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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Pre-Tax Income (Loss) by Jurisdiction | In 2024, 2023 and 2022, pre-tax income (loss) was attributed to the following jurisdictions:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Domestic operations | $ | (53,708) |  |  | $ | (95,876) |  |  | $ | (69,058) |
Foreign operations | 35,110 |  |  | 3,622 |  |  | 80,451 |
Total pre-tax income (loss) | $ | (18,598) |  |  | $ | (92,254) |  |  | $ | 11,393 |
Provision for Income Taxes | The provision for income taxes charged to operations was as follows:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Current tax expense: |  |  |  |  |
U.S. federal | $ | 37 |  |  | $ | 23 |  |  | $ | 573 |
State and local | 45 |  |  | 44 |  |  | 73 |
Foreign | 5,068 |  |  | 7,193 |  |  | 8,523 |
Total current | 5,150 |  |  | 7,260 |  |  | 9,169 |
Deferred tax (benefit) expense: |  |  |  |  |
U.S. federal | 269 |  |  | (813) |  |  | 230 |
State and local | — |  |  | (126) |  |  | 36 |
Foreign | 12 |  |  | (337) |  |  | 1,551 |
Total deferred | 281 |  |  | (1,276) |  |  | 1,817 |
Total provision for income taxes | $ | 5,431 |  |  | $ | 5,984 |  |  | $ | 10,986 |
Net Deferred Tax Assets | Net deferred tax assets were comprised of the following:
| December 31,
(In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Accounts receivable | $ | 464 |  |  | $ | — |
Accrued liabilities | 4,820 |  |  | 3,958 |
Amortization of intangible assets | 9,223 |  |  | 9,999 |
Capitalized inventory costs | 3,553 |  |  | 3,369 |
Capitalized research and development costs | 10,245 |  |  | 8,035 |
Depreciation | 3,797 |  |  | 4,058 |
Income tax credits | 20,375 |  |  | 19,615 |
Inventory reserves | 2,371 |  |  | 2,154 |
Net operating losses | 14,003 |  |  | 12,053 |
Operating lease obligations | 2,865 |  |  | 4,112 |
Stock-based compensation | 2,915 |  |  | 4,453 |
Total deferred tax assets | 74,631 |  |  | 71,806 |
Deferred tax liabilities: |  |  |
Accounts receivable | — |  |  | (20) |
Right-of-use assets | (3,175) |  |  | (4,385) |
Other | (1,333) |  |  | (2,920) |
Total deferred tax liabilities | (4,508) |  |  | (7,325) |
Net deferred tax assets before valuation allowance | 70,123 |  |  | 64,481 |
Less: Valuation allowance | (65,629) |  |  | (59,686) |
Net deferred tax assets | $ | 4,494 |  |  | $ | 4,795 |
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) | 2024 |  | 2023 |  | 2022
Tax provision (benefit) at statutory U.S. rate | $ | (3,906) |  |  | $ | (19,373) |  |  | $ | 2,392 |
Increase (decrease) in tax provision (benefit) resulting from: |  |  |  |  |
Distribution of previously taxed foreign earnings and profits | — |  |  | (9,450) |  |  | (16,776) |
Federal research and development credits | (816) |  |  | (1,043) |  |  | (715) |
Foreign participation exemption | — |  |  | (12,571) |  |  | — |
Foreign permanent benefit | (650) |  |  | (1,426) |  |  | (1,620) |
Foreign tax rate differential | (295) |  |  | 21,794 |  |  | 15,133 |
Foreign undistributed earnings, net of credits | 6,231 |  |  | 7,198 |  |  | 6,486 |
Goodwill impairment | — |  |  | 5,383 |  |  | — |
Non-deductible items | 635 |  |  | 594 |  |  | 601 |
Non-territorial income | (2,088) |  |  | (945) |  |  | (2,323) |
Provision to return | (350) |  |  | (19) |  |  | (435) |
Sale of intangible asset | — |  |  | — |  |  | (3,385) |
State and local taxes, net | (992) |  |  | (2,629) |  |  | (2,408) |
Stock-based compensation | 2,045 |  |  | 980 |  |  | 693 |
Tax rate change | (2,286) |  |  | 1,648 |  |  | (640) |
Valuation allowance | 5,943 |  |  | 15,090 |  |  | 12,058 |
Withholding tax | 1,521 |  |  | 1,229 |  |  | 2,188 |
Other | 439 |  |  | (476) |  |  | (263) |
Tax provision | $ | 5,431 |  |  | $ | 5,984 |  |  | $ | 10,986 |
Changes to Gross Unrecognized Tax Benefits | Changes to our gross unrecognized tax benefits were as follows:
| Year Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 3,315 |  |  | $ | 3,150 |  |  | $ | 3,001 |
Additions as a result of tax positions taken during the current year | 322 |  |  | 165 |  |  | 149 |
Balance at end of period | $ | 3,637 |  |  | $ | 3,315 |  |  | $ | 3,150 |

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