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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Components of Expense (Benefit) for Income Taxes

A summary of the components of the expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:

(In thousands)		2019				2018				2017
Current
Federal		$	(518	)		$	(8,001	)		$	466
State			(1,065	)			(476	)			(150	)
International			(282	)			11,705				6,458
Total Current			(1,865	)			3,228				6,774
Deferred
Federal			24,801				(14,448	)			8,024
State			5,815				(3,390	)			1,882
International			(546	)			581				4,167
Total Deferred			30,070				(17,257	)			14,073
Total Income Tax Expense (Benefit)		$	28,205			$	(14,029	)		$	20,847

Effective Income Tax Rate Differs from Federal Statutory Rate

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

		2019				2018				2017
Tax provision computed at the federal statutory rate			21.00	%			21.00	%			35.00	%
State income tax provision, net of federal benefit			6.97				14.53				2.17
Federal research credits			15.53				14.23				(11.88	)
Foreign taxes			2.83				(11.45	)			(2.27	)
Tax-exempt income			0.49				0.45				(0.75	)
State tax incentives			3.85				3.15				(2.71	)
Change in valuation allowance			(172.82	)			—				—
Foreign tax credits			16.69				—				—
Stock-based compensation			(6.01	)			(2.87	)			1.43
Domestic production activity deduction			—				—				(1.13	)
Bargain purchase			—				8.82				—
Impact of U.S. tax reform			—				12.00				26.70
Global intangible low-taxed income ("GILTI")			(1.87	)			(17.48	)			—
Other, net			(0.49	)			(0.34	)			0.09
Effective Tax Rate			(113.83	)%			42.04	%			46.65	%

Income (Loss) Before Expense (Benefit) for Income Taxes

Income (loss) before expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:

(In thousands)		2019				2018				2017
U.S. entities		$	(29,829	)		$	(74,131	)		$	26,552
International entities			5,052				40,760				18,135
Total		$	(24,777	)		$	(33,371	)		$	44,687

Components of Deferred Income Taxes Assets and Liabilities

Deferred income taxes on the Consolidated Balance Sheets 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 were as follows:

(In thousands)		2019				2018
Deferred tax assets
Inventory		$	7,144			$	6,609
Accrued expenses			2,330				2,850
Investments			—				1,122
Deferred compensation			5,660				4,779
Stock-based compensation			2,451				3,069
Uncertain tax positions related to state taxes and related interest			241				326
Pensions			7,074				5,538
Foreign losses			2,925				3,097
State losses and credit carry-forwards			3,995				8,164
Federal loss and research carry-forwards			12,171				17,495
Lease liabilities			2,496				—
Capitalized research and development expenditures			22,230				—
Valuation allowance			(48,616	)			(5,816	)
Total Deferred Tax Assets			20,101				47,233
Deferred tax liabilities
Property, plant and equipment			(2,815	)			(3,515	)
Intellectual property			(5,337	)			(6,531	)
Right of use lease assets			(2,496	)			—
Investments			(1,892	)			—
Total Deferred Tax Liabilities			(12,540	)			(10,046	)
Net Deferred Tax Assets		$	7,561			$	37,187

Supplemental balance sheet information related to deferred tax assets is as follows:

		December 31, 2019
(In thousands)		Deferred Tax Assets				Valuation Allowance				Deferred Tax Assets, net
Domestic		$	46,266			$	(46,266	)		$	—
International			9,911				(2,350	)			7,561
Total		$	56,177			$	(48,616	)		$	7,561

Change in Unrecognized Income Tax Benefits

The change in the unrecognized income tax benefits for the years ended December 31, 2019, 2018 and 2017 is reconciled below:

(In thousands)		2019				2018				2017
Balance at beginning of period		$	1,868			$	2,366			$	2,226
Increases for tax position related to:
Prior years			—				3				465
Current year			161				254				285
Decreases for tax positions related to:
Prior years			(71	)			—				(14	)
Expiration of applicable statute of limitations			(471	)			(755	)			(596	)
Balance at end of period		$	1,487			$	1,868			$	2,366

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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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