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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
    The provision (benefit) for income taxes from continuing operations is as follows:
 Year Ended December 31,
(In thousands)202420232022
Current:   
U.S. Federal$4,165 $3,692 $1,283 
State2,185 878 79 
Foreign— (33)(25)
Total current6,350 4,537 1,337 
Deferred:   
U.S. Federal(11,975)1,424 (770)
State(1,247)(199)183 
Foreign134 (189)174 
Total deferred(13,088)1,036 (413)
Total provision (benefit) for income taxes from continuing operations$(6,738)$5,573 $924 
 Income from continuing operations before income taxes is as follows:
 Year Ended December 31,
(In thousands)202420232022
U.S.$30,990 $20,335 $1,013 
Foreign(2,129)(613)733 
Income from continuing operations before income taxes$28,861 $19,722 $1,746 
The effective income tax rate from continuing operations is reconciled to the statutory federal income tax rate as follows:
 Year Ended December 31,
(In thousands)202420232022
Provision (benefit) for income taxes from continuing operations at federal statutory rate$6,061 $4,142 $366 
Nondeductible executive compensation1,486 999 879 
Stock-based compensation(1,087)(52)101 
Change in valuation allowance(15,161)(231)(24)
State tax expense (benefit), net1,566 886 5 
Other items, net397 (171)(403)
Total provision (benefit) for income taxes from continuing operations$(6,738)$5,573 $924 
The benefit for income taxes from continuing operations was $6.7 million for 2024 and includes a $15.9 million benefit primarily related to the release of valuation allowances on U.S. federal and state net operating losses and tax credit carryforwards that are now expected to be realized following the sale of the Fluids Systems business. The provision for income taxes from continuing operations was $5.6 million for 2023 and $0.9 million for 2022, respectively.
Temporary differences and carryforwards which give rise to deferred tax assets and liabilities consisted of the following at December 31:
(In thousands)20242023
Deferred tax assets:  
Net operating losses$32,127 $29,806 
Capital losses20,309 — 
Foreign tax credits4,782 4,758 
Accruals not currently deductible3,579 3,698 
Unrealized foreign exchange losses, net372 219 
Research and development credits6,282 5,690 
Stock-based compensation1,133 1,723 
Capitalized inventory costs705 1,513 
Capitalized research and development expenditures7,396 7,110 
Other1,866 1,491 
Total deferred tax assets78,551 56,008 
Valuation allowance(34,331)(32,587)
Total deferred tax assets, net of allowances44,220 23,421 
Deferred tax liabilities:  
Accelerated depreciation and amortization(29,830)(25,751)
Total deferred tax liabilities(29,830)(25,751)
Total net deferred tax liabilities$14,390 $(2,330)
Noncurrent deferred tax assets$15,593 $1,367 
Noncurrent deferred tax liabilities(1,203)(3,697)
Net deferred tax liabilities$14,390 $(2,330)

We have U.S. federal income tax net operating loss carryforwards (“NOLs”) of approximately $104.7 million available to reduce future U.S. taxable income, which do not expire. We also have state NOLs of approximately $216.5 million available to reduce future state taxable income, including approximately $154.6 million which do not expire and approximately $61.9 million which expire in varying amounts beginning in 2025 through 2044. Foreign NOLs of approximately $2.8 million are available to reduce future taxable income, some of which expire beginning in 2034. U.S. federal capital loss carryforwards of approximately $91.4 million expire in 2029.
The realization of our net deferred tax assets is dependent on our ability to generate taxable income in future periods. At December 31, 2024 and 2023, we have recorded a valuation allowance in the amount of $34.3 million and $32.6 million, respectively, primarily related to U.S. capital loss carryfowards, certain U.S. state and foreign NOL carryforwards, as well as foreign tax credits, which may not be realized. The change in the valuation allowance in 2024 is primarily related to a valuation allowance recognized on capital losses related to the sale of the Fluids Systems business that are not expected to be realized, partially offset by the release of approximately $15.9 million of valuation allowances primarily related to U.S. federal and state net operating losses and tax credit carryforwards that are now expected to be realized following the sale of the Fluids Systems business.
We file income tax returns in the U.S. and certain non-U.S. jurisdictions and are subject to examination in the various jurisdictions in which we file. We are no longer subject to income tax examinations for U.S. federal and substantially all state jurisdictions for years prior to 2020 and for substantially all foreign jurisdictions for years prior to 2018.
A reconciliation of the beginning and ending provision for uncertain tax positions is as follows: 
(In thousands)202420232022
Balance at January 1$109 $193 $109 
Additions (reductions) for tax positions of prior years— — 84 
Additions (reductions) for tax positions of current year— — — 
Reductions for settlements with tax authorities— — — 
Reductions for lapse of statute of limitations(24)(84)— 
Balance at December 31$85 $109 $193 
Approximately $0.1 million of unrecognized tax benefits at December 31, 2024, if recognized, would favorably impact the effective tax rate.
We recognize accrued interest and penalties related to uncertain tax positions in operating expenses. The amount of interest and penalties was immaterial for all periods presented.