Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Pre-Tax Income (Loss)

Pre-tax income (loss) consisted of the following for the years ended December 31:

	2023		2022		2021
Domestic	$	7,930	$	(30,401)	$	9,476
Foreign	28,244		29,334		22,649
Total	$	36,174	$	(1,067)	$	32,125

Reconciliation of Income Taxes Computed at Statutory Rate

A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows:

	2023		2022		2021
Federal (benefit) provision at statutory rate	$	7,597	$	(224)	$	6,746
U.S./Foreign tax rate differential	855		2,320		696
Foreign non-deductible expenses	(14)		(1,084)		515
Foreign tax provision	821		1,734		739
State taxes, net of federal benefit	312		(297)		315
State tax rate change, net of federal benefit	(201)		(33)		(432)
Change in uncertain tax positions	209		38		74
Change in valuation allowance	(21,750)		14,776		366
Tax credits	(2,284)		(1,244)		(1,341)
Share-based compensation	(31)		(91)		(857)
Executive compensation (IRC 162m)	226		871		1,128
Repatriation of foreign earnings	435		1,245		208
GILTI, net of related foreign tax credit	142		365		39
Pension settlement	—		3,394		—
Other	446		(866)		197
(Benefit) Provision for income taxes	$	(13,237)	$	20,904	$	8,393

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the years ended December 31 follows:

	2023						2022						2021
	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
Federal	$	(278)	$	(18,166)	$	(18,444)	$	(338)	$	16,831	$	16,493	$	46	$	2,377	$	2,423
State and local	747		(3,355)		(2,608)		276		4,039		4,315		152		(439)		(287)
Foreign	6,993		822		7,815		8,486		(8,390)		96		6,126		131		6,257
Total	$	7,462	$	(20,699)	$	(13,237)	$	8,424	$	12,480	$	20,904	$	6,324	$	2,069	$	8,393

Summary of Deferred Income Taxes Assets and Liabilities

A summary of deferred income tax assets and liabilities as of December 31 follows:

	2023		2022
Noncurrent deferred tax assets:
Amortization and fixed assets	$	11,070	$	9,653
Inventories	5,184		8,514
Pension obligations	2,467		2,182
Warranty obligations	264		242
Accrued benefits	1,035		465
Operating leases	9,858		7,595
Tax credit carryforwards	6,073		6,703
Net operating loss carryforwards	10,705		11,809
Other temporary differences	8,787		3,797
Total noncurrent deferred tax assets	$	55,443	$	50,960
Valuation allowance	(9,342)		(31,090)
Net noncurrent deferred tax assets	$	46,101	$	19,870
Noncurrent deferred tax liabilities:
Amortization and fixed assets	$	(1,309)	$	(827)
Inventories	(8)		127
Operating leases	(9,428)		(7,585)
Other temporary differences	(2,061)		(287)
Total noncurrent tax liabilities	(12,806)		(8,572)
Net noncurrent deferred tax liabilities	$	(12,806)	$	(8,572)
Total net deferred tax asset	$	33,295	$	11,298
Deferred taxes are reflected in the Consolidated Balance Sheet as follows:
Net non-current deferred tax assets	$	33,568	$	12,275
Non-current deferred tax liabilities (included in Other long-term liabilities)	$	(273)	$	(977)
Total net deferred tax asset	$	33,295	$	11,298

Summary of Valuation Allowance

Activity for the years ended December 31 is as follows (in thousands):

	2023		2022		2021
Balance - Beginning of the year	$	31,090	$	18,371	$	16,441
Provisions	1,883		24,506		2,529
Utilizations and reversals	(23,631)		(11,787)		(599)
Balance - End of the year	$	9,342	$	31,090	$	18,371

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (including interest and penalties) at December 31 follows:

	2023		2022		2021
Balance - Beginning of the year	$	1,089	$	1,093	$	1,006
Gross increase - tax positions in prior periods	60		426		75
Gross decreases - tax positions in prior periods	—		—		—
Gross increases - current period tax positions	149		—		—
Lapse of statute of limitations	—		(389)		—
Currency translation adjustment	40		(41)		12
Balance - End of the year	$	1,338	$	1,089	$	1,093