Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes at December 31 consists of the following:

(In thousands)	2019		2018		2017
Current
U.S. Federal	$	23,798	$	7,540	$	8,436
State	4,471		(504)		2,054
Foreign	2,402		1,123		316
Current	30,671		8,159		10,806
Deferred
U.S. Federal	(16,250)		(1,799)		(3,850)
State	727		(1,584)		(326)
Foreign	1,138		703		(1,318)
Deferred	(14,385)		(2,680)		(5,494)
Total	$	16,286	$	5,479	$	5,312

Effective Tax Rates Differ from Statutory Federal Income Tax Rate

The effective tax rates differ from the statutory federal income tax rate as follows:

	2019		2018		2017
Statutory Federal Income Tax Rate	21.0	%	21.0	%	35.0	%
Permanent Items
Stock Compensation Expense	(0.5)	%	(0.9)	%	1.1	%
Domestic Production Activity Deduction	—	%	—	%	(4.7)	%
Other	0.5	%	0.4	%	0.5	%
Foreign Tax Rate Differential	1.4	%	0.5	%	(5.6)	%
State Income Tax, Net of Federal Income Tax Effect	6.0	%	2.8	%	4.5	%
Revised State Filing Tax Benefit, Net of Federal Income Tax Effect, Net of Reserve	—	%	(6.7)	%	—	%
Research and Development Tax Credits	(4.6)	%	(6.2)	%	(11.5)	%
Change in Valuation Allowance	1.1	%	—	%	—	%
Net GILTI and FDII Tax Expense (Benefit)	(1.2)	%	0.2	%	—	%
Tax Expense (Benefit) on Deemed Repatriation of Foreign Earnings	—	%	(0.8)	%	5.6	%
Revaluation of Deferred Taxes for Federal Tax Rate Change	—	%	(0.1)	%	(3.5)	%
Other	0.1	%	0.3	%	(0.1)	%
Effective Tax Rate	23.8	%	10.5	%	21.3	%

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, are as follows:

(In thousands)	2019		2018
Deferred Tax Assets:
Asset Reserves	$	17,071	$	8,808
Deferred Compensation	6,427		5,628
State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax	854		1,066
Customer Advanced Payments and Deferred Revenue	3,472		875
Net Operating Loss Carryforwards and Other	8,212		7,407
ASC 606 Revenue Recognition	2,612		1,641
Lease Liabilities	7,466		1,743
Other	3,170		—
Total Gross Deferred Tax Assets	49,284		27,168
Valuation Allowance for Foreign Tax Credit, State Deferred Tax Assets and Tax Credit Carryforwards, Net of Federal Tax	(13,303)		(8,098)
Deferred Tax Assets	35,981		19,070
Deferred Tax Liabilities:
Depreciation	10,060		10,783
Goodwill and Intangible Assets	4,683		4,438
ASC 606 Revenue Recognition - Section 481(a) Adjustment	496		767
Lease Assets	6,377		904
Other	751		3,812
Deferred Tax Liabilities	22,367		20,704
Net Deferred Tax Assets (Liabilities)	$	13,614	$	(1,634)

Components of Net Deferred Tax Assets and Liabilities

The net deferred tax assets and liabilities presented in the Consolidated Balance Sheets are as follows at December 31:

(In thousands)	2019		2018
Other Assets — Long-term	$	17,536	$	3,999
Assets Held for Sale	—		(1,528)
Deferred Tax Liabilities — Long-term	(3,922)		(3,199)
Liabilities Held for Sale	—		(906)
Net Deferred Tax Assets (Liabilities)	$	13,614	$	(1,634)

Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties

(in thousands)	2019		2018		2017
Balance at Beginning of the Year	$	2,197	$	—	$	—
Decreases as a Result of Tax Positions Taken in Prior Years	—		—		—
Increases as a Result of Tax Positions Taken in the Current Year	368		2,197		—
Balance at End of the Year	2,565		$	2,197	$	—