Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income (loss) before income taxes consisted of the following:

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Domestic	$	(135,403	)	$	(76,056	)	$	(51,041	)
Foreign		10,353			14,007			61,470
Total	$	(125,050	)	$	(62,049	)	$	10,429

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following:

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Current:
Federal	$	833		$	(44,752	)	$	(569	)
Foreign		10,579			8,454			8,513
Total current		11,412			(36,298	)		7,944
Deferred:
Federal		(56	)		-			-
Foreign		(8,410	)		5,017			765
Total deferred		(8,466	)		5,017			765
Total	$	2,946		$	(31,281	)	$	8,709

Schedule of Effective Income Tax Rate Reflected in Provision for Income Taxes and U.S. Federal Statutory Rate

The difference between the effective income tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows:

	Year Ended December 31,
	2021			2020			2019
Federal income tax statutory rate		21.00	%		21.00	%		21.00	%
CARES Act NOL rate differential (2019 and 2020)		-			32.60			-
Accrual for undistributed earnings		0.79			(5.15	)		-
Foreign income tax rate differential		-			(1.03	)		16.20
Foreign development tax incentive		(0.24	)		(0.38	)		(0.91	)
Nondeductible goodwill impairment		-			(2.42	)		-
Exempt income		0.54			1.25			(24.02	)
Foreign taxes and inclusions (net of FTC)		(1.15	)		(9.26	)		21.00
Nondeductible expenses		(2.82	)		(5.35	)		15.51
Manufacturing benefit		-			(7.32	)		-
Change in valuation allowance		(21.87	)		28.26			24.96
Changes to prior year accruals		0.23			(3.15	)		6.28
Deferred tax rate change		0.11			(0.10	)		(0.36	)
Change in uncertain tax positions		(0.19	)		(0.83	)		4.31
Interest on net equity		0.41			-			-
General business credits		1.31			2.32			(11.14	)
Branch income		(0.29	)		(0.31	)		9.64
Other		(0.19	)		0.28			1.03
Effective tax rate		-2.36	%		50.41	%		83.50	%

Components of Net Deferred Tax Assets (Liabilities)

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets (liabilities) are as follows:

	As of December 31,
	2021			2020
	(In thousands)
Deferred tax assets:
Foreign tax credit carryforward	$	9,190		$	4,202
General business credit carryforward		3,853			2,347
Inventory		22,178			13,536
Net operating losses		21,348			1,250
Allowance for doubtful accounts		1,043			490
Reserve for accrued liabilities		3,161			4,029
Stock options		868			1,670
Unrealized gain/loss		1,217			1,554
Disallowed interest carryforward		2,071			1,912
Other		221			1,939
Total deferred tax assets		65,150			32,929
Valuation allowance		(44,235	)		(17,049	)
Deferred tax liabilities:
Property, plant and equipment		(7,233	)		(6,048	)
Goodwill & Intangibles		(1,796	)		(1,903	)
Deferred revenue		(1,258	)		(3,415	)
Reserve for unremitted earnings		(2,586	)		(3,608	)
Other		(586	)		(1,917	)
Total deferred tax liability		(13,459	)		(16,891	)
Net deferred tax asset	$	7,456		$	(1,011	)

Summary of Operating Loss Carryforwards

Tax operating loss carryforwards totaled $100.9 million (gross) at December 31, 2021. These operating losses will expire as shown in the table below.

Tax operating losses		Expiration
(in thousands)
$	2,228	2022-2027
	-	2028-2034
	1,843	2035-2040
	96,837	Indefinite
$	100,908

Schedule of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows:

	2021			2020			2019
	(In thousands)
Balance at beginning of year	$	18,665		$	18,665		$	18,648
Additions for tax positions related to the current year		3			3			-
Reductions for tax positions related to the prior year		(50	)		(3	)		17
Balance at end of year	$	18,618		$	18,665		$	18,665