Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:

	Year Ended December 31,
(in thousands)	2023			2022			2021
Current:
U.S. Federal	$	2,989		$	903		$	6
State and local		587			107			1,702
Foreign		28,321			22,351			14,812
Total current taxes		31,897			23,361			16,520
Deferred:
U.S. Federal		(6,206	)		(6,544	)		(6,179	)
State and local		(1,612	)		(1,734	)		(1,380	)
Foreign		(7,174	)		1,030			676
Total deferred taxes		(14,992	)		(7,248	)		(6,883	)
Total income tax expense	$	16,905		$	16,113		$	9,637

Schedule of Income (Loss) Before Income Taxes

Income (loss) before income taxes consisted of the following:

	Year Ended December 31,
(in thousands)	2023			2022			2021
United States	$	(31,534	)	$	(45,390	)	$	(34,930	)
Foreign		112,754			129,732			80,337
Total income before income taxes	$	81,220		$	84,342		$	45,407

Schedule of Federal Statutory Income Tax Rate to Income (Loss) Before Income Tax

Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income (loss) before income taxes as follows:

	Year Ended December 31,
(in thousands)	2023			2022			2021
Tax at statutory rate	$	17,056		$	17,713		$	9,536
State taxes, net of federal tax effect		(809	)		(1,285	)		(36	)
Effect of foreign operations and tax incentives		(909	)		(3,907	)		(4,048	)
Change in valuation allowance		(241	)		41			(336	)
Stock-based compensation		623			447			(69	)
GILTI		(450	)		1,768			2,104
Foreign tax refund benefit		—			—			(7,285	)
Losses in foreign jurisdictions for which no benefit has been provided		6			3			2,608
Change in uncertain tax benefit reserve		370			40			8,858
Other		1,259			1,293			(1,695	)
Total income tax expense	$	16,905		$	16,113		$	9,637

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities were as follows:

	December 31,
(in thousands)	2023			2022
Deferred tax assets:
Carrying value of inventories	$	5,782		$	4,809
Accrued liabilities and allowances deductible for tax purposes on a cash basis		10,213			7,811
Goodwill		554			937
Stock-based compensation		5,853			5,032
Operating lease liabilities		33,260			23,252
Net operating loss carryforwards		12,662			16,848
Tax credit carryforwards		7,372			5,805
Research and experimentation		15,861			10,691
Other		8,540			4,086
Total gross deferred tax assets		100,097			79,271
Less: valuation allowance		(18,502	)		(18,743	)
Total net deferred tax assets		81,595			60,528
Deferred tax liabilities:
Plant and equipment, due to differences in depreciation		(10,652	)		(7,957	)
Operating lease right-of-use assets		(32,999	)		(22,991	)
Intangible assets, due to differences in amortization		(8,946	)		(10,502	)
Foreign withholding tax		(898	)		(4,902	)
Interest rate swap		(52	)		(263	)
Other		(1,105	)		(2,173	)
Total gross deferred tax liabilities		(54,652	)		(48,788	)
Total net deferred tax assets	$	26,943		$	11,740
The net deferred tax assets are classified as follows:
Long-term assets	$	26,943		$	12,235
Long-term liabilities		—			(495	)
Total net deferred tax assets	$	26,943		$	11,740

Schedule of Tax Incentives

The net impact of the current tax incentives was to lower income tax expense for 2023, 2022, and 2021 by approximately $6.3 million (approximately $0.17 per diluted share), $9.0 million (approximately $0.25 per diluted share) and $7.7 million (approximately $0.21 per diluted share), respectively, as follows:

	Year Ended December 31,
(in thousands)	2023		2022		2021
Thailand	$	4,923	$	8,362	$	5,360
China		1,338		643		443
Malaysia		—		—		1,946
Total tax incentives	$	6,261	$	9,005	$	7,749

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

	December 31,
(in thousands)	2023		2022			2021
Balances as of the beginning of the year	$	9,061	$	9,121		$	499
Additions related to current year tax positions		—		—			7,424
Additions related to prior year tax positions		—		—			1,575
Decreases related to prior year tax positions		—		—			(138	)
Decreases related to lapse of statutes		—		(60	)		(239	)
Balances as of the end of the year	$	9,061	$	9,061		$	9,121