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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table presents U.S. and foreign components of income (loss) before income taxes:
 Year Ended December 31,
 202420232022
  (In thousands) 
U.S. income (loss)$106,340 $(10,596)$10,179 
Foreign income3,444 5,849 331 
Total income (loss) before income taxes$109,784 $(4,747)$10,510 
 
The following table summarizes the components of the Company’s income tax provision:
 Year Ended December 31,
 202420232022
  (In thousands) 
Current taxes:
Federal tax expense$1,128 $— $— 
State tax expense 1,731 1,032 272 
Foreign tax expense2,840 4,545 1,209 
Total current tax expense5,699 5,577 1,481 
Deferred taxes:
Federal tax expense (benefit)10,524 (31,311)(3,354)
State tax expense (benefit)(3,542)(226)1,794 
Foreign tax expense (benefit)(422)(291)371 
Total deferred tax expense (benefit)6,560 (31,828)(1,189)
Total income tax expense (benefit)$12,259 $(26,251)$292 
The following table presents a reconciliation of the U.S. federal statutory income tax expense to the Company’s effective income tax provision. Any amounts that do not have a meaningful impact on this reconciliation are not separately disclosed.
 Year Ended December 31,
 202420232022
  (In thousands) 
Expected tax expense (benefit) at U.S. federal statutory tax rate
$23,054 $(997)$1,893 
State tax expense (benefit), net of federal effect(1,999)927 1,260 
State tax valuation allowance(175)(338)748 
Equity-based compensation2,876 (10,234)(6,184)
Limitation on executive compensation deduction3,535 4,011 2,905 
Other nondeductible items430 114 33 
Tax credits(13,321)(21,817)(949)
Foreign taxes2,563 3,570 386 
Foreign derived intangible income(5,240)— — 
Other adjustments536 (1,487)200 
Total income tax expense (benefit)$12,259 $(26,251)$292 

The following table presents the components of deferred tax assets and liabilities:
 December 31,
 20242023
 (In thousands)
Deferred tax assets
Long-term contracts$50,878 $51,226 
Federal, state and foreign net operating losses, other carryforwards and tax credits
306,701 351,094 
Other27,107 26,676 
Total deferred tax assets384,686 428,996 
Valuation allowance(32,882)(33,420)
Net deferred tax assets351,804 395,576 
Deferred tax liabilities
Fixed assets, intangibles and research and development expenditures(385,972)(425,980)
Investment in joint venture(64,071)(63,108)
Other(14,063)(19,336)
Total deferred tax liabilities(464,106)(508,424)
Net deferred income tax liabilities$(112,302)$(112,848)

Pursuant to ASC 740, the Company nets deferred tax assets and liabilities within the same jurisdiction. As of December 31, 2024, the Company had a net deferred tax asset of $1.8 million that is included in other assets on the balance sheet and a net deferred tax liability of $114.1 million.

The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, management considers: (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carryforwards; (iii) taxable income in prior carryback year(s) if carryback is permitted under applicable tax law; and (iv) tax planning strategies.

The Company had deferred tax assets related to cumulative U.S. federal net operating loss carryforwards and interest expense carryforwards of approximately $209.9 million and $257.4 million as of December 31, 2024 and 2023, respectively. The 2017 U.S. federal net operating loss carryforward, if not utilized, will expire in 2037. The Company believes that the 2017 U.S. federal net operating losses will be utilized before the expiration date and, as such, no valuation allowance has been established for this deferred tax asset. U.S. federal net operating loss carryforwards for 2018 and thereafter and interest expense carryforwards do not expire. The Company had deferred tax assets related to the state net operating loss carryforwards of
approximately $55.9 million and $59.2 million as of December 31, 2024 and 2023, respectively. The Company does not expect to fully utilize all of its state net operating losses within the respective carryforward periods and as such reflects a partial valuation allowance of $32.8 million and $33.0 million as of December 31, 2024 and 2023, respectively, against these deferred tax assets on its consolidated balance sheets. The Company had deferred tax assets related to the foreign net operating loss carryforwards of approximately $0.4 million and $0.5 million, as of December 31, 2024 and 2023, respectively. The Company does not expect to fully utilize all of its foreign net operating losses within the carryforward periods. As such, the Company had recorded a partial valuation allowance of $0.1 million and $0.2 million as of December 31, 2024 and 2023, respectively, against these deferred tax assets on its consolidated balance sheets. The timing and manner in which the Company will utilize the net operating loss carryforwards in any year, or in total, may be limited in the future as a result of changes in the Company’s ownership and any limitations imposed by the jurisdictions in which the Company operates.

The Company had approximately $42.3 million and $32.3 million of deferred tax assets related to research and development tax credits as of December 31, 2024 and 2023, respectively, that expire in various amounts from 2032 through 2044. As of December 31, 2024 and 2023, the Company established a reserve of approximately $3.5 million and $2.4 million on its estimate of R&D credits, respectively. The Company had approximately $7.9 million and $8.7 million of deferred tax assets related to foreign tax credits as of December 31, 2024 and 2023, respectively, that expire in various amounts through 2034. There is no valuation allowance on foreign tax credits as of December 31, 2024 and 2023.

The Company has provided for U.S. income taxes on all undistributed earnings of its significant foreign subsidiaries since the
Company does not indefinitely reinvest these undistributed earnings. The Company measures deferred tax assets and liabilities
using tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be
recovered or settled. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates in income
in the period that includes the enactment date.

Uncertain Income Tax Positions

The Company is subject to income taxes in the U.S. and various state and foreign jurisdictions. Significant judgment is required
in evaluating tax positions and determining the provision for income taxes. The Company establishes liabilities for tax-related
uncertainties based on estimates of whether, and the extent to which, additional taxes may be due. These liabilities are
established when the Company believes that certain positions might be challenged despite its belief that its tax return positions
are fully supportable. The Company adjusts these liabilities in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of changes to these liabilities.

The Company had unrecognized tax benefits of approximately $3.5 million as of December 31, 2024 primarily due to additional U.S. tax credits from prior periods. There were unrecognized tax benefits of approximately $2.4 million as of December 31, 2023. Any changes in the next twelve months are not anticipated to have a significant impact on the results of operations, financial position or cash flows of the Company. The Company has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2024 and 2023, there were no interest and penalties on unrecognized tax benefits. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits which includes related interest and penalties:
 Year Ended December 31,
 20242023
 (In thousands)
Balance at January 1,$2,398 $— 
Change attributable to tax positions taken in a prior period500 2,162 
Change attributable to tax positions taken in the current period556 236 
Balance at December 31,$3,454 $2,398 

The Company is subject to tax audits in all jurisdictions for which it files tax returns. Tax audits by their very nature are often complex and can require several years to complete. Currently, there are no U.S. federal, state or foreign jurisdiction tax audits pending. The Company’s corporate U.S. federal and state tax returns from 2011 to 2023 remain subject to examination by tax authorities and the Company’s foreign tax returns from 2017 to 2023 remain subject to examination by tax authorities.