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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)		2024				2023				2022
Domestic		$	8,222			$	7,444			$	11,971
Foreign			9,469				14,081				11,718
Total income before income taxes		$	17,691			$	21,525			$	23,689

Schedule of Income Tax Provision

Income tax expense consisted of the following for the years ended December 31:

(in thousands)		2024				2023				2022
Current:
Federal		$	2,829			$	3,939			$	5,009
State			754				1,100				836
Foreign			3,359				2,107				1,755
Total current tax expense			6,942				7,147				7,600
Deferred:
Federal		$	(1,905	)			(495	)			(3,001	)
State			(295	)			(208	)			(231	)
Foreign			(1,472	)			580				1,058
Total deferred tax expense			(3,672	)			(123	)			(2,174	)
Total tax expense		$	3,270			$	7,024			$	5,426

The income tax expense differs from the statutory rate due to the following:

(in thousands)		2024				2023				2022
Tax expense at statutory rate		$	3,715			$	4,488			$	4,975
Increase (decrease) in tax resulting from:
State income tax, net of federal benefit			296				541				340
Capital loss carryforward			(618	)			—				—
Other permanent differences			961				290				383
Impact of rate differences and adjustments			1,438				(1,046	)			565
United States tax credits and incentives			(534	)			(532	)			(626	)
Foreign tax credits and incentives			(3,142	)			(812	)			(895	)
Change in valuation allowance			(1,508	)			1,782				(526	)
Foreign withholding taxes on repatriation of foreign earnings			253				(592	)			139
Earnout expense (income)			28				85				(48	)
Equity compensation			(82	)			460				339
Excess compensation			859				360				11
Provision-to-return adjustments			(468	)			528				(189	)
Investment in joint venture			(371	)			(155	)			375
Net effect GILTI and FDII			2,871				1,400				565
Other			(428	)			227				18
Total tax expense		$	3,270			$	7,024			$	5,426

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)		2024				2023
Gross deferred tax assets:
Accrued expenses		$	3,135			$	729
Reserves on assets			2,370				2,769
Share-based compensation awards			731				372
Minimum pension			-				920
Net operating loss carry-forwards			3,437				3,785
Tax credit carry-forwards			2,461				2,302
Investment in joint venture			1,333				926
Leases			6,020				3,699
Research and development costs			4,549				3,857
Total gross deferred tax assets			24,036				19,359
Valuation allowances			(5,415	)			(6,545	)
		$	18,621			$	12,814
Gross deferred tax liabilities:
Depreciation			(2,099	)			(1,809	)
Goodwill and intangibles			(19,652	)			(14,299	)
Prepaid expenses and inventory			(45	)			(95	)
Withholding tax on unremitted foreign earnings			(915	)			(662	)
Leases			(5,883	)			(3,571	)
Revenue recognition			(407	)			(694	)
Minimum pension			(106	)			—
Other			130				(218	)
Total gross deferred tax liabilities			(28,977	)			(21,348	)
Net deferred tax liabilities		$	(10,356	)		$	(8,534	)

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)		2024				2023
Balance as of January 1,		$	151			$	144
Additions for tax positions of acquired companies			927				—
Additions for tax positions taken in prior years			6				7
Balance as of December 31,		$	1,084			$	151

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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.

+ References

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-Topic 740
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-Name Accounting Standards Codification
-Section 50
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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Topic 235
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-Section S99
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Tabular disclosure of the change in unrecognized tax benefits.

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