Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes From Domestic and International Jurisdictions

Income/(loss) before income taxes from domestic and international jurisdictions is comprised of the following:

Year Ended December 31,	2023			2022
(Dollars in thousands)
Income (loss) before income taxes:
Domestic	$	(65,847	)	$	(22,538	)
Foreign		(50,951	)		73,676
	$	(116,798	)	$	51,138

Benefit (Provision) for Income Taxes

The benefit/(provision) for income taxes is comprised of the following:

Year Ended December 31,	2023			2022
(Dollars in thousands)
Current taxes
Federal	$	(548	)	$	(1,946	)
State		(112	)		(77	)
Foreign		(1,915	)		(21,345	)
Total current taxes		(2,575	)		(23,368	)
Deferred taxes
Federal		20,057			275
State		7,028			—
Foreign		(564	)		8,989
Total deferred taxes		26,521			9,264
Income tax provision	$	23,946		$	(14,104	)

Reconciliation of the U.S. Federal Tax Rate

The following is a reconciliation of the U.S. federal tax rate to our effective income tax rate:

Year Ended December 31,	2023			2022
Statutory rate		21.0	%		21.0	%
State tax provisions, net of federal income tax benefit		1.1			1.7
Tax credits		6.3			(26.4	)
Foreign income taxes at rates other than the statutory rate		16.4			(19.9	)
Valuation allowance		5.9			15.6
Changes in tax liabilities, net		(0.2	)		4.9
Share based compensation		(1.4	)		3.4
Unremitted non-U.S. Earnings		2.4			2.0
US tax on non-US income		(6.7	)		19.9
Loss on deconsolidation of subsidiary		(20.1	)		—
Non-deductible charges		(1.6	)		4.1
Other		(2.6	)		1.2
Effective income tax rate		20.5	%		27.5	%

Summary of Deferred Income Tax Assets and Liabilities

Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

Year Ended December 31,	2023			2022
(Dollars in thousands)
Deferred income tax assets:
Accrued liabilities	$	7,115		$	7,220
Hedging and foreign currency gains (losses)		(1,030	)		1,353
Deferred compensation		7,270			6,638
Inventory reserves		1,864			3,895
Net loss carryforwards and credits		46,301			48,774
Interest carryforwards		35,633			23,098
Intangibles, property, plant and equipment and other		10,272			7,865
Competent authority deferred tax assets and    other foreign timing differences		5,041			4,915
Other		730			946
Total before valuation allowance		113,196			104,704
Valuation allowance		(60,387	)		(67,626	)
Net deferred income tax assets		52,809			37,078
Deferred income tax liabilities:
Intangibles, property, plant and equipment and other		—
Unremitted earnings		(2,499	)		(5,359	)
Deferred income tax liabilities		(2,499	)		(5,359	)
Net deferred income tax assets	$	50,310		$	31,719

The classification of our net deferred tax asset is shown below:

Year Ended December 31,	2023			2022
(Dollars in thousands)
Long-term deferred income tax assets	$	52,213		$	35,187
Long-term deferred income tax liabilities		(1,903	)		(3,468	)
Net deferred tax asset	$	50,310		$	31,719

Schedule of Unrecognized Tax Positions Roll Forward

Year Ended December 31,	2023			2022
(Dollars in thousands)
Beginning balance	$	26,100		$	16,362
Increases (decreases) due to foreign currency translations		640			(712	)
Increases (decreases) as a result of positions taken during:
Prior periods		3,274			10,580
Current period		776			50
Settlements with taxing authorities		(21	)
Expiration of applicable statutes of limitation		(220	)		(180	)
Ending balance	$	30,549		$	26,100