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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Pre-Tax Income (Loss) by Jurisdiction | In 2023, 2022 and 2021, pre-tax income (loss) was attributed to the following jurisdictions:
| Year Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Domestic operations | $ | (95,876) |  |  | $ | (69,058) |  |  | $ | (38,024) |
Foreign operations | 3,622 |  |  | 80,451 |  |  | 54,104 |
Total pre-tax income (loss) | $ | (92,254) |  |  | $ | 11,393 |  |  | $ | 16,080 |
Provision for Income Taxes | The provision for income taxes charged to operations was as follows:
| Year Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Current tax expense: |  |  |  |  |
U.S. federal | $ | 23 |  |  | $ | 573 |  |  | $ | 2 |
State and local | 44 |  |  | 73 |  |  | 75 |
Foreign | 7,193 |  |  | 8,523 |  |  | 12,386 |
Total current | 7,260 |  |  | 9,169 |  |  | 12,463 |
Deferred tax (benefit) expense: |  |  |  |  |
U.S. federal | (813) |  |  | 230 |  |  | 584 |
State and local | (126) |  |  | 36 |  |  | 90 |
Foreign | (337) |  |  | 1,551 |  |  | (2,358) |
Total deferred | (1,276) |  |  | 1,817 |  |  | (1,684) |
Total provision for income taxes | $ | 5,984 |  |  | $ | 10,986 |  |  | $ | 10,779 |
Net Deferred Tax Assets | Net deferred tax assets were comprised of the following:
| December 31,
(In thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued liabilities | $ | 3,958 |  |  | $ | — |
Accounts receivable | — |  |  | 5,657 |
Amortization of intangible assets | 9,999 |  |  | 5,977 |
Capitalized inventory costs | 3,369 |  |  | 5,060 |
Capitalized research & development costs | 8,035 |  |  | 4,632 |
Depreciation | 4,058 |  |  | 5,067 |
Income tax credits | 19,615 |  |  | 17,234 |
Inventory reserves | 2,154 |  |  | 2,258 |
Net operating losses | 12,053 |  |  | 3,770 |
Operating lease obligations | 4,112 |  |  | 4,212 |
Stock-based compensation | 4,453 |  |  | 4,288 |
Total deferred tax assets | 71,806 |  |  | 58,155 |
Deferred tax liabilities: |  |  |
Accrued liabilities | — |  |  | (5,273) |
Accounts receivable | (20) |  |  | — |
Right of use assets | (4,385) |  |  | (4,407) |
Other | (2,920) |  |  | (361) |
Total deferred tax liabilities | (7,325) |  |  | (10,041) |
Net deferred tax assets before valuation allowance | 64,481 |  |  | 48,114 |
Less: Valuation allowance | (59,686) |  |  | (44,596) |
Net deferred tax assets | $ | 4,795 |  |  | $ | 3,518 |
Reconciliation of Tax Provision at Statutory U.S. Rate to Provision for Income Taxes | The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pre-tax income from operations as a result of the following:
| Year Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Tax provision at statutory U.S. rate | $ | (19,373) |  |  | $ | 2,392 |  |  | $ | 3,377 |
Increase (decrease) in tax provision resulting from: |  |  |  |  |
Distribution of previously taxed foreign earnings and profits | (9,450) |  |  | (16,776) |  |  | — |
Federal research and development credits | (1,043) |  |  | (715) |  |  | (1,391) |
Foreign permanent benefit | (1,426) |  |  | (1,620) |  |  | (1,137) |
Foreign tax rate differential | 21,794 |  |  | 15,133 |  |  | (2,647) |
Foreign undistributed earnings, net of credits | 7,198 |  |  | 6,486 |  |  | 6,902 |
Foreign participation exemption | (12,571) |  |  | — |  |  | — |
Goodwill impairment | 5,383 |  |  | — |  |  | — |
Liquidation of Cayman subsidiary | — |  |  | — |  |  | 745 |
Non-deductible items | 594 |  |  | 601 |  |  | 1,198 |
Non-territorial income | (945) |  |  | (2,323) |  |  | (2,993) |
Provision to return | (19) |  |  | (435) |  |  | (533) |
Sale of Argentina subsidiary | — |  |  | — |  |  | 2,084 |
Sale of intangible asset | — |  |  | (3,385) |  |  | — |
State and local taxes, net | (2,629) |  |  | (2,408) |  |  | (1,435) |
Stock-based compensation | 980 |  |  | 693 |  |  | (616) |
Tax rate change | 1,648 |  |  | (640) |  |  | — |
Valuation allowance | 15,090 |  |  | 12,058 |  |  | 4,632 |
Withholding tax | 1,229 |  |  | 2,188 |  |  | 2,333 |
Other | (476) |  |  | (263) |  |  | 260 |
Tax provision | $ | 5,984 |  |  | $ | 10,986 |  |  | $ | 10,779 |
Changes to Gross Unrecognized Tax Benefits | Changes to our gross unrecognized tax benefits were as follows:
| Year Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Balance at beginning of period | $ | 3,150 |  |  | $ | 3,001 |  |  | $ | 3,020 |
Additions as a result of tax positions taken during the current year | 165 |  |  | 149 |  |  | 226 |
Foreign currency translation | — |  |  | — |  |  | (13) |
Settlements | — |  |  | — |  |  | (232) |
Balance at end of period | $ | 3,315 |  |  | $ | 3,150 |  |  | $ | 3,001 |

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