Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Components of Income Tax Expense (Benefit) Attributable To Income (Loss) From Continuing Operations

The components of income tax expense (benefit) attributable to income (loss) from continuing operations are as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019
Income (loss) from continuing operations before income tax expense
Domestic	$	41,566		$	(12,305	)	$	(24,752	)
Foreign		32,403			23,136			6,539
		73,969			10,831			(18,213	)
Current income tax expense (benefit)
Domestic		6,876			1			20
Foreign		9,415			(2,264	)		3,771
Uncertain tax position liability (domestic)		—			—			(1	)
Uncertain tax position liability (foreign)		(35	)		(20	)		2
		16,256			(2,283	)		3,792
Deferred income tax benefit
Domestic		1,314			(4,461	)		—
Foreign		(309	)		(39,484	)		63
		1,005			(43,945	)		63
Benefits from intra-period allocation		—			—			(1,655	)
Total income tax expense (benefit)	$	17,261		$	(46,228	)	$	2,200
Effective tax rate		23.3	%		—			—

Difference Between Provision for Domestic and Foreign Income Taxes and Amount Calculated by Statutory Tax Rate to Net Income Before Income Taxes

The provision for domestic and foreign income taxes incurred is different from the amount calculated by applying the statutory tax rates to the income (loss) from continuing operations before income tax expense. The significant items causing this difference are as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019
Provision computed at statutory rates	$	15,533		$	2,274		$	(3,825	)
State income taxes, net of federal effect		—			730			(1,139	)
Change in statutory tax rates		(259	)		5,735			2,329
Difference in foreign tax rates		2,820			1,077			3,002
Permanent differences
Derivative assets adjustment		(23	)		56			315
TPECs, hybrid and other interest		(3,400	)		(2,722	)		7,812
Thin capitalization		—			339			988
Equity-based compensation		(802	)		(73	)		(14	)
Permanent foreign currency gain (loss)		1,888			(1,813	)		(1,734	)
Penalty		427			176			151
GILTI		6,156			24,224			5,112
Intercompany debt restructuring		971			11,137			(18,435	)
Other permanent differences		(767	)		1,335			408
Withholding tax		2,060			2,291			3,043
State net operating loss write-off		9,844			—			—
Change in valuation allowance		(13,803	)		(75,452	)		7,817
Benefits from intra-period allocation		—			—			(1,655	)
Tax credits claimed		(5,508	)		(12,397	)		(651	)
Tax credits expired		—			—			170
Uncertain tax positions liability		(35	)		(20	)		1
Change in net operating loss carry-forwards		621			(3,314	)		—
Foreign local taxes		723			43			152
Others		815			146			(1,647	)
Income tax expense (benefit)	$	17,261		$	(46,228	)	$	2,200

Summary of Composition of Net Deferred Income Tax Assets (Liabilities) of Continuing Operations and Discontinued Operations

A summary of the composition of net deferred income tax assets (liabilities) as of December 31, 2021 and 2020 are as follows (in thousands):

	Year Ended December 31,
	2021			2020
Deferred tax assets
Inventory reserves	$	1,313		$	1,338
Accrued expenses		3,084			2,493
Property, plant and equipment		3,119			3,391
Accumulated severance benefits		11,842			12,343
Operating lease right-of-use liabilities		899			1,025
Foreign currency translation loss		17,280			9,129
NOL carry-forwards		87,636			121,389
Tax credit carry-forwards		14,164			15,395
Other long-term payable		2,457			944
Interest expense deduction limitation		4,731			—
Derivative liabilities		463			—
Others		1,610			1,629
Total deferred tax assets		148,598			169,076
Less: Valuation allowance		(94,212	)		(115,636	)
		54,386			53,440
Deferred tax liabilities
Derivative assets		—			417
Prepaid expense		2,300			1,071
Severance benefit deposits		4,227			3,156
Operating lease right-of-use assets		899			1,025
Foreign currency translation gain		5,139			2,431
Others		726			799
Total deferred tax liabilities		13,291			8,899
Net deferred tax assets	$	41,095		$	44,541

Changes in Valuation Allowance for Deferred Tax Assets of Continuing Operations and Discontinued Operations

Changes in valuation allowance for deferred tax assets of continuing operations and discontinued operations for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	115,636		$	246,224		$	248,633
Additions		—			—			7,912
Reductions		(13,803	)		(75,452	)		—
Changes relating to the discontinued operations		—			(67,484	)		—
NOL/tax credit claimed/expired		—			3,686			(3,529	)
Translation adjustments		(7,621	)		8,662			(6,792	)
Ending balance	$	94,212		$	115,636		$	246,224

Reconciliation of Total Amounts of Unrecognized Tax Benefits

A tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of each period is as follows (in thousands):

	Year Ended December 31,
	2021			2020			2019
Unrecognized tax benefits, balance at the beginning	$	414		$	445		$	426
Additions based on tax positions related to the current year		44			48			13
Reductions for tax positions of prior years		—			(34	)		(1	)
Lapse of statute of limitations		(79	)		(76	)		—
Translation adjustments		7			31			7
Unrecognized tax benefits, balance at the ending	$	386		$	414		$	445

Summary Of Valuation Allowance Primarily Attributable To Its Subsidiary

The valuation allowances at December 31, 2021, 2020 and 2019 were primarily attributable to its Luxembourg subsidiary.

	Year Ended December 31,
	2021		2020		2019
NOL carry-forwards	$	502,511	$	604,977	$	708,885