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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company's income before income taxes and income tax expense (benefit), each by tax jurisdiction, consists of the following (dollars in thousands):

						Year ended December 31,
						2024						2023						2022
Income before income taxes:
Domestic						$	3,320					$	20,660					$	56,750
Foreign						26,720						29,930						30,920
Total income before income taxes						$	30,040					$	50,590					$	87,670
Current income tax expense:
Federal						$	1,000					$	2,740					$	13,300
State and local						250						670						3,470
Foreign						7,080						8,690						6,170
Total current income tax expense						8,330						12,100						22,940
Deferred income tax expense (benefit):
Federal						(900)						1,800						(1,780)
State and local						100						150						50
Foreign						(1,740)						(3,820)						290
Total deferred income tax expense (benefit)						(2,540)						(1,870)						(1,440)
Income tax expense						$	5,790					$	10,230					$	21,500

Schedule of Deferred Tax Assets and Liabilities

The components of deferred taxes are as follows (dollars in thousands):

						December 31, 2024						December 31, 2023
Deferred tax assets:
Accounts receivable						$	940					$	1,770
Inventories						6,810						7,260
Accrued liabilities and other long-term liabilities						20,560						16,780
Operating lease liability						10,320						10,690
Research and experimentation costs						7,480						6,530
Tax loss and credit carryforwards						29,260						28,880
Other						(190)						(470)
Gross deferred tax asset						75,180						71,440
Valuation allowances						(16,430)						(15,960)
Net deferred tax asset						58,750						55,480
Deferred tax liabilities:
Property and equipment						(27,910)						(30,300)
Right of use asset						(9,670)						(10,150)
Goodwill and other intangible assets						(30,130)						(27,580)
Investment in foreign affiliates, including withholding tax						(390)						(510)
Gross deferred tax liability						(68,100)						(68,540)
Net deferred tax liability						$	(9,350)					$	(13,060)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income tax expense computed at the U.S. federal statutory rate to income tax expense allocated to income before income taxes (dollars in thousands):

						Year ended December 31,
						2024						2023						2022
U.S. federal statutory rate						21		%				21		%				21		%
Tax at U.S. federal statutory rate						$	6,310					$	10,610					$	18,380
State and local taxes, net of federal tax benefit						200						710						2,790
Differences in statutory foreign tax rates						2,020						2,980						1,150
Change in recognized tax benefits						(420)						(130)						(600)
Share-based compensation						500						250						680
Tax credits and incentives						(1,530)						(1,570)						(1,260)
Net change in valuation allowance						(1,140)						(2,700)						340
Nondeductible compensation						(430)						560						990
Other, net						280						(480)						(970)
Income tax expense						$	5,790					$	10,230					$	21,500

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in the UTBs for the years ended December 31, 2024 and 2023 is as follows (dollars in thousands):

						Unrecognized Tax Benefits
Balance at December 31, 2022						$	1,110
Tax positions related to current year:
Additions						140
Tax positions related to prior years:
Additions						—
Reductions						(20)
Settlements						—
Lapses in the statutes of limitations						(400)
Balance at December 31, 2023						$	830
Tax positions related to current year:
Additions						120
Tax positions related to prior years:
Additions						—
Reductions						(20)
Settlements						—
Lapses in the statutes of limitations						(340)
Balance at December 31, 2024						$	590

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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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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Tabular disclosure of the change in unrecognized tax benefits.

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