XML 52 R37.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | Income before income taxes was generated in the United States and globally as follows:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 7,444 |  |  | $ | 11,971 |  |  | $ | 771 |
Foreign |  |  | 14,081 |  |  |  | 11,718 |  |  |  | 3,903 |
|  | $ | 21,525 |  |  | $ | 23,689 |  |  | $ | 4,674 |
Schedule of Income Tax Provision | Income tax expense (benefit) consisted of the following for the years ended December 31:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,939 |  |  | $ | 5,009 |  |  | $ | 354 |
State |  |  | 1,100 |  |  |  | 836 |  |  |  | 278 |
Foreign |  |  | 2,107 |  |  |  | 1,755 |  |  |  | 1,972 |
|  |  | 7,147 |  |  |  | 7,600 |  |  |  | 2,604 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (495 | ) |  |  | (3,001 | ) |  |  | 426 |
State |  |  | (208 | ) |  |  | (231 | ) |  |  | 45 |
Foreign |  |  | 580 |  |  |  | 1,058 |  |  |  | (384 | )
|  |  | (123 | ) |  |  | (2,174 | ) |  |  | 87 |
|  | $ | 7,024 |  |  | $ | 5,426 |  |  | $ | 2,691 |
The income tax expense (benefit) differs from the statutory rate due to the following:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Tax expense at statutory rate |  | $ | 4,488 |  |  | $ | 4,975 |  |  | $ | 981 |
Increase (decrease) in tax resulting from: |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit |  |  | 541 |  |  |  | 340 |  |  |  | 334 |
Other permanent differences |  |  | 290 |  |  |  | 383 |  |  |  | (147 | )
Impact of rate differences and adjustments |  |  | (1,046 | ) |  |  | 565 |  |  |  | 876 |
United States tax credits and incentives |  |  | (532 | ) |  |  | (626 | ) |  |  | 300 |
Foreign tax credits and incentives |  |  | (812 | ) |  |  | (895 | ) |  |  | (265 | )
Change in valuation allowance |  |  | 1,782 |  |  |  | (526 | ) |  |  | (489 | )
Foreign withholding taxes on repatriation of foreign earnings |  |  | (592 | ) |  |  | 139 |  |  |  | 244 |
Earnout expense (income) |  |  | 85 |  |  |  | (48 | ) |  |  | 233 |
Equity compensation |  |  | 460 |  |  |  | 339 |  |  |  | 169 |
Excess compensation |  |  | 360 |  |  |  | 11 |  |  |  | — |
Provision-to-return adjustments |  |  | 528 |  |  |  | (189 | ) |  |  | 127 |
Investment in joint venture |  |  | (155 | ) |  |  | 375 |  |  |  | 237 |
Net effect GILTI and FDII |  |  | 1,400 |  |  |  | 565 |  |  |  | — |
Other |  |  | 227 |  |  |  | 18 |  |  |  | 91 |
|  | $ | 7,024 |  |  | $ | 5,426 |  |  | $ | 2,691 |
Schedule of Net Deferred Tax Assets and Liabilities | Deferred income taxes reflect the future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and tax credit carry forwards. The net deferred tax liabilities consisted of the following at December 31:
(in thousands) |  | 2023 |  |  | 2022 |
Gross deferred tax assets: |  |  |  |  |  |
Accrued expenses |  | $ | 729 |  |  | $ | 692 |
Reserves on assets |  |  | 2,769 |  |  |  | 2,228 |
Share-based compensation awards |  |  | 372 |  |  |  | 452 |
Minimum pension |  |  | 920 |  |  |  | 1,247 |
Net operating loss carry-forwards |  |  | 3,785 |  |  |  | 3,142 |
Tax credit carry-forwards |  |  | 2,302 |  |  |  | 2,349 |
Investment in joint venture |  |  | 926 |  |  |  | 815 |
Leases |  |  | 3,699 |  |  |  | 2,564 |
Research and development costs |  |  | 3,857 |  |  |  | 3,224 |
Other |  |  | — |  |  |  | 69 |
Total gross deferred tax assets |  |  | 19,359 |  |  |  | 16,782 |
Valuation allowances |  |  | (6,545 | ) |  |  | (4,950 | )
|  | $ | 12,814 |  |  | $ | 11,832 |
Gross deferred tax liabilities: |  |  |  |  |  |
Depreciation |  |  | (1,809 | ) |  |  | (727 | )
Goodwill and intangibles |  |  | (14,299 | ) |  |  | (13,310 | )
Prepaid expenses and inventory |  |  | (95 | ) |  |  | (783 | )
Withholding tax on unremitted foreign earnings |  |  | (662 | ) |  |  | (1,254 | )
Leases |  |  | (3,571 | ) |  |  | (2,564 | )
Revenue recognition |  |  | (694 | ) |  |  | (1,031 | )
Other |  |  | (218 | ) |  |  | — |
|  |  | (21,348 | ) |  |  | (19,669 | )
Net deferred tax liabilities |  | $ | (8,534 | ) |  | $ | (7,837 | )
Schedule of Reconciliation of Uncertain Tax Position | A reconciliation of the beginning and ending amount of uncertain tax position reserves included in other liabilities on the Consolidated Balance Sheets is as follows:
(in thousands) |  | 2023 |  |  | 2022 |
Balance as of January 1, |  | $ | 144 |  |  | $ | 141 |
Additions for tax positions taken in prior years |  |  | 7 |  |  |  | 3 |
Balance as of December 31, |  | $ | 151 |  |  | $ | 144 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration