Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:

	Year Ended December 31,
(in thousands)	2024			2023			2022
Current:
U.S. Federal	$	(1,587	)	$	2,989		$	903
State and local		358			587			107
Foreign		27,725			28,321			22,351
Total current taxes		26,496			31,897			23,361
Deferred:
U.S. Federal		(5,910	)		(6,206	)		(6,544	)
State and local		809			(1,612	)		(1,734	)
Foreign		(827	)		(7,174	)		1,030
Total deferred taxes		(5,928	)		(14,992	)		(7,248	)
Total income tax expense	$	20,568		$	16,905		$	16,113

Schedule of Income (Loss) Before Income Taxes

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

	Year Ended December 31,
(in thousands)	2024			2023			2022
United States	$	(32,871	)	$	(31,534	)	$	(45,390	)
Foreign		116,766			112,754			129,732
Total income before income taxes	$	83,895		$	81,220		$	84,342

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)	2024			2023			2022
Tax at statutory rate	$	17,618		$	17,056		$	17,713
State taxes, net of federal tax effect		923			(809	)		(1,285	)
Effect of foreign operations and tax incentives		(3,110	)		(7,474	)		(5,954	)
Permanent differences		(5,046	)		6,768			3,105
Change in valuation allowance		8,155			(241	)		41
Global minimum tax		1,038			—			—
GILTI and other foreign income inclusion		1,429			(450	)		1,768
Stock-based compensation		(423	)		623			447
Non-deductible compensation		1,370			1,883			807
Change in uncertain tax benefit reserve		—			370			40
Other		(1,386	)		(821	)		(569	)
Total income tax expense	$	20,568		$	16,905		$	16,113

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)	2024			2023
Deferred tax assets:
Carrying value of inventories	$	3,904		$	5,782
Accrued liabilities and allowances deductible for tax purposes on a cash basis		8,317			10,213
Goodwill		254			554
Stock-based compensation		5,973			5,853
Operating lease liabilities		30,063			33,260
Net operating loss carryforwards		26,014			12,662
Tax credit carryforwards		6,677			7,372
Research and experimentation		18,580			15,861
Interest rate swap and foreign exchange hedging		970			—
Other		10,484			8,540
Total gross deferred tax assets		111,236			100,097
Less: valuation allowance		(26,657	)		(18,502	)
Total net deferred tax assets		84,579			81,595
Deferred tax liabilities:
Plant and equipment, due to differences in depreciation		(11,469	)		(10,652	)
Operating lease right-of-use assets		(29,802	)		(32,999	)
Intangible assets, due to differences in amortization		(7,830	)		(8,946	)
Foreign taxes		(898	)		(898	)
Interest rate swap and foreign exchange hedging		—			(52	)
Other		(688	)		(1,105	)
Total gross deferred tax liabilities		(50,687	)		(54,652	)
Total net deferred tax assets	$	33,892		$	26,943
The net deferred tax assets are classified as follows:
Long-term assets	$	33,892		$	26,943
Long-term liabilities		—			—
Total net deferred tax assets	$	33,892		$	26,943

Schedule of Tax Incentives

The net impact of the current tax incentives was to lower income tax expense for 2024, 2023, and 2022 by approximately $5.8 million (approximately $0.16 per diluted share), $6.3 million (approximately $0.17 per diluted share) and $9.0 million (approximately $0.25 per diluted share), respectively, as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Thailand	$	4,110	$	4,923	$	8,362
China		1,663		1,338		643
Total tax incentives	$	5,773	$	6,261	$	9,005

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)	2024			2023		2022
Balances as of the beginning of the year	$	9,061		$	9,061	$	9,121
Additions related to current year tax positions		—			—		—
Additions related to prior year tax positions		—			—		—
Decreases related to prior year tax positions		(1,775	)		—		—
Decreases related to lapse of statutes		—			—		(60	)
Balances as of the end of the year	$	7,286		$	9,061	$	9,061