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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Benefit | The components of income tax benefit are as follows:
|  | Year Ended December 31,
In thousands |  | 2024 |  | 2023
Current |  |  |  |
Federal |  | $ | — |  |  | $ | (10) |
State and local |  | 428 |  |  | 264 |
Foreign |  | 1,214 |  |  | 871 |
Total current |  | $ | 1,642 |  |  | $ | 1,125 |
Deferred |  |  |  |
Federal |  | $ | (7,729) |  |  | $ | (1,340) |
State and local |  | (1,446) |  |  | (216) |
Foreign |  | (104) |  |  | 82 |
Total deferred |  | $ | (9,279) |  |  | $ | (1,474) |
Total income tax benefit |  | $ | (7,637) |  |  | $ | (349) |
Components of Income (Loss) Before Income Taxes | The U.S. and foreign components of loss before income taxes were as follows:
|  | Year Ended December 31,
In thousands |  | 2024 |  | 2023
United States |  | $ | (43,860) |  |  | $ | (7,546) |
Foreign |  | 5,926 |  |  | 5,627 |
Total loss before income taxes |  | $ | (37,934) |  |  | $ | (1,919) |
Differences Between Total Expense (Benefit) | The differences between total income tax benefit and the amount computed by applying the statutory federal income tax rate of 21% to income (loss) before income taxes were as follows:
|  | Year Ended December 31,
In thousands |  | 2024 |  | 2023
Computed expected income tax benefit |  | $ | (7,966) |  |  | $ | (403) |
Net effect of state income taxes |  | (1,885) |  |  | (206) |
Foreign subsidiary dividend inclusions |  | 666 |  |  | 507 |
Foreign tax rate differential |  | 42 |  |  | (257) |
Change in valuation allowance |  | 991 |  |  | (562) |
Return to Provision |  | 599 |  |  | 706 |
Change in Rate |  | (125) |  |  | 165 |
Credits |  | (346) |  |  | (543) |
Adjustments to State Attributes |  | 565 |  |  | (137) |
Other Adjustments, net |  | (178) |  |  | 381 |
Income tax benefit |  | $ | (7,637) |  |  | $ | (349) |
Significant Portions of the Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows:
|  | Year Ended December 31,
In thousands |  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Deferred compensation and retirement plan |  | $ | — |  |  | $ | 9,667 |
Accrued expenses not deductible until paid |  | 173 |  |  | 1,177 |
Lease liability |  | 6,201 |  |  | 6,979 |
Investment in foreign subsidiaries, outside basis difference |  | 1,930 |  |  | 1,604 |
Interest Expense limitations |  | 1,167 |  |  | 971 |
Other, net |  | 1,979 |  |  | 1,320 |
Foreign net operating loss carryforwards |  | 1,325 |  |  | 1,382 |
State net operating loss carryforwards |  | 7,709 |  |  | 5,309 |
Federal net operating loss carryforwards |  | 9,585 |  |  | — |
Foreign tax credit carryforwards |  | 3,726 |  |  | 3,730 |
General Business Credit Carryovers |  | 591 |  |  | 538 |
Total gross deferred tax assets |  | 34,386 |  |  | 32,677 |
Less valuation allowances |  | (8,082) |  |  | (7,091) |
Net deferred tax assets |  | $ | 26,304 |  |  | $ | 25,586 |
Deferred tax liabilities |  |  |  |
Property, plant and equipment |  | $ | (1,143) |  |  | $ | (1,485) |
Deferred compensation and retirement plan |  | (3,394) |  |  | — |
Right-of-use asset |  | (5,624) |  |  | (6,144) |
Other, net |  | (966) |  |  | (689) |
Total gross deferred tax liabilities |  | (11,127) |  |  | (8,318) |
Net deferred tax assets |  | $ | 15,177 |  |  | $ | 17,268 |

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