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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Schedule of provision for income taxes based on income before income taxes | The provision for income taxes is based on income before income taxes as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022 |  | 2021
Domestic | ​ | $ | 18,630 | ​ | $ | 7,707 | ​ | $ | 10,642
Foreign | ​ |  | 11,070 | ​ |  | 15,974 | ​ |  | 12,471
Income before income taxes | ​ | $ | 29,700 | ​ | $ | 23,681 | ​ | $ | 23,113
Schedule of components of the total income tax provision (benefit) | Components of the total income tax provision (benefit) are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022 |  | 2021
Current provision | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ | $ | 7,805 | ​ | $ | 5,903 | ​ | $ | 1,866
Foreign | ​ |  | 2,834 | ​ |  | 4,111 | ​ |  | 3,288
Total current provision | ​ |  | 10,639 | ​ |  | 10,014 | ​ |  | 5,154
Deferred benefit | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Domestic | ​ |  | (4,087) | ​ |  | (3,915) | ​ |  | 649
Foreign | ​ |  | (949) | ​ |  | 193 | ​ |  | (6,784)
Total deferred benefit | ​ |  | (5,036) | ​ |  | (3,722) | ​ |  | (6,135)
Income tax provision (benefit) | ​ | $ | 5,603 | ​ | $ | 6,292 | ​ | $ | (981)
Schedule of differences in the provision (benefit) for income taxes from the amount determined by applying the federal statutory rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended |
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Tax provision, computed at statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State tax, net of federal impact |  | 1.7 | % | 1.3 | % | 2.2 | %
Change in valuation allowance | ​ | (1.5) | % | (0.1) | % | 7.2 | %
Effect of foreign tax rate differences |  | 1.9 | % | 3.9 | % | 3.9 | %
Section 162(m) compensation | ​ | 2.4 | % | 3.1 | % | 3.0 | %
R&D Credit and incentives | ​ | (6.1) | % | (3.9) | % | (2.8) | %
Effect of Tax Cuts and Jobs Act | ​ | 0.3 | % | 0.1 | % | 1.2 | %
Subpart F income | ​ | 0.0 | % | (0.1) | % | (1.0) | %
Investment tax credits |  | 0.0 | % | 0.0 | % | (5.6) | %
Net operating loss carryforwards | ​ | 0.0 | % | 0.0 | % | (37.2) | %
Unrecognized tax benefits | ​ | (0.7) | % | 0.0 | % | 4.9 | %
Other | ​ | (0.1) | % | 1.3 | % | (1.0) | %
Provision for income taxes |  | 18.9 | % | 26.6 | % | (4.2) | %
Schedule of tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities | The tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Noncurrent deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Employee benefit plans | ​ | $ | 2,241 | ​ | $ | 2,122
Net operating loss and tax credit carryforwards | ​ | ​ | 7,277 | ​ | ​ | 8,277
Accrued expenses and reserves | ​ | ​ | 2,494 | ​ | ​ | 1,672
Research and development costs | ​ | ​ | 8,363 | ​ | ​ | 4,520
Other | ​ |  | 502 | ​ |  | 328
Total noncurrent deferred tax assets | ​ |  | 20,877 | ​ |  | 16,919
Valuation allowance | ​ |  | (2,648) | ​ |  | (3,031)
Net noncurrent deferred tax assets: | ​ | $ | 18,229 | ​ | $ | 13,888
​ | ​ | ​ | ​ | ​ | ​ | ​
Net noncurrent deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment | ​ | $ | 2,949 | ​ | $ | 3,187
Goodwill and intangibles | ​ | ​ | 10,754 | ​ |  | 10,944
Interest rate swap derivatives | ​ | ​ | 1,019 | ​ | ​ | 1,678
Other | ​ | ​ | 84 | ​ | ​ | 142
Total noncurrent deferred tax liabilities | ​ | $ | 14,806 | ​ | $ | 15,951
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset/(deferred tax liability) | ​ | $ | 3,423 | ​ | $ | (2,063)
​ | ​ | ​ | ​ | ​ | ​ | ​
Presented as follows: | ​ | ​ | ​ | ​ | ​ | ​
Noncurrent deferred income tax assets | ​ | $ | 7,760 | ​ | $ | 4,199
Noncurrent deferred income tax liabilities | ​ | ​ | (4,337) | ​ | ​ | (6,262)
Net deferred tax asset (liability) | ​ | $ | 3,423 | ​ | $ | (2,063)
Schedule of operating loss and tax credit gross carryforwards | As of December 31, 2023, the Company has the following gross carryforwards available (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Amount | ​ | ​ |
Jurisdiction | ​ | Tax Attribute | ​ | (in thousands) | ​ | Begin to expire |
U.S. State | ​ | Net Operating Losses (1) | $ | 8,597 |  | 2024 | ​
International | ​ | Net Operating Losses - Unlimited Carryforward (1) | $ | 20,059 | ​ | No expiration | ​
U.S. Federal | ​ | Foreign Tax Credits | $ | 1,002 | ​ | 2028 | ​
International | ​ | Investment Tax Credits | $ | 919 | ​ | 2030 | ​
U.S. Federal | ​ | R&D Tax Credits | $ | 38 | ​ | 2036 | ​
| (1) | Net operating losses (NOL’s) are presented as pre-tax amounts.
Schedule of changes to the unrecognized tax benefit | The summary of changes to the unrecognized tax benefit for the year ended December 31, 2023 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022 |  | 2021
Beginning balance | ​ | $ | 786 | ​ | $ | 1,057 | ​ | $ | —
Additions from tax legislation changes for net operating loss carryforwards | ​ |  | — | ​ |  | — | ​ |  | 1,125
Reductions related to the lapse of the statute of limitations | ​ |  | (207) | ​ |  | (192) | ​ |  | (68)
Effect of foreign currency translation | ​ | ​ | 7 | ​ | ​ | (79) | ​ | ​ | —
Ending balance | ​ | $ | 586 | ​ | $ | 786 | ​ | $ | 1,057

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