Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:

	Percent of Income before Income Taxes
	2024			2023			2022
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
State income taxes - net of federal tax benefit		6.5			2.8			2.0
Foreign tax rate differential		3.3			1.5			0.6
Non-deductible expenses		17.9			0.4			0.4
Tax carryforward expiration		—			—			2.5
Changes in unrecognized tax benefits		—			—			(1.0	)
Valuation allowances		—			—			(2.3	)
Other		(1.9	)		0.3			(0.3	)
Effective tax rate for the year		46.8	%		26.0	%		22.9	%

Income (Loss) from Continuing Operations Before Income Taxes

Income before income taxes was attributable to the following sources:

	2024		2023		2022
United States	$	3,409	$	55,553	$	66,646
Foreign		10,134		10,503		11,564
Totals	$	13,543	$	66,056	$	78,210

Income Tax Expense (Benefit) from Continuing Operations

Income tax expense consisted of the following:

	Year ended December 31,
	2024			2023		2022
Current:
Federal	$	7,877		$	11,296	$	11,583
State and local		2,013			2,237		1,739
Foreign		2,500			2,617		2,549
Total current provision		12,390			16,150		15,871
Deferred:
Federal		(5,195	)		617		1,675
State and local		(903	)		62		230
Foreign		50			360		167
Total deferred provision		(6,048	)		1,039		2,072
Provision for income taxes	$	6,342		$	17,189	$	17,943

Significant Components of the Company's Deferred Taxes

Significant components of the Company’s deferred taxes as of December 31, 2024 and 2023 are as follows:

	2024			2023
Deferred income tax assets
Compensation accruals	$	2,372		$	2,487
Inventory valuation		3,094			2,515
Allowance for uncollectible accounts		931			672
Non-deductible accruals		3,983			4,040
Operating lease liability		6,438			6,025
Finance lease liability		1,809			1,934
Goodwill		3,766			—
Other deductible non-goodwill intangibles		5,420			5,473
Interest limitation carryforward		2,759			—
Capital loss carryforwards		127			127
Net operating loss carryforwards		54			73
		30,753			23,346
Valuation allowance		(127	)		(127	)
		30,626			23,219
Deferred income tax liabilities
Property, plant and equipment		15,492			12,208
Goodwill and indefinite-lived intangibles		14,410			10,254
Non-deductible intangibles		22,056			—
Right of use asset - operating leases		6,418			5,878
Finance lease assets		1,665			1,820
State deferred taxes		3,256			18
Other		1,008			1,492
		64,305			31,670
Net deferred income tax liability	$	(33,679	)	$	(8,451	)

Activity Related to the Company's Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	2024		2023		2022
Balance at January 1	$	—	$	—	$	774
Increases related to previous year tax positions		1,339		—		—
Reductions due to lapse of applicable statute of limitations		—		—		(774	)
Balance at December 31	$	1,339	$	—	$	—