Company: BHE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025644
Chunk: 163

Company: BENCHMARK ELECTRONICS INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 163
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 The Company has a total Transition Tax liability remaining as of December 31, 2024 of $20.1 million. The Company intends to pay this remaining liability in 2025. The $20.1 million is included in current liabilities as of December 31, 2024.

60

During 2024, 2023 and 2022, the Company repatriated $55.0 million, $70.0 million and $20.0 million, respectively, of foreign earnings to the United States. As of December 31, 2024, the Company has approximately $514.3 million in cumulative undistributed foreign earnings related to its foreign subsidiaries. These earnings would not be subject to U.S. federal income tax if distributed to the Company. The Company changed its assertion during 2018 on its foreign subsidiaries earnings that are permanently reinvested. A certain amount of earnings from specific foreign subsidiaries are permanently reinvested, and certain foreign earnings from other specific foreign subsidiaries are considered to be non-permanently reinvested and are available for immediate distribution to the Company. Income taxes have been accrued on the non-permanently reinvested foreign earnings, including the 2017 Transition Tax, the U.S. tax on GILTI and any applicable foreign or local withholding taxes. The Company estimates that it has approximately $12.1 million of unrecognized deferred tax liabilities related to any remaining undistributed permanently reinvested foreign earnings that have not already been subject to the 2017 Transition Tax, the U.S. tax on GILTI, and any applicable foreign income tax or local withholding tax on cash distributions.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