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INCOME TAX PROVISION (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income before income taxes

Income before income taxes was comprised of the following for the years ended December 31:

(in thousands)						2023						2022						2021
U.S.						$	(7,636)					$	51,640					$	62,361
Foreign						47,435						32,738						31,442
Income before income taxes						$	39,799					$	84,378					$	93,803

Components of income tax provision

The components of the income tax provision were as follows for the years ended December 31:

(in thousands)						2023						2022						2021
Current tax provision:
Federal						$	20,999					$	27,789					$	(61)
State						6,331						8,507						2,389
Foreign						18,118						11,081						10,945
Total current tax provision						45,448						47,377						13,273
Deferred tax provision:
Federal						(20,357)						(21,368)						15,889
State						(4,389)						(5,710)						1,958
Foreign						(7,130)						(1,451)						(89)
Total deferred tax provision						(31,876)						(28,529)						17,758
Income tax provision						$	13,572					$	18,848					$	31,031

Effective tax rate reconciliation

The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows:

						2023						2022						2021
Income tax at federal statutory rate						21.0		%				21.0		%				21.0		%
Change in valuation allowances						17.5		%				7.2		%				0.1		%
Tax impact of share-based compensation						6.7		%				3.2		%				0.9		%
Tax on repatriation of foreign earnings						6.2		%				2.2		%				4.9		%
Foreign tax rate differences						5.7		%				1.9		%				1.7		%
Non-deductible executive compensation						4.1		%				2.2		%				1.7		%
Return to provision adjustments						2.0		%				(1.9		%)				—
State income tax expense, net of federal income tax benefit						2.0		%				2.7		%				2.4		%
Change in state deferred income tax rates						1.7		%				0.3		%				0.1		%
Non-deductible acquisition costs						0.2		%				0.1		%				1.5		%
Business exits (Note 6)						(30.2		%)				(15.8		%)				—
Research and development tax credit						(3.0		%)				(1.2		%)				(0.9		%)
Other						0.2		%				0.4		%				(0.3		%)
Effective tax rate						34.1		%				22.3		%				33.1		%

Rollforward of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows:

(in thousands)						2023						2022						2021
Balance, beginning of year						$	2,635					$	2,551					$	3,361
Additions for tax positions of current year						249						250						169
Additions for tax positions of prior years						91						270						8
Reductions for tax positions of prior years						—						(45)						(673)
Settlements						(303)						—						—
Lapse of statutes of limitations						(282)						(391)						(314)
Balance, end of year						$	2,390					$	2,635					$	2,551

Deferred tax assets and liabilities

Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows:

						2023												2022
(in thousands)						Deferred tax assets						Deferred tax liabilities						Deferred tax assets						Deferred tax liabilities
Goodwill						$	—					$	40,572					$	—					$	30,848
Employee benefit plans						—						14,482						—						11,009
Cloud computing arrangements						—						10,337						—						13,969
Revenue recognition						—						7,187						—						7,312
Prepaid assets						—						5,385						—						5,474
Property, plant and equipment						—						4,529						3,139						—
Acquisition costs						—						1,604						—						1,691
Operating leases						20,078						15,923						16,681						12,387
Deductible interest carryforward						34,038						—						16,403						—
Net operating loss, tax credit and capital loss carryforwards						22,639						—						16,720						—
Reserves and accruals						9,522						—						6,935						—
Gain on payroll and human resources business exit (Note 6)						6,100						—						—						—
Intangible assets						4,510						—						—						16,901
Inventories						2,804						—						2,018						—
Deferred revenue						1,406						—						2,951						—
All other						670						719						954						1,768
Total deferred taxes						101,767						100,738						65,801						101,359
Valuation allowances						(14,984)						—						(7,996)						—
Net deferred taxes						$	86,783					$	100,738					$	57,805					$	101,359

Rollforward of deferred income tax valuation allowances

Changes in our valuation allowances for the years ended December 31 were as follows:

(in thousands)						2023						2022						2021
Balance, beginning of year						$	(7,996)					$	(10,993)					$	(11,453)
Expense from change in allowances						(6,979)						(6,086)						(65)
Sale of business (Note 6)						—						8,745						—
Foreign currency translation						(9)						338						525
Balance, end of year						$	(14,984)					$	(7,996)					$	(10,993)

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