Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income taxes

Loss before income taxes consists of the following components:

	Year Ended December 31,
(in thousands)	2022	2021	2020
Domestic	($33,229)	$1,270	($26,460)
Foreign	(1,188)	(4,774)	4,870
Total	($34,417)	($3,504)	($21,590)

Schedule of significant components of income taxes

Significant components of income taxes are as follows:

	Year Ended December 31,
(in thousands)	2022	2021	2020
Currently payable:
Federal	$1,603	$1,090	$377
State and local	142	26	4
Foreign	6,962	2,989	1,744
Total currently payable	8,707	4,105	2,125
Deferred:
Federal	(5,793)	(1,629)	27,705
State and local	(289)	(195)	305
Foreign	(3,238)	297	1,241
Total deferred	(9,320)	(1,527)	29,251
Provision (benefit) for income taxes	($613)	$2,578	$31,376

Schedule of reconciliation of income tax expense at the U.S. Federal statutory income tax rate to actual income tax provision

A reconciliation of income tax provision (benefit) at the U.S. Federal statutory income tax rate to actual income tax provision (benefit) is as follows:

	Year Ended December 31,
(in thousands)	2022	2021	2020
Tax at statutory rate	($7,228)	($736)	($4,534)
State income taxes, net of federal tax benefit	(86)	(128)	364
Effect of foreign items	1,099	88	1,502
Valuation allowance and unbenefited losses	(870)	4,280	33,478
Deferred tax rate changes	(23)	(755)	71
Transaction costs	1,004	(1,070)	(131)
Tax incentives	(250)	(226)	(311)
Disallowed foreign expenses and exchange losses	2,256	228	1,746
Sub Part F / Global intangible low taxed income	372	—	—
Unrecognized tax benefits	814	79	(817)
Goodwill impairment	—	1,340	—
Withholding taxes	1,200	—	—
Other	1,099	(522)	8
Provision (benefit) for income taxes	($613)	$2,578	$31,376

Schedule of significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2022 and December 31, 2021 are as follows:

	December 31,
(in thousands)	2022	2021
Deferred tax assets:
Pension and other retiree obligations	$170	$265
Other accruals and reserves	12,132	6,132
Loss and credit carryforwards	43,242	43,737
Interest expense deduction limitation carryforward	13,501	8,975
Investments	2,044	2,075
Right-of-use asset	1,709	1,574
Other	687	3,527
Valuation allowance	(57,416)	(61,677)
Deferred tax assets	16,069	4,608
Deferred tax liabilities:
Inventory	(1,238)	(432)
Intangible assets other than goodwill	(24,461)	(24,508)
Property, plant and equipment	(679)	(376)
Unrealized foreign currency gains	(6,131)	(5,236)
Lease liability	(1,593)	(1,497)
Deferred tax liabilities	(34,102)	(32,049)
Net deferred tax (liabilities) assets	($18,033)	($27,441)

Summary of unrecognized tax benefits

Uncertain Tax Positions

Year ended December 31,
(in thousands)	2022	2021	2020
Beginning Balance	$883	$859	$2,670
Additions of tax positions of the current year	1,797	—	—
Additions to tax positions of the prior years	516	166	209
Reductions of tax positions of the prior years	—	(52)	(1,236)
Reductions related to prior tax positions due to foreign currency	(62)	(90)	(633)
Expiration of statutes of limitations	(735)	—	(151)
Ending Balance	$2,399	$883	$859