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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Details of Earnings Before Income Taxes | Details of earnings before income taxes are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Domestic |  | $ | 120,384 |  |  | $ | 83,680 |  |  | $ | 74,509 |
Foreign |  |  | 1,582 |  |  |  | 4,037 |  |  |  | 4,114 |
Total |  | $ | 121,966 |  |  | $ | 87,717 |  |  | $ | 78,623 |
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 29,629 |  |  | $ | 20,089 |  |  | $ | 15,299 |
State |  |  | 8,147 |  |  |  | 4,720 |  |  |  | 3,556 |
Foreign |  |  | 1,242 |  |  |  | 2,031 |  |  |  | 1,939 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (7,376 | ) |  |  | (4,289 | ) |  |  | (1,774 | )
State |  |  | (1,332 | ) |  |  | (955 | ) |  |  | (600 | )
Foreign |  |  | (942 | ) |  |  | (375 | ) |  |  | (681 | )
Total |  | $ | 29,368 |  |  | $ | 21,221 |  |  | $ | 17,739 |
Reconciliation of Provision for Income Taxes | The provision for income tax differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate in each year due to the following items:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Provision at statutory rate |  | $ | 25,613 |  |  | $ | 18,421 |  |  | $ | 16,511 |
State income taxes, net of federal tax benefit |  |  | 5,236 |  |  |  | 2,938 |  |  |  | 2,288 |
Valuation allowance |  |  | (78 | ) |  |  | 571 |  |  |  | 168 |
Foreign - tax rate differential and other |  |  | 340 |  |  |  | 388 |  |  |  | 606 |
Federal tax credits |  |  | (1,548 | ) |  |  | (1,016 | ) |  |  | (770 | )
Compensation subject to section 162(m) |  |  | 930 |  |  |  | 693 |  |  |  | 685 |
Stock based compensation |  |  | (967 | ) |  |  | (523 | ) |  |  | (1,510 | )
Other |  |  | (158 | ) |  |  | (251 | ) |  |  | (239 | )
Actual provision |  | $ | 29,368 |  |  | $ | 21,221 |  |  | $ | 17,739 |
Components of Deferred Income Taxes | The components of deferred income taxes as of December 31 are as follows:
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Reserve for receivables and inventory |  | $ | 2,959 |  |  | $ | 2,972 |
Accrued compensation |  |  | 4,069 |  |  |  | 2,209 |
Reserves and payables |  |  | 2,509 |  |  |  | 2,340 |
Accrued post-retirement medical benefits |  |  | 971 |  |  |  | 1,054 |
Net operating loss and credit carryforwards |  |  | 4,948 |  |  |  | 2,827 |
Deferred compensation |  |  | 1,269 |  |  |  | 1,139 |
Accrued qualified plan benefits |  |  | 988 |  |  |  | 1,193 |
Accrued stock-based compensation |  |  | 1,166 |  |  |  | 1,120 |
Deferred revenue |  |  | 8,128 |  |  |  | 4,793 |
Operating lease liabilities |  |  | 1,071 |  |  |  | 1,262 |
Research and development costs |  |  | 5,744 |  |  |  | 2,625 |
Other |  |  | 1,359 |  |  |  | 987 |
Total gross deferred tax assets |  |  | 35,181 |  |  |  | 24,521 |
Less: valuation allowance |  |  | (2,683 | ) |  |  | (2,690 | )
Total net deferred tax assets |  |  | 32,498 |  |  |  | 21,831 |
Deferred tax liabilities: |  |  |  |  |  |
Property, plant and equipment |  |  | 4,323 |  |  |  | 4,454 |
Intangible assets |  |  | 8,361 |  |  |  | 7,247 |
Prepaids |  |  | 394 |  |  |  | 238 |
Operating lease assets |  |  | 1,020 |  |  |  | 1,258 |
Other |  |  | 746 |  |  |  | 525 |
Total deferred tax liabilities |  |  | 14,844 |  |  |  | 13,722 |
Net deferred tax assets |  | $ | 17,654 |  |  | $ | 8,109 |
Schedule of Changes in Gross Liability for Unrecognized Tax Benefits | Changes in the Company's gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows:
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Balance at beginning of year |  | $ | 1,039 |  |  | $ | 1,172 |
Increases (reductions) in unrecognized tax benefits as a result of positions taken during the prior year |  |  | 84 |  |  |  | (89 | )
Increases in unrecognized tax benefits as a result of positions taken during the current year |  |  | 485 |  |  |  | 231 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations |  |  | (213 | ) |  |  | (275 | )
Balance at end of year |  | $ | 1,395 |  |  | $ | 1,039 |

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