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Income Taxes (Tables)

12 Months Ended

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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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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