |  | 177.8 | % |  | (2.5) | %
(1)In 2019, the rate for the impairment of goodwill was (20.8)% due to a pretax loss position.
Estimated Values of Gross Uncertain Tax Positions | The estimated values of the Company’s gross uncertain tax positions at December 31, 2021, 2020 and 2019 are liabilities of $1.1 million, $1.6 million and $1.5 million, respectively, and consist of the following:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Balance at January 1 | $ | (1,648) |  |  | $ | (1,508) |  |  | $ | (1,975) |
Additions based on tax positions related to the current year | (49) |  |  | (149) |  |  | (29) |
Reductions for tax position of prior years | 626 |  |  | 9 |  |  | 496 |
Balance at December 31 | $ | (1,071) |  |  | $ | (1,648) |  |  | $ | (1,508) |

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 http://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 http://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 http://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 income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration