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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The jurisdictional components of income before taxes consist of the following:
|  | December 31, |  |  |  |
(in thousands) |  | 2019 |  | 2018 |  | 2017
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 54,566 |  |  | $ | 66,858 |  |  | $ | 61,329 |
Foreign |  | 29,769 |  |  | 27,673 |  |  | 21,038 |
|  | $ | 84,335 |  |  | $ | 94,531 |  |  | $ | 82,367 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) consist of the following:
|  | December 31, |  |  |  |
(in thousands) |  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |
Domestic |  | $ | 6,403 |  |  | $ | 6,771 |  |  | $ | 26,713 |
Foreign |  | 8,419 |  |  | 7,391 |  |  | 6,222 |
State |  | 3,291 |  |  | 4,831 |  |  | 3,789 |
|  | 18,113 |  |  | 18,993 |  |  | 36,724 |
Deferred: |  |  |  |  |  |
Domestic |  | 3,800 |  |  | 2,542 |  |  | 1,711 |
Foreign |  | (280) |  |  | (390) |  |  | (155) |
State |  | (204) |  |  | (100) |  |  | (228) |
|  | 3,316 |  |  | 2,052 |  |  | 1,328 |
Total income taxes |  | $ | 21,429 |  |  | $ | 21,045 |  |  | $ | 38,052 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income tax expense (benefit) for financial statement purposes and the amount of income tax expense computed by applying the domestic statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017 to income before income taxes consists of the following:
|  | December 31, |  |  |  |
(in thousands) |  | 2019 |  | 2018 |  | 2017
Income tax expense at statutory rates |  | $ | 17,710 |  |  | $ | 19,851 |  |  | $ | 28,828 |
Increase (reduction) from: |  |  |  |  |  |
Jurisdictional rate differences |  | 988 |  |  | 719 |  |  | (1,863) |
Valuation allowance |  | 460 |  |  | (267) |  |  | 308 |
Stock based compensation |  | (358) |  |  | (205) |  |  | (778) |
U.S. state taxes |  | 3,125 |  |  | 3,917 |  |  | 2,463 |
Domestic production deduction |  | — |  |  | — |  |  | (1,039) |
R&D credit |  | (699) |  |  | (531) |  |  | (500) |
GILTI |  | 872 |  |  | 673 |  |  | — |
Previously unrecognized tax benefit |  | (1,504) |  |  | — |  |  | — |
Other, net |  | 835 |  |  | 219 |  |  | 397 |
Provision for income taxes before tax reform |  | $ | 21,429 |  |  | $ | 24,376 |  |  | $ | 27,816 |
Effective tax rate before effects of tax reform |  | 25 | % |  | 26 | % |  | 34 | %
Tax Reform: |  |  |  |  |  |
Rate change of deferreds |  | — |  |  | 1,200 |  |  | (3,334) |
Transition tax on deemed repatriation |  | — |  |  | (4,531) |  |  | 13,104 |
Other |  | — |  |  | — |  |  | 466 |
Impact of tax reform |  | $ | — |  |  | $ | (3,331) |  |  | $ | 10,236 |
Provision for income tax |  | $ | 21,429 |  |  | $ | 21,045 |  |  | $ | 38,052 |
Effective tax rate |  | 25 | % |  | 22 | % |  | 46 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred income tax assets and liabilities consist of the following:
|  | December 31, |  |
(in thousands) |  | 2019 |  | 2018
Deferred income tax assets: |  |  |  |
Inventory basis difference |  | $ | 4,351 |  |  | $ | 1,825 |
Accounts receivable reserve |  | 384 |  |  | 251 |
Rental equipment and Property, plant and equipment |  | 73 |  |  | 56 |
Stock based compensation |  | 391 |  |  | 672 |
Pension liability |  | 2,874 |  |  | 3,204 |
Employee benefit accrual |  | 1,669 |  |  | 1,911 |
Product liability and warranty reserves |  | 2,526 |  |  | 1,294 |
Foreign net operating loss |  | 4,485 |  |  | 4,164 |
Lease liability |  | 3,046 |  |  | — |
State net operating loss |  | 148 |  |  | 148 |
Other |  | 190 |  |  | (156) |
Total deferred income tax assets |  | $ | 20,137 |  |  | $ | 13,369 |
Less: Valuation allowance |  | (4,156) |  |  | (3,696) |
Net deferred income tax assets |  | $ | 15,981 |  |  | $ | 9,673 |
Deferred income tax liabilities: |  |  |  |
Inventory basis differences |  | $ | (122) |  |  | $ | — |
Rental equipment and Property, plant and equipment |  | (17,327) |  |  | (9,928) |
Lease asset |  | (3,022) |  |  | — |
Intangible assets |  | (18,897) |  |  | (8,944) |
Expenses not currently deductible for book purposes |  | (1,996) |  |  | (749) |
Total deferred income tax liabilities |  | $ | (41,364) |  |  | $ | (19,621) |
Net deferred income taxes |  | $ | (25,383) |  |  | $ | (9,948) |
Schedule of Unrecognized Tax Benefits Roll Forward | We do not expect our unrecognized tax benefits disclosed above to change significantly over the next 12 months.
Unrecognized Tax Benefits |  |  |  |
|  | December 31, |  |
|  | 2019 |  | 2018
Balance as of beginning of year |  | $ | 236,000 |  |  | $ | 234,000 |
Increases for tax positions related to the current year |  | 88,000 |  |  | 63,000 |
Increases in tax positions taken related to liabilities assumed in acquisitions |  | 2,219,000 |  |  | — |
Decreases in tax positions taken related to liabilities assumed in acquisitions |  | (1,504,000) |  |  | — |
Decreases as a result of settlements with taxing authorities related to liabilities assumed in acquisitions |  | (715,000) |  |  | — |
Decreases due to lapse of statute of limitations |  | (62,000) |  |  | (61,000) |
Balance as of end of year |  | $ | 262,000 |  |  | $ | 236,000 |

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