Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Earnings before income taxes were as follows:

	December 31,
(in thousands)	2022		2021		2020
Income before income taxes:
Domestic	$	86,680	$	74,070	$	50,977
Foreign	47,630		35,428		28,780
	$	134,310	$	109,498	$	79,757

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows:

	December 31,
(in thousands)	2022		2021		2020
Current:
Domestic	$	19,197	$	16,846	$	10,823
Foreign	11,848		8,646		8,759
State	3,674		4,943		3,226
	34,719		30,435		22,808
Deferred:
Domestic	(2,246)		(679)		1,238
Foreign	(51)		(274)		(1199)
State	(40)		(229)		(894)
	(2,337)		(1,182)		(855)
Total income taxes	$	32,382	$	29,253	$	21,953

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax at the Company’s U.S. statutory federal income tax rate to the provision for income tax follows:  

	December 31,
(in thousands)	2022			2021			2020
Income tax expense at statutory rates	$	28,205		$	22,995		$	16,749
Increase (reduction) from:
Jurisdictional rate differences	1,989			1,599			1,034
Executive compensation limitation	481			1,314			170
Stock based compensation	122			(322)			(366)
U.S. state taxes	2,632			3,724			2,556
Foreign tax expense	267			—			704
R&D credit	(1,645)			(670)			(415)
GILTI	500			—			50
Previously unrecognized tax (benefit)/expense	51			8			2,219
Other, net	(220)			605			(748)
Provision for income taxes	$	32,382		$	29,253		$	21,953
Effective tax rate	24		%	27		%	28		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred income tax assets and liabilities were as follows. Certain prior year deferred tax component amounts have been reclassified to conform to the current year presentation.

	December 31,
(in thousands)	2022		2021
Deferred income tax assets:
Inventory basis difference	$	3,459	$	1,136
Accounts receivable reserve	334		270
Rental equipment and Property, plant and equipment	347		201
Stock based compensation	826		754
Pension liability	2,900		3,351
Employee benefit accrual	2,451		3,070
Product liability and warranty reserves	2,177		2,464
Foreign net operating loss	3,078		3,764
Lease liability	4,738		4,221
Capitalized R&D costs	4,230		—
Other	1,635		1,415
Total deferred income tax assets	$	26,175	$	20,646
Less: Valuation allowance	(3,637)		(4,129)
Net deferred income tax assets	$	22,538	$	16,517
Deferred income tax liabilities:
Inventory basis differences	$	(264)	$	(283)
Rental equipment and Property, plant and equipment	(14,373)		(13,253)
Lease asset	(4,637)		(4,149)
Intangible assets	(19,301)		(18,041)
Expenses not currently deductible for book purposes	(1,244)		(1,139)
Total deferred income tax liabilities	$	(39,819)	$	(36,865)
Net deferred income taxes	$	(17,281)	$	(20,348)

Schedule of Unrecognized Tax Benefits Roll Forward

The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. 

Unrecognized Tax Benefits
	December 31,
(in thousands)	2022		2021
Balance as of beginning of year	$	270	$	262
Increases for tax positions related to the current year	156		82
Decreases due to lapse of statute of limitations	(105)		(74)
Balance as of end of year	$	321	$	270