XML 59 R45.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Income before Income Tax | ncome from continuing operations before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2022 and 2021:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  |
Domestic |  | $ | (5,074) |  |  | $ | 2,772 |  |  |
Foreign |  | (3,922) |  |  | 1,818 |  |  |
(Loss) income from continuing operations, before income taxes |  | $ | (8,996) |  |  | $ | 4,590 |  |  |
Significant Components of Income Tax | Significant components of the provision for income taxes for the years ended December 31, 2022 and 2021 were as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  |
Current: |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  |
State |  | 127 |  |  | (237) |  |  |
Foreign |  | 769 |  |  | 1,217 |  |  |
Total current |  | 896 |  |  | 980 |  |  |
Deferred: |  |  |  |  |  |
Federal |  | 28,287 |  |  | (675) |  |  |
State |  | 9,001 |  |  | 1,450 |  |  |
Foreign |  | (1,503) |  |  | (636) |  |  |
Total deferred |  | 35,785 |  |  | 139 |  |  |
Total income tax expense |  | $ | 36,681 |  |  | $ | 1,119 |  |  |
Reconciliation of Statutory Income to Income Tax Expense | The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2022 and 2021 is as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  |
|  | Amount |  | Percent |  | Amount |  | Percent |  |  |  |
Statutory rate |  | $ | (1,889) |  |  | 21.0 | % |  | $ | 964 |  |  | 21.0 | % |  |  |  |
Foreign tax rate differential |  | (306) |  |  | 3.4 |  |  | 20 |  |  | 0.4 |  |  |  |  |
State income taxes, net of federal benefit |  | 327 |  |  | (3.6) |  |  | 132 |  |  | 2.9 |  |  |  |  |
Non-deductible expenses |  | 200 |  |  | (2.2) |  |  | 153 |  |  | 3.3 |  |  |  |  |
Tax benefits related to disposition of the Test and Inspection Services business |  | — |  |  | — |  |  | (2,130) |  |  | (46.4) |  |  |  |  |
Income tax credits |  | (261) |  |  | 2.9 |  |  | (227) |  |  | (4.9) |  |  |  |  |
Change in income tax rates |  | 176 |  |  | (2.0) |  |  | 379 |  |  | 8.3 |  |  |  |  |
Tax on unremitted foreign earnings |  | 439 |  |  | (4.9) |  |  | (68) |  |  | (1.5) |  |  |  |  |
Change in valuation allowance |  | 37,895 |  |  | (421.2) |  |  | 1,807 |  |  | 39.4 |  |  |  |  |
Other |  | 100 |  |  | (1.1) |  |  | 89 |  |  | 1.9 |  |  |  |  |
Total income tax expense / Effective rate |  | $ | 36,681 |  |  | (407.7) | % |  | $ | 1,119 |  |  | 24.4 | % |  |  |  |
Significant Components of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows:
|  | December 31,
|  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Goodwill and other intangibles |  | $ | 8,099 |  |  | $ | 7,047 |
Accrued settlement |  | 3,915 |  |  | 6,000 |
Deferred compensation |  | 2,396 |  |  | 2,165 |
Contingent liabilities |  | 613 |  |  | 644 |
Net operating loss / tax credit carryforwards |  | 30,812 |  |  | 28,932 |
Pension and post-retirement liability |  | 297 |  |  | 1,218 |
Inventories |  | 1,790 |  |  | 500 |
Warranty reserve |  | 202 |  |  | 248 |
Accounts receivable |  | 181 |  |  | 129 |
Interest deduction carryforward |  | 775 |  |  | 161 |
Capitalized research expenditures |  | 1,292 |  |  | — |
Other |  | 644 |  |  | 767 |
Total deferred tax assets |  | 51,016 |  |  | 47,811 |
Less: valuation allowance |  | (40,601) |  |  | (3,290) |
Net deferred tax assets |  | 10,415 |  |  | 44,521 |
Deferred tax liabilities: |  |  |  |
Goodwill and other intangibles |  | (2,803) |  |  | (3,814) |
Depreciation |  | (9,434) |  |  | (6,919) |
Unrealized income on interest rate swap contracts |  | (472) |  |  | — |
Unremitted earnings of foreign subsidiaries |  | (625) |  |  | (220) |
Other |  | (166) |  |  | (79) |
Total deferred tax liabilities |  | (13,500) |  |  | (11,032) |
Net deferred tax (liabilities) assets |  | $ | (3,085) |  |  | $ | 33,489 |
Reconciliation of Unrealized tax Benefits | The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2022 and 2021:
|  | December 31,
|  | 2022 |  | 2021
Unrecognized tax benefits at beginning of period: |  | $ | 365 |  |  | $ | 409 |
Decreases based on tax positions for prior periods |  | (11) |  |  | (44) |
Balance at end of period |  | $ | 354 |  |  | $ | 365 |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
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 -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration