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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 are as follows:

(In thousands)		2020				2019				2018
Current
Federal		$	(10,574	)		$	(518	)		$	(8,001	)
State			(329	)			(1,065	)			(476	)
International			3,635				(282	)			11,705
Total Current			(7,268	)			(1,865	)			3,228
Deferred
Federal			—				24,801				(14,448	)
State			—				5,815				(3,390	)
International			(1,356	)			(546	)			581
Total Deferred			(1,356	)			30,070				(17,257	)
Total Income Tax Expense (Benefit)		$	(8,624	)		$	28,205			$	(14,029	)

Effective Income Tax Rate Differs from Federal Statutory Rate

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

		2020				2019				2018
Tax provision computed at the federal statutory rate			21.00	%			21.00	%			21.00	%
State income tax provision, net of federal benefit			11.10				6.97				14.53
Federal research credits			57.63				15.53				14.23
Foreign taxes			(17.83	)			2.83				(11.45	)
Tax-exempt income			1.93				0.49				0.45
State tax incentives			—				3.85				3.15
Change in valuation allowance			44.79				(172.82	)			—
Foreign tax credits			17.90				16.69				—
Stock-based compensation			(23.36	)			(6.01	)			(2.87	)
Withholding taxes			(20.83	)			—				—
Bargain purchase			—				—				8.82
Impact of CARES Act			45.65				—				—
Impact of U.S. tax reform			—				—				12.00
Global intangible low-taxed income ("GILTI")			(0.49	)			(1.87	)			(17.48	)
Other, net			0.56				(0.49	)			(0.34	)
Effective Tax Rate			138.05	%			(113.83	)%			42.04	%

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

Income (loss) before expense (benefit) for income taxes for the years ended December 31, 2020, 2019 and 2018 is as follows:

(In thousands)		2020				2019				2018
U.S. entities		$	(12,833	)		$	(29,829	)		$	(74,131	)
International entities			6,587				5,052				40,760
Total		$	(6,246	)		$	(24,777	)		$	(33,371	)

Summary of Supplemental Balance Sheet Information Related to Deferred Tax Assets

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 significant components of current and non-current deferred taxes as of December 31, 2020 and 2019 consist of the following:

(In thousands)		2020				2019
Deferred tax assets:
Inventory		$	8,882			$	7,144
Accrued expenses			2,331				2,330
Deferred compensation			6,714				5,660
Stock-based compensation			1,971				2,451
Uncertain tax positions related to state taxes and related interest			149				241
Pensions			8,554				7,074
Foreign losses			2,590				2,925
State losses and credit carry-forwards			5,509				3,995
Federal loss and research carry-forwards			17,323				12,171
Lease liabilities			1,588				2,496
Capitalized research and development expenditures			11,832				22,230
Valuation allowance			(45,818	)			(48,616	)
Total Deferred Tax Assets			21,625				20,101
Deferred tax liabilities:
Property, plant and equipment			(4,546	)			(2,815	)
Intellectual property			(4,375	)			(5,337	)
Right of use lease assets			(1,585	)			(2,496	)
Investments			(1,250	)			(1,892	)
Total Deferred Tax Liabilities			(11,756	)			(12,540	)
Net Deferred Tax Assets		$	9,869			$	7,561

Supplemental balance sheet information related to deferred tax assets as of December 31, 2020 and 2019 is as follows:

		December 31, 2020
(In thousands)		Deferred Tax Assets				Valuation Allowance				Deferred Tax Assets, net
Domestic		$	43,791			$	(43,791	)		$	—
International			11,896				(2,027	)			9,869
Total		$	55,687			$	(45,818	)		$	9,869

		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, 2020, 2019 and 2018 is reconciled below:

(In thousands)		2020				2019				2018
Balance at beginning of period		$	1,487			$	1,868			$	2,366
Increases for tax position related to:
Prior years			4				—				3
Current year			165				161				254
Decreases for tax positions related to:
Prior years			—				(71	)			—
Expiration of applicable statute of limitations			(578	)			(471	)			(755	)
Balance at end of period		$	1,078			$	1,487			$	1,868

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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 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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