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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes | Earnings before income taxes were as follows:
|  | December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 66,449 |  |  | $ | 121,065 |  |  | $ | 86,680 |
Foreign |  | 83,179 |  |  | 54,055 |  |  | 47,630 |
|  | $ | 149,628 |  |  | $ | 175,120 |  |  | $ | 134,310 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) were as follows:
|  | December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Domestic |  | $ | 13,080 |  |  | $ | 24,168 |  |  | $ | 19,197 |
Foreign |  | 19,968 |  |  | 11,356 |  |  | 11,848 |
State |  | 4,257 |  |  | 7,688 |  |  | 3,674 |
|  | 37,305 |  |  | 43,212 |  |  | 34,719 |
Deferred: |  |  |  |  |  |
Domestic |  | (1,895) |  |  | (4,451) |  |  | (2,246) |
Foreign |  | (1,225) |  |  | 353 |  |  | (51) |
State |  | (487) |  |  | (155) |  |  | (40) |
|  | (3,607) |  |  | (4,253) |  |  | (2,337) |
Total income taxes |  | $ | 33,698 |  |  | $ | 38,959 |  |  | $ | 32,382 |
Schedule of Reconciliation of Income Tax at U.S. Statutory Federal Income Tax Rate to Provision for Income Tax | A reconciliation of the income tax at the Company’s U.S. statutory federal income tax rate to the provision for income tax follows. Some prior year components have been reclassified to conform to the current year presentation.
|  | December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Income tax expense at statutory rates |  | $ | 31,422 |  |  | $ | 36,775 |  |  | $ | 28,205 |
Increase (reduction) from: |  |  |  |  |  |
Jurisdictional rate differences |  | 4,832 |  |  | 2,766 |  |  | 1,989 |
Executive compensation limitations |  | 1,122 |  |  | 183 |  |  | 481 |
Valuation allowance |  | (2,432) |  |  | (789) |  |  | (316) |
Stock based compensation |  | 209 |  |  | (24) |  |  | 122 |
U.S. state taxes |  | 2,876 |  |  | 6,076 |  |  | 2,632 |
Foreign tax (credit) / expense |  | (1,498) |  |  | (371) |  |  | 267 |
R&D credit (net) |  | (3,529) |  |  | (3,618) |  |  | (1585) |
Other credits |  | (490) |  |  | (628) |  |  | — |
GILTI |  | 871 |  |  | 109 |  |  | 500 |
FDII |  | (187) |  |  | (731) |  |  | (192) |
Previously unrecognized tax (benefit) / expense |  | 136 |  |  | 170 |  |  | 51 |
Other (net) |  | 366 |  |  | (959) |  |  | 228 |
Provision for income taxes |  | $ | 33,698 |  |  | $ | 38,959 |  |  | $ | 32,382 |
Effective tax rate |  | 22.5 | % |  | 22.2 | % |  | 24.1 | %
Schedule of Components of Deferred Income Tax Assets and Liabilities | The components of the Company’s deferred income tax assets and liabilities were as follows:
|  | December 31,
(in thousands) |  | 2024 |  | 2023
Deferred income tax assets: |  |  |  |
Inventory basis difference |  | $ | 4,579 |  |  | $ | 3,580 |
Accounts receivable reserve |  | 620 |  |  | 798 |
Rental equipment and Property, plant and equipment |  | — |  |  | — |
Stock based compensation |  | 679 |  |  | 944 |
Pension liability |  | 3,010 |  |  | 2,922 |
Employee benefit accrual |  | 2,384 |  |  | 3,150 |
Product liability and warranty reserves |  | 2,598 |  |  | 2,415 |
Foreign net operating loss |  | — |  |  | 2,736 |
Lease liability |  | 3,662 |  |  | 4,052 |
Capitalized R&D costs |  | 13,676 |  |  | 10,335 |
Other |  | 808 |  |  | 447 |
Total deferred income tax assets |  | $ | 32,016 |  |  | $ | 31,379 |
Less: Valuation allowance |  | — |  |  | (2,512) |
Net deferred income tax assets |  | $ | 32,016 |  |  | $ | 28,867 |
Deferred income tax liabilities: |  |  |  |
Inventory basis differences |  | $ | (78) |  |  | $ | (75) |
Rental equipment and Property, plant and equipment |  | (14,960) |  |  | (17,074) |
Lease asset |  | (3,545) |  |  | (3,941) |
Intangible assets |  | (21,962) |  |  | (20,878) |
Expenses not currently deductible for book purposes |  | (1,351) |  |  | (1,624) |
Total deferred income tax liabilities |  | $ | (41,896) |  |  | $ | (43,592) |
Net deferred income taxes |  | $ | (9,880) |  |  | $ | (14,725) |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months.
Unrecognized Tax Benefits
|  | December 31,
(in thousands) |  | 2024 |  | 2023
Balance as of beginning of year |  | $ | 490 |  |  | $ | 321 |
Increases for tax positions related to the current year |  | 218 |  |  | 252 |
Decreases due to lapse of statute of limitations |  | (82) |  |  | (83) |
Balance as of end of year |  | $ | 626 |  |  | $ | 490 |

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