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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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