Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of composition of income (loss) from continuing operations before income taxes and income tax expense (benefit)

	Year Ended December 31,
	2023			2022			2021
	U.S. Dollars (in thousands)
Income before income taxes:
Israel		84,186			82,933			67,643
Non-Israeli		3,444			5,255			4,285
		87,630			88,188			71,928
Income tax expense:
Current:
Israel		8,054			6,973			(*) 9,930
Non-Israeli		2,198			2,043			1,603
		10,252			9,016			11,533
Deferred tax (benefit) expense:
Israel		109			(2	)		714
Non-Israeli		(1,363	)		(775	)		(596	)
		(1,254	)		(777	)		118
		8,998			8,239			11,651

(*) see Note 20B(b)

Schedule of reconciliation of the theoretical income tax expense

	Year Ended December 31,
	2023			2022			2021
	U.S. Dollars (in thousands)
Income before income taxes		87,630			88,188			71,928
Statutory tax rate		23	%		23	%		23	%
Theoretical income tax expense		20,154			20,283			16,543
Increase (decrease) in income tax expense resulting from:
Income tax on earnings of previous years- see Note 20B(b)		-			-			5,306
Non-deductible expenses (*)		651			358			285
Income tax rate differential		(12,417	)		(12,702	)		(10,715	)
Other		610			300			232
Actual income tax expense		8,998			8,239			11,651

(*)         Including non-deductible share-based compensation and FRT transaction expenses.

(**)     The Company has elected, as from the 2021 tax year, to measure its results for tax purposes on the basis of the changes in the exchange rate of the Dollar. The Company must continue to be taxed on this basis for at least three years.

Schedule of tax effects of temporary differences and carryforwards deferred tax assets and liabilities

	December 31,
	2023			2022
	U.S. Dollars (in thousands)
Deferred tax assets:
Deferred revenue		2,186			1,598
Accrued expenses		647			638
Net operating loss and tax credit carryforwards		-			35
Operating lease obligations		442			344
Other temporary differences		762			589
Total deferred tax assets		4,037			3,204
Deferred tax liabilities:
Property, plant and equipment		(938	)		(795	)
Inventories (*)		(1,430	)		-
Intangible assets (*)		(4,885	)		-
Right of use assets		(442	)		(344	)
Undistributed earnings		(1,241	)		(1,061	)
Total deferred tax liabilities		(8,936	)		(2,200	)
Net deferred tax assets (liabilities)		(4,899	)		1,004

(*) Related to FRT acquisition

Schedule of deferred tax assets and liabilities

	December 31,
	2023			2022
	U.S. Dollars (in thousands)
Deferred tax asset, net		2,642			1,004
Deferred tax liabilities, net		(7,541	)		-
Net deferred tax assets (liabilities)		(4,899	)		1,004