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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of Components of Provision (Benefit) for Income Taxes

A summary of the components of the provision (benefit) for income taxes for the years ended December 31, 2018, 2017 and 2016 is as follows:

(In thousands)		2018				2017				2016
Current
Federal		$	(8,001	)		$	466			$	12,733
State			(476	)			(150	)			1,141
International			11,705				6,458				477
Total Current			3,228				6,774				14,351
Deferred
Federal			(14,448	)			8,024				647
State			(3,390	)			1,882				73
International			581				4,167				(3,405	)
Total Deferred			(17,257	)			14,073				(2,685	)
Total Provision (Benefit) for Income Taxes		$	(14,029	)		$	20,847			$	11,666

Effective Income Tax Rate Differs from Federal Statutory Rate

Our effective income tax rate differs from the federal statutory rate due to the following:

		2018				2017				2016
Tax provision computed at the federal statutory rate			21.00	%			35.00	%			35.00	%
State income tax provision, net of federal benefit			14.53				2.17				3.93
Federal research credits			14.23				(11.88	)			(8.15	)
Foreign taxes			(11.45	)			(2.27	)			(0.34	)
Tax-exempt income			0.45				(0.75	)			(0.53	)
State tax incentives			3.15				(2.71	)			(2.77	)
Stock-based compensation			(2.87	)			1.43				2.53
Domestic production activity deduction			—				(1.13	)			(2.23	)
Bargain purchase			8.82				—				(2.64	)
Impact of U.S. tax reform			12.00				26.70				—
Global intangible low-taxed income (GILTI)			(17.48	)			—				—
Other, net			(0.34	)			0.09				0.08
Effective Tax Rate			42.04	%			46.65	%			24.88	%

Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes for the years ended December 31, 2018, 2017 and 2016 is as follows:

(In thousands)		2018				2017				2016
U.S. entities		$	(74,131	)		$	26,552			$	54,077
International entities			40,760				18,135				(7,182	)
Total		$	(33,371	)		$	44,687			$	46,895

Principal Components of Current and Non-current Deferred Taxes

Deferred income taxes on the balance sheet result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The principal components of our current and non-current deferred taxes are as follows:

(In thousands)		2018				2017
Deferred tax assets
Inventory		$	6,609			$	7,545
Accrued expenses			2,850				3,103
Investments			1,122				—
Deferred compensation			4,779				5,204
Stock-based compensation			3,069				2,988
Uncertain tax positions related to state taxes and related interest			326				370
Pensions			5,538				4,727
Foreign losses			3,097				3,091
State losses and credit carry-forwards			8,164				3,854
Federal loss and research carry-forwards			17,495				3,058
Valuation allowance			(5,816	)			(6,006	)
Total Deferred Tax Assets			47,233				27,934
Deferred tax liabilities
Property, plant and equipment			(3,515	)			(3,553	)
Intellectual property			(6,531	)			(663	)
Investments			—				(290	)
Total Deferred Tax Liabilities			(10,046	)			(4,506	)
Net Deferred Tax Assets		$	37,187			$	23,428

Change in Unrecognized Income Tax Benefits

The change in the unrecognized income tax benefits for the years ended December 31, 2018, 2017 and 2016 is reconciled below:

(In thousands)		2018				2017				2016
Balance at beginning of period		$	2,366			$	2,226			$	2,537
Increases for tax position related to:
Prior years			3				465				95
Current year			254				285				428
Decreases for tax positions related to:
Prior years			—				(14	)			—
Settlements with taxing authorities			—				—				—
Expiration of applicable statute of limitations			(755	)			(596	)			(834	)
Balance at end of period		$	1,868			$	2,366			$	2,226

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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