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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings before income taxes were as follows:
|  | December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 74,070 |  |  | $ | 50,977 |  |  | $ | 54,830 |
Foreign |  | 35,428 |  |  | 28,780 |  |  | 29,769 |
|  | $ | 109,498 |  |  | $ | 79,757 |  |  | $ | 84,599 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) were as follows:
|  | December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
Domestic |  | $ | 16,846 |  |  | $ | 10,823 |  |  | $ | 6,403 |
Foreign |  | 8,646 |  |  | 8,759 |  |  | 8,419 |
State |  | 4,943 |  |  | 3,226 |  |  | 3,291 |
|  | 30,435 |  |  | 22,808 |  |  | 18,113 |
Deferred: |  |  |  |  |  |
Domestic |  | (679) |  |  | 1,238 |  |  | 3,906 |
Foreign |  | (274) |  |  | (1,199) |  |  | (280) |
State |  | (229) |  |  | (894) |  |  | (243) |
|  | (1,182) |  |  | (855) |  |  | 3,383 |
Total income taxes |  | $ | 29,253 |  |  | $ | 21,953 |  |  | $ | 21,496 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax at the Company’s U.S. statutory federal income tax rate to the provision for income taxes follows:
|  | December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Income tax expense at statutory rates |  | $ | 22,995 |  |  | $ | 16,749 |  |  | $ | 17,765 |
Increase (reduction) from: |  |  |  |  |  |
Jurisdictional rate differences |  | 1,599 |  |  | 1,034 |  |  | 988 |
Executive compensation limitation |  | 1,314 |  |  | 170 |  |  | 715 |
Stock based compensation |  | (322) |  |  | (366) |  |  | (358) |
U.S. state taxes |  | 3,724 |  |  | 2,556 |  |  | 3,137 |
Foreign tax expense |  | — |  |  | 704 |  |  | — |
R&D credit |  | (670) |  |  | (415) |  |  | (699) |
GILTI |  | — |  |  | 50 |  |  | 872 |
Previously unrecognized tax (benefit)/expense |  | 8 |  |  | 2,219 |  |  | (1,504) |
Other, net |  | 605 |  |  | (748) |  |  | 580 |
Provision for income taxes |  | $ | 29,253 |  |  | $ | 21,953 |  |  | $ | 21,496 |
Effective tax rate |  | 27 | % |  | 28 | % |  | 25 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred income tax assets and liabilities were as follows:
|  | December 31,
(in thousands) |  | 2021 |  | 2020
Deferred income tax assets: |  |  |  |
Inventory basis difference |  | $ | 892 |  |  | $ | 519 |
Accounts receivable reserve |  | 240 |  |  | 255 |
Rental equipment and Property, plant and equipment |  | 201 |  |  | 144 |
Stock based compensation |  | 688 |  |  | 606 |
Pension liability |  | 3,116 |  |  | 3,655 |
Employee benefit accrual |  | 2,747 |  |  | 1,585 |
Product liability and warranty reserves |  | 2,155 |  |  | 2,242 |
Foreign net operating loss |  | 3,764 |  |  | 3,566 |
Lease liability |  | 3,858 |  |  | 3,376 |
State net operating loss |  | 157 |  |  | 148 |
Other |  | 1,016 |  |  | 1,891 |
Total deferred income tax assets |  | $ | 18,834 |  |  | $ | 17,987 |
Less: Valuation allowance |  | (4,129) |  |  | (3,641) |
Net deferred income tax assets |  | $ | 14,705 |  |  | $ | 14,346 |
Deferred income tax liabilities: |  |  |  |
Inventory basis differences |  | $ | (165) |  |  | $ | (287) |
Rental equipment and Property, plant and equipment |  | (13,844) |  |  | (14,818) |
Lease asset |  | (3,794) |  |  | (3,351) |
Intangible assets |  | (16,197) |  |  | (16,496) |
Expenses not currently deductible for book purposes |  | (1,053) |  |  | (1,003) |
Total deferred income tax liabilities |  | $ | (35,053) |  |  | $ | (35,955) |
Net deferred income taxes |  | $ | (20,348) |  |  | $ | (21,609) |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months.
Unrecognized Tax Benefits
|  | December 31,
(in thousands) |  | 2021 |  | 2020
Balance as of beginning of year |  | $ | 262 |  |  | $ | 262 |
Increases for tax positions related to the current year |  | 82 |  |  | 88 |
Decreases due to lapse of statute of limitations |  | (74) |  |  | (88) |
Balance as of end of year |  | $ | 270 |  |  | $ | 262 |

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