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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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) |  | 2020 |  | 2019 |  | 2018
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 49,357 |  |  | $ | 54,566 |  |  | $ | 66,858 |
Foreign |  | 28,780 |  |  | 29,769 |  |  | 27,673 |
|  | $ | 78,137 |  |  | $ | 84,335 |  |  | $ | 94,531 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) consist of the following:
|  | December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Domestic |  | $ | 10,823 |  |  | $ | 6,403 |  |  | $ | 6,771 |
Foreign |  | 8,759 |  |  | 8,419 |  |  | 7,391 |
State |  | 3,226 |  |  | 3,291 |  |  | 4,831 |
|  | 22,808 |  |  | 18,113 |  |  | 18,993 |
Deferred: |  |  |  |  |  |
Domestic |  | 674 |  |  | 3,800 |  |  | 2,542 |
Foreign |  | (1,199) |  |  | (280) |  |  | (390) |
State |  | (776) |  |  | (204) |  |  | (100) |
|  | (1,301) |  |  | 3,316 |  |  | 2,052 |
Total income taxes |  | $ | 21,507 |  |  | $ | 21,429 |  |  | $ | 21,045 |
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% to income before income taxes consists of the following:
|  | December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Income tax expense at statutory rates |  | $ | 16,409 |  |  | $ | 17,710 |  |  | $ | 19,851 |
Increase (reduction) from: |  |  |  |  |  |
Jurisdictional rate differences |  | 1,034 |  |  | 988 |  |  | 719 |
Valuation allowance |  | (63) |  |  | 460 |  |  | (267) |
Stock based compensation |  | (366) |  |  | (358) |  |  | (205) |
U.S. state taxes |  | 2,450 |  |  | 3,125 |  |  | 3,917 |
Foreign tax expense |  | 704 |  |  | — |  |  | — |
R&D credit |  | (415) |  |  | (699) |  |  | (531) |
GILTI |  | 50 |  |  | 872 |  |  | 673 |
Previously unrecognized tax (benefit)/expense |  | 2,219 |  |  | (1,504) |  |  | — |
Other, net |  | (515) |  |  | 835 |  |  | 219 |
Provision for income taxes before tax reform |  | $ | 21,507 |  |  | $ | 21,429 |  |  | $ | 24,376 |
Effective tax rate before effects of tax reform |  | 28 | % |  | 25 | % |  | 26 | %
Tax Reform: |  |  |  |  |  |
Rate change of deferreds |  | — |  |  | — |  |  | 1,200 |
Transition tax on deemed repatriation |  | — |  |  | — |  |  | (4,531) |
Impact of tax reform |  | $ | — |  |  | $ | — |  |  | $ | (3,331) |
Provision for income tax |  | $ | 21,507 |  |  | $ | 21,429 |  |  | $ | 21,045 |
Effective tax rate |  | 28 | % |  | 25 | % |  | 22 | %
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) |  | 2020 |  | 2019
Deferred income tax assets: |  |  |  |
Inventory basis difference |  | $ | 3,150 |  |  | $ | 4,351 |
Accounts receivable reserve |  | 255 |  |  | 384 |
Rental equipment and Property, plant and equipment |  | 144 |  |  | 73 |
Stock based compensation |  | 606 |  |  | 391 |
Pension liability |  | 3,655 |  |  | 2,874 |
Employee benefit accrual |  | 1,585 |  |  | 1,669 |
Product liability and warranty reserves |  | 2,242 |  |  | 2,526 |
Foreign net operating loss |  | 3,566 |  |  | 4,485 |
Lease liability |  | 3,376 |  |  | 3,046 |
State net operating loss |  | 148 |  |  | 148 |
Other |  | 2,430 |  |  | 190 |
Total deferred income tax assets |  | $ | 21,157 |  |  | $ | 20,137 |
Less: Valuation allowance |  | (3,641) |  |  | (4,156) |
Net deferred income tax assets |  | $ | 17,516 |  |  | $ | 15,981 |
Deferred income tax liabilities: |  |  |  |
Inventory basis differences |  | $ | (287) |  |  | $ | (122) |
Rental equipment and Property, plant and equipment |  | (14,818) |  |  | (17,327) |
Lease asset |  | (3,351) |  |  | (3,022) |
Intangible assets |  | (16,496) |  |  | (18,897) |
Expenses not currently deductible for book purposes |  | (1,003) |  |  | (1,996) |
Total deferred income tax liabilities |  | $ | (35,955) |  |  | $ | (41,364) |
Net deferred income taxes |  | $ | (18,439) |  |  | $ | (25,383) |
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,
(in thousands) |  | 2020 |  | 2019
Balance as of beginning of year |  | $ | 262 |  |  | $ | 236 |
Increases for tax positions related to the current year |  | 88 |  |  | 88 |
Increases in tax positions taken related to liabilities assumed in acquisitions |  | — |  |  | 2,219 |
Decreases in tax positions taken related to liabilities assumed in acquisitions |  | — |  |  | (1,504) |
Decreases as a result of settlements with taxing authorities related to liabilities assumed in acquisitions |  | — |  |  | (715) |
Decreases due to lapse of statute of limitations |  | (88) |  |  | (62) |
Balance as of end of year |  | $ | 262 |  |  | $ | 262 |

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