Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income before Income Tax

Income before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
Domestic	$	21,200	$	14,575
Foreign	(6,755)		(13,631)
Income before income taxes	$	14,445	$	944

Schedule of Significant Components of Income Tax

Significant components of the provision for income taxes for the years ended December 31, 2024 and 2023 were as follows:


	Year Ended December 31,
	2024		2023
Current:
Federal	$	—	$	(16)
State	2		53
Foreign	745		1,460
Total current	747		1,497
Deferred:
Federal	(21,441)		—
State	(7,691)		—
Foreign	(13)		(1,852)
Total deferred	(29,145)		(1,852)
Total income tax (benefit) expense	$	(28,398)	$	(355)

Schedule of Reconciliation of Statutory Income to Income Tax Expense

The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2024 and 2023 is as follows:


	Year Ended December 31,
	2024				2023
	Amount		Percent		Amount		Percent
Statutory rate	$	3,033	21.0	%	$	198	21.0	%
Foreign tax rate differential	(249)		(1.7)		(520)		(55.1)
State income taxes, net of federal benefit	772		5.3		322		34.1

Non-deductible expenses	221		1.5		206		21.8
Non-deductible executive compensation	400		2.8		256		27.1



Income tax credits	(164)		(1.1)		(218)		(23.1)
Change in income tax rates	(229)		(1.6)		(38)		(4.0)
Tax on unremitted foreign earnings	148		1.0		181		19.2
Change in valuation allowance	(31,937)		(221.1)		(723)		(76.6)
Other	(393)		(2.7)		(19)		(2.0)
Total income tax (benefit) expense / effective rate	$	(28,398)	(196.6)	%	$	(355)	(37.6)	%

Schedule of Significant Components of Deferred Tax Asset and Liability

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:


	December 31,
	2024		2023
Deferred tax assets:
Goodwill and other intangibles	$	1,224	$	1,762
Accrued settlement	—		2,001
Deferred compensation	3,885		4,127
Contingent liabilities	448		600
Net operating loss / tax credit carryforwards	35,431		36,217
Pension and post-retirement liability	—		149
Inventories	1,082		852
Warranty reserve	138		146
Accounts receivable	265		201
Interest deduction carryforward	1,444		1,882
Capitalized research expenditures	1,882		1,599
Other	453		680
Total deferred tax assets	46,252		50,216
Less: valuation allowance	(8,223)		(40,125)
Net deferred tax assets	38,029		10,091
Deferred tax liabilities:
Goodwill and other intangibles	(1,472)		(2,181)
Depreciation	(7,845)		(8,596)
Pension and post-retirement liability	(410)		—
Unrealized income on interest rate swap contracts	(110)		(306)
Unremitted earnings of foreign subsidiaries	(195)		(50)
Other	(247)		(190)
Total deferred tax liabilities	(10,279)		(11,323)
Net deferred tax (liabilities) assets	$	27,750	$	(1,232)

Schedule of Reconciliation of Unrealized tax Benefits

The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2024 and 2023:


	December 31,
	2024		2023
Unrecognized tax benefits at beginning of period:	$	307	$	354

Decreases based on tax positions for prior periods	(42)		(47)

Balance at end of period	$	265	$	307