Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

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

	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Domestic	$	(33,082	)	$	(135,403	)	$	(76,056	)
Foreign		39,852			10,353			14,007
Total	$	6,770		$	(125,050	)	$	(62,049	)

Schedule of Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Current:
Federal	$	(8,632	)	$	833		$	(44,752	)
Foreign		8,635			10,579			8,454
Total current		3			11,412			(36,298	)
Deferred:
Federal		(289	)		(56	)		-
Foreign		6,613			(8,410	)		5,017
Total deferred		6,324			(8,466	)		5,017
Total	$	6,327		$	2,946		$	(31,281	)

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,
	2022			2021			2020
Federal income tax statutory rate		21.00	%		21.00	%		21.00	%
CARES Act NOL rate differential (2019 and 2020)		-			-			32.60
Change in withholding tax reserve		(3.14	)		0.79			(5.15	)
Foreign income tax rate differential		21.89			-			(1.03	)
Foreign development tax incentive		8.56			(0.24	)		(0.38	)
Nondeductible goodwill impairment		-			-			(2.42	)
Exempt income		(3.16	)		0.54			1.25
Foreign taxes and inclusions (net of FTC)		57.41			(1.15	)		(9.26	)
Nondeductible expenses		26.90			(2.82	)		(5.35	)
Manufacturing benefit		-			-			(7.32	)
Change in valuation allowance		234.01			(21.87	)		28.26
Changes to prior year accruals		26.09			0.23			(3.15	)
Deferred tax rate change		0.53			0.11			(0.10	)
Change in uncertain tax positions		(292.09	)		(0.19	)		(0.83	)
Interest on net equity		-			0.41			-
General business credits		(9.66	)		1.31			2.32
Branch income		6.90			(0.29	)		(0.31	)
Other		(1.78	)		(0.19	)		0.28
Effective tax rate		93.46	%		-2.36	%		50.41	%

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,
	2022			2021
	(In thousands)
Deferred tax assets:
Foreign tax credit carryforward	$	17,577		$	9,190
General business credit carryforward		7,053			3,853
Inventory		9,564			22,178
Net operating losses		32,278			21,348
Allowance for doubtful accounts		970			1,043
Reserve for accrued liabilities		2,769			3,161
Stock options and awards		904			868
Unrealized gain/loss		810			1,217
Disallowed interest carryforward		2,662			2,071
Capitalized R&D costs		3,282			-
Other		820			221
Total deferred tax assets		78,689			65,150
Valuation allowance		(59,952	)		(44,235	)
Deferred tax liabilities:
Property, plant and equipment		(7,652	)		(7,233	)
Goodwill & Intangibles		(1,519	)		(1,796	)
Deferred revenue		(2,728	)		(1,258	)
Reserve for unremitted earnings		(2,244	)		(2,586	)
Other		(3,862	)		(586	)
Total deferred tax liability		(18,005	)		(13,459	)
Net deferred tax asset	$	732		$	7,456

Summary of Operating Loss Carryforwards

Tax operating loss carryforwards totaled $150.4 million (gross) at December 31, 2022. These operating losses will expire as shown in the table below.

Tax operating losses		Expiration
(in thousands)
$	2,176	2022-2027
	1,449	2028-2034
	1,797	2035-2040
	144,939	Indefinite
$	150,361

Schedule of Uncertain Tax Positions

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

	2022			2021			2020
	(In thousands)
Balance at beginning of year	$	18,618		$	18,665		$	18,665
Additions for tax positions related to the current year		482			3			3
Reductions for tax positions related to the prior year		(18,469	)		(50	)		(3	)
Balance at end of year	$	631		$	18,618		$	18,665