INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

Earnings before income taxes were as follows:

	December 31,
(in thousands)	2024		2023		2022
Income before income taxes:
Domestic	$	66,449	$	121,065	$	86,680
Foreign	83,179		54,055		47,630
	$	149,628	$	175,120	$	134,310

Schedule of Components of Income Tax Expense (Benefit)

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

	December 31,
(in thousands)	2024		2023		2022
Current:
Domestic	$	13,080	$	24,168	$	19,197
Foreign	19,968		11,356		11,848
State	4,257		7,688		3,674
	37,305		43,212		34,719
Deferred:
Domestic	(1,895)		(4,451)		(2,246)
Foreign	(1,225)		353		(51)
State	(487)		(155)		(40)
	(3,607)		(4,253)		(2,337)
Total income taxes	$	33,698	$	38,959	$	32,382

Schedule of Reconciliation of Income Tax at U.S. Statutory Federal Income Tax Rate to Provision for Income Tax

A reconciliation of the income tax at the Company’s U.S. statutory federal income tax rate to the provision for income tax follows. Some prior year components have been reclassified to conform to the current year presentation.  

	December 31,
(in thousands)	2024			2023			2022
Income tax expense at statutory rates	$	31,422		$	36,775		$	28,205
Increase (reduction) from:
Jurisdictional rate differences	4,832			2,766			1,989
Executive compensation limitations	1,122			183			481
Valuation allowance	(2,432)			(789)			(316)
Stock based compensation	209			(24)			122
U.S. state taxes	2,876			6,076			2,632
Foreign tax (credit) / expense	(1,498)			(371)			267
R&D credit (net)	(3,529)			(3,618)			(1585)
Other credits	(490)			(628)			—
GILTI	871			109			500
FDII	(187)			(731)			(192)
Previously unrecognized tax (benefit) / expense	136			170			51
Other (net)	366			(959)			228
Provision for income taxes	$	33,698		$	38,959		$	32,382
Effective tax rate	22.5		%	22.2		%	24.1		%

Schedule of Components of Deferred Income Tax Assets and Liabilities

The components of the Company’s deferred income tax assets and liabilities were as follows:

	December 31,
(in thousands)	2024		2023
Deferred income tax assets:
Inventory basis difference	$	4,579	$	3,580
Accounts receivable reserve	620		798
Rental equipment and Property, plant and equipment	—		—
Stock based compensation	679		944
Pension liability	3,010		2,922
Employee benefit accrual	2,384		3,150
Product liability and warranty reserves	2,598		2,415
Foreign net operating loss	—		2,736
Lease liability	3,662		4,052
Capitalized R&D costs	13,676		10,335
Other	808		447
Total deferred income tax assets	$	32,016	$	31,379
Less: Valuation allowance	—		(2,512)
Net deferred income tax assets	$	32,016	$	28,867
Deferred income tax liabilities:
Inventory basis differences	$	(78)	$	(75)
Rental equipment and Property, plant and equipment	(14,960)		(17,074)
Lease asset	(3,545)		(3,941)
Intangible assets	(21,962)		(20,878)
Expenses not currently deductible for book purposes	(1,351)		(1,624)
Total deferred income tax liabilities	$	(41,896)	$	(43,592)
Net deferred income taxes	$	(9,880)	$	(14,725)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months.

 

Unrecognized Tax Benefits
	December 31,
(in thousands)	2024		2023
Balance as of beginning of year	$	490	$	321
Increases for tax positions related to the current year	218		252
Decreases due to lapse of statute of limitations	(82)		(83)
Balance as of end of year	$	626	$	490