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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021, 2020 and 2019 are as follows:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 11 |  |  | $ | (10,574 | ) |  | $ | (518 | )
State |  |  | (63 | ) |  |  | (329 | ) |  |  | (1,065 | )
International |  |  | 4,166 |  |  |  | 3,635 |  |  |  | (282 | )
Total Current |  |  | 4,114 |  |  |  | (7,268 | ) |  |  | (1,865 | )
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | 24,801 |
State |  |  | — |  |  |  | — |  |  |  | 5,815 |
International |  |  | (1,784 | ) |  |  | (1,356 | ) |  |  | (546 | )
Total Deferred |  |  | (1,784 | ) |  |  | (1,356 | ) |  |  | 30,070 |
Total Income Tax Expense (Benefit) |  | $ | 2,330 |  |  | $ | (8,624 | ) |  | $ | 28,205 |
Effective Income Tax Rate Differs from Federal Statutory Rate | The effective income tax rate differs from the federal statutory rate due to the following:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Tax provision computed at the federal statutory rate |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
State income tax provision, net of federal benefit |  |  | 13.33 |  |  |  | 11.10 |  |  |  | 6.97 |
Federal research credits |  |  | 53.77 |  |  |  | 57.63 |  |  |  | 15.53 |
Foreign taxes |  |  | (4.69 | ) |  |  | (17.83 | ) |  |  | 2.83 |
Tax-exempt income |  |  | 3.75 |  |  |  | 1.93 |  |  |  | 0.49 |
State tax incentives |  |  | — |  |  |  | — |  |  |  | 3.85 |
Change in valuation allowance |  |  | (75.26 | ) |  |  | 44.79 |  |  |  | (172.82 | )
Non-deductible transaction costs |  |  | (39.48 | ) |  |  | — |  |  |  | — |
Foreign tax credits |  |  | 0.14 |  |  |  | 17.90 |  |  |  | 16.69 |
Stock-based compensation |  |  | 10.74 |  |  |  | (23.36 | ) |  |  | (6.01 | )
Withholding taxes |  |  | 0.14 |  |  |  | (20.83 | ) |  |  | — |
Alabama law change |  |  | (25.39 | ) |  |  | — |  |  |  | — |
Impact of CARES Act |  |  | — |  |  |  | 45.65 |  |  |  | — |
Return to accrual |  |  | 9.48 |  |  |  | — |  |  |  | — |
Global intangible low-taxed income ("GILTI") |  |  | (4.29 | ) |  |  | (0.49 | ) |  |  | (1.87 | )
Other, net |  |  | (0.19 | ) |  |  | 0.56 |  |  |  | (0.49 | )
Effective Tax Rate |  |  | (36.95 | )% |  |  | 138.05 | % |  |  | (113.83 | )%
(Loss) Income Before Expense (Benefit) for Income Taxes | ncome before expense (benefit) for income taxes for the years ended December 31, 2021, 2020 and 2019 is as follows:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
U.S. entities |  | $ | (14,982 | ) |  | $ | (12,833 | ) |  | $ | (29,829 | )
International entities |  |  | 8,677 |  |  |  | 6,587 |  |  |  | 5,052 |
Total |  | $ | (6,305 | ) |  | $ | (6,246 | ) |  | $ | (24,777 | )
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, 2021 and 2020 consist of the following:
(In thousands) |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Inventory |  | $ | 9,538 |  |  | $ | 8,882 |
Accrued expenses |  |  | 3,851 |  |  |  | 2,331 |
Deferred compensation |  |  | 7,027 |  |  |  | 6,714 |
Stock-based compensation |  |  | 1,469 |  |  |  | 1,971 |
Uncertain tax positions related to state taxes and related interest |  |  | 124 |  |  |  | 149 |
Pensions |  |  | 6,061 |  |  |  | 8,554 |
Foreign losses |  |  | 2,862 |  |  |  | 2,590 |
State losses and credit carry-forwards |  |  | 5,914 |  |  |  | 5,509 |
Federal loss and research carry-forwards |  |  | 21,606 |  |  |  | 17,323 |
Lease liabilities |  |  | 1,471 |  |  |  | 1,588 |
Capitalized research and development expenditures |  |  | 9,349 |  |  |  | 11,832 |
Valuation allowance |  |  | (50,564 | ) |  |  | (45,818 | )
Total Deferred Tax Assets |  |  | 18,708 |  |  |  | 21,625 |
Deferred tax liabilities: |  |  |  |  |  |
Property, plant and equipment |  |  | (3,590 | ) |  |  | (4,546 | )
Intellectual property |  |  | (3,230 | ) |  |  | (4,375 | )
Right of use lease assets |  |  | (1,459 | ) |  |  | (1,585 | )
Investments |  |  | (1,350 | ) |  |  | (1,250 | )
Total Deferred Tax Liabilities |  |  | (9,629 | ) |  |  | (11,756 | )
Net Deferred Tax Assets |  | $ | 9,079 |  |  | $ | 9,869 |
Supplemental balance sheet information related to deferred tax assets as of December 31, 2021 and 2020 were as follows:
|  | December 31, 2021 |
(In thousands) |  | Deferred Tax Assets |  |  | Valuation Allowance |  |  | Deferred Tax Assets, net |
Domestic |  | $ | 48,265 |  |  | $ | (48,265 | ) |  | $ | — |
International |  |  | 11,378 |  |  |  | (2,299 | ) |  |  | 9,079 |
Total |  | $ | 59,643 |  |  | $ | (50,564 | ) |  | $ | 9,079 |
|  | 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 |
Change in Unrecognized Income Tax Benefits | The change in the unrecognized income tax benefits for the years ended December 31, 2021, 2020 and 2019 were as follows:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Balance at beginning of period |  | $ | 1,078 |  |  | $ | 1,487 |  |  | $ | 1,868 |
Increases for tax position related to: |  |  |  |  |  |  |  |  |
Prior years |  |  | 17,025 |  |  |  | 4 |  |  |  | — |
Current year |  |  | 136 |  |  |  | 165 |  |  |  | 161 |
Decreases for tax positions related to: |  |  |  |  |  |  |  |  |
Prior years |  |  | (27 | ) |  |  | — |  |  |  | (71 | )
Expiration of applicable statute of limitations |  |  | (376 | ) |  |  | (578 | ) |  |  | (471 | )
Balance at end of period |  | $ | 17,836 |  |  | $ | 1,078 |  |  | $ | 1,487 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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