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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

The components of our tax provision and benefit on continuing operations were as follows (in thousands):


	Current		Deferred		Total
Twelve months ended December 31, 2023:
U.S. Federal	$	(145)	$	304	$	159
State & local	338		—		338
Foreign jurisdictions	3,110		971		4,081
Tax provision	$	3,303	$	1,275	$	4,578
Twelve months ended December 31, 2022:
U.S. Federal	$	(211)	$	—	$	(211)
State & local	513		—		513
Foreign jurisdictions	1,319		1,685		3,004
Tax provision	$	1,621	$	1,685	$	3,306

Components of Pre-Tax Income (Loss)

The components of pre-tax income (loss) from continuing operations for the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Twelve Months Ended December 31,
	2023		2022
Domestic	$	(86,077)	$	(156,001)
Foreign	14,933		9,220
Pre-tax loss from continuing operations	$	(71,144)	$	(146,781)

Income Tax Expense (Benefit) Attributable to Income (Loss) from Continuing Operations Differed from Amounts Computed by Federal Income Tax Rate

The income tax provision in 2023 and 2022 attributable to the loss from continuing operations, respectively, differed from the amounts computed by applying the U.S. federal income tax rate 21% in 2023 and 2022, to pre-tax loss from continuing operations as a result of the following (in thousands):


	Twelve Months Ended December 31,
	2023		2022
Pre-tax loss from continuing operations	$	(71,144)	$	(146,781)
Computed income taxes at statutory rate	(14,940)		(30,824)
State income taxes, net of federal benefit	(200)		395
Foreign tax rate differential	1,229		701
Non-cash compensation	108		228
Deferred taxes on investment in foreign subsidiaries	305		—

Non-deductible expenses	246		118
Foreign withholding	641		693
Prior year tax adjustments	(299)		7





Valuation allowance	16,512		31,430


Other	976		558
Total expense for income tax on continuing operations	$	4,578	$	3,306

Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Accrued compensation and benefits	$	4,710	$	7,630
Receivables	262		552
Inventory	311		296
Share based compensation	525		258

Other accrued liabilities	1,974		2,940
Tax credit carry forward	3,038		2,314
Interest expense limitation	41,477		28,137
Goodwill and intangible costs	9,110		10,143
Debt transactions	4,174		1,780
Net operating loss carry forwards	45,351		38,860
Other	611		1,770
Deferred tax assets	111,543		94,680
Less: Valuation allowance	(93,677)		(73,483)
Deferred tax assets, net	$	17,866	$	21,197
Deferred tax liabilities:
Property, plant and equipment	(15,947)		(17,642)

Unremitted earnings of foreign subsidiaries	(2,960)		(3,581)

Other	(3,476)		(3,260)
Deferred tax liabilities	(22,383)		(24,483)
Net deferred tax liability	$	(4,517)	$	(3,286)

Reconciliation of Changes in Unrecognized Tax Benefits Associated with Uncertain Tax Positions

The following table summarizes reconciliation of gross unrecognized tax benefits, excluding penalties and interest, for the year ended December 31, 2023 and 2022 (in thousands):


	Twelve Months Ended December 31,
	2023		2022
Unrecognized tax benefits - January 1	$	1,097	$	1,285


Additions based on tax positions related to prior years	399		350

Disposition of uncertain tax positions of discontinued operations	—		(426)

Reductions resulting from a lapse of the applicable statute of limitations	(44)		(112)
Unrecognized tax benefits - December 31	$	1,452	$	1,097