INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income from continuing operations before provision (benefit) for income taxes

Income (loss) from continuing operations before provision for income taxes are taxed under the following jurisdictions (dollar amounts in thousands):

Year Ended December 31,	2024		2023
Domestic	$	(29,434)	$	(15,962)
Foreign	47,860		36,164
Total	$	18,426	$	20,202

Schedule of components of the provision (benefit) for income taxes

Components of the provision for income taxes for each of the two years in the period ended December 31, 2024 are as follows (dollar amounts in thousands):

Year Ended December 31,	2024		2023
Current:
Federal	$	1,061	$	1,875
State	824		361
Foreign	10,311		9,605
Subtotal	12,196		11,841
Deferred:
Federal	(1,705)		(8,277)
State	(1,109)		(490)
Foreign	1,152		712
Subtotal	(1,662)		(8,055)
Total provision for income taxes	$	10,534	$	3,786

Schedule of differences between the statutory U.S. federal income tax rate and the provision (benefit) for income taxes, as a percentage of income before provision for income taxes

The provision for income taxes, as a percentage of income from continuing operations before provision for income taxes, differs from the statutory U.S. federal income tax rate due to the following:

Year Ended December 31,	2024		2023
Statutory U.S. federal income tax rate	21.0	%	21.0	%
State income taxes, net of U.S. federal income tax benefit	(1.2)		(0.4)
U.S. tax impact of foreign operations	(9.2)		(25.3)
Valuation allowance change	6.0		5.4
Unrecognized tax benefits	1.8		1.8
Permanent foreign items	5.2		4.8
Withholding tax on royalties	29.3		5.1
Executive compensation	3.3		1.2
Stock compensation	(0.2)		(0.1)
Tax return to provision differences	(1.0)		(7.9)
Income eliminated in consolidation	1.9		13.8
Other	0.3		(0.7)
Effective income tax rate	57.2	%	18.7	%

Schedule of components of U.S. tax impact of foreign operations

Adjustments relating to the U.S. impact of foreign operations decreased the effective tax rate by 9.2 percentage points and 25.3 percentage points in 2024 and 2023, respectively. The components of this calculation were:

Components of U.S. tax impact of foreign operations	2024		2023
Foreign tax credits	1.0	%	(26.7)	%
Foreign tax rate differentials	0.1		0.4
Foreign withholding taxes	3.9		4.5
Transfer pricing adjustment	0.8		1.4
Impact of Subpart F	—		0.7
Impact of GILTI	(0.8)		(2.4)
Impact of FDII	(14.2)		(3.2)
Total	(9.2)	%	(25.3)	%

Schedule of significant components of the deferred tax assets (liabilities)

The significant components of the deferred tax assets (liabilities) are as follows (dollar amounts in thousands):

As of December 31,	2024		2023
Inventory	$	2,159	$	1,881
Accrued liabilities	2,256		2,263
Operating lease liabilities	2,136		2,363
Deferred compensation	215		166
Share-based compensation	1,260		1,059
Intangible assets	112		101
Bad debts	12		23
Net operating losses	5,407		4,358
Foreign tax and withholding credits	12,393		16,707
Accrued compensation	1,096		2,178
Fixed assets	8,824		2,606
Other deferred tax assets	2,770		2,135
Valuation allowance	(18,864)		(18,534)
Total deferred tax assets	19,776		17,306
Right of use assets	(1,867)		(2,082)
Tax on unremitted earnings	(1,233)		(1,508)
Other deferred tax liabilities	(39)		(53)
Total deferred tax liabilities	(3,139)		(3,643)
Total deferred taxes, net	$	16,637	$	13,663

Schedule of components of deferred tax assets (liabilities), net

The components of deferred tax assets (liabilities), net are as follows (dollar amounts in thousands):

As of December 31,	2024		2023
Net deferred tax assets	$	17,644	$	15,064
Net deferred tax liabilities	(1,007)		(1,401)
Total deferred taxes, net	$	16,637	$	13,663

Schedule of reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits, excluding interest and penalties

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits, excluding interest and penalties, is as follows for the years (dollar amounts in thousands):

Year Ended December 31,	2024		2023
Unrecognized tax benefits, opening balance	$	471	$	110
Settlement of liability reclassified as income tax payable	—		—
Payments on liability	—		—
Tax positions taken in a prior period
Gross increases	318		360
Gross decreases	—		—
Tax positions taken in the current period
Gross increases	—		—
Gross decreases	—		—
Lapse of applicable statute of limitations	—		—
Currency translation adjustments	(10)		1
Unrecognized tax benefits, ending balance	$	779	$	471