Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Income (loss) before income tax expense (benefit)
Domestic	$	2,691		$	(1,955	)	$	41,566
Foreign		(50,250	)		(924	)		32,403
		(47,559	)		(2,879	)		73,969
Current income tax expense (benefit)
Domestic		13			639			6,876
Foreign		3,020			4,297			9,415
Uncertain tax position liability (foreign)		(41	)		(33	)		(35	)
		2,992			4,903			16,256
Deferred income tax expense (benefit)
Domestic		(1,053	)		(1,264	)		1,314
Foreign		(12,876	)		1,518			(309	)
		(13,929	)		254			1,005
Total income tax expense (benefit)	$	(10,937	)	$	5,157		$	17,261

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 (benefit) incurred is different from the amount calculated by applying the statutory tax rate to the income (loss) before income tax expense. The significant items causing this difference are as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Provision computed at statutory rates	$	(9,988	)	$	(605	)	$	15,533
Change in statutory tax rates		269			2,006			(259	)
Difference in foreign tax rates		1,401			302			2,820
Permanent differences
Derivative assets adjustment		(17	)		(62	)		(23	)
TPECs, hybrid and other interest		(2,003	)		(2,096	)		(3,400	)
Equity-based compensation		(388	)		(241	)		(802	)
Permanent foreign currency gain (loss)		(910	)		1,676			1,888
Penalty		78			75			427
GILTI		—			8,187			6,156
Intercompany debt restructuring		—			8,061			971
Other permanent differences		25			72			(767	)
Withholding tax		1,594			(2,031	)		2,060
State net operating loss write off		—			—			9,844
Change in valuation allowance		(429	)		(4,582	)		(13,803	)
Tax credits claimed		(636	)		(5,658	)		(5,508	)
Uncertain tax positions liability		(41	)		(33	)		(35	)
Change in net operating loss carry-forwards		17			(145	)		621
Foreign local taxes		45			919			723
Others		46			(688	)		815
Income tax expense (benefit)	$	(10,937	)	$	5,157		$	17,261

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, 2023 and 2022 are as follows (in thousands):

	Year Ended December 31,
	2023			2022
Deferred tax assets
Inventory reserves	$	2,519		$	3,108
Accrued expenses		1,593			1,668
Property, plant and equipment		2,679			2,685
Accumulated severance benefits		9,927			10,269
Operating lease right-of-use liabilities		997			1,098
Foreign currency translation loss		19,049			22,272
NOL carry-forwards		96,361			78,698
Tax credit carry-forwards		14,372			13,337
Other long-term payable		2,242			4,005
Interest expense deduction limitation		3,610			91
Derivative liabilities		—			427
Others		1,191			1,394
Total deferred tax assets		154,540			139,052
Less: Valuation allowance		(87,201	)		(84,563	)
		67,339			54,489
Deferred tax liabilities
Prepaid expense		1,787			3,065
Severance benefit deposits		6,456			5,364
Operating lease right-of-use assets		960			1,051
Foreign currency translation gain		6,411			5,621
Others		892			1,064
Total deferred tax liabilities		16,506			16,165
Net deferred tax assets	$	50,833		$	38,324

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

Changes in valuation allowance for deferred tax assets for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	84,563		$	94,212		$	115,636
Reductions		(428	)		(4,582	)		(13,803	)
Translation adjustments		3,066			(5,067	)		(7,621	)
Ending balance	$	87,201		$	84,563		$	94,212

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,
	2023			2022			2021
Unrecognized tax benefits, balance at the beginning	$	316		$	386		$	414
Additions based on tax positions related to the current year		25			40			44
Lapse of statute of limitations		(66	)		(73	)		(79	)
Translation adjustments		(1	)		(37	)		7
Unrecognized tax benefits, balance at the ending	$	274		$	316		$	386

Summary Of Valuation Allowance Primarily Attributable To Its Subsidiary

The valuation allowances at December 31, 2023, 2022, and 2021 were primarily attributable to its Luxembourg subsidiary.

The net operating loss carry-forwards balance as of December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Year Ended December 31,
	2023		2022		20210
NOL carry-forwards	$	403,989	$	324,134	$	502,511