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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Schedule of composition of income (loss) from continuing operations before income taxes and income tax expense (benefit) |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | U.S. Dollars (in thousands) |
Income before income taxes: |  |  |  |  |  |  |  |  |
Israel |  |  | 82,933 |  |  |  | 67,643 |  |  |  | 20,430 |
Non-Israeli |  |  | 5,255 |  |  |  | 4,285 |  |  |  | 2,969 |
|  |  | 88,188 |  |  |  | 71,928 |  |  |  | 23,399 |
Income tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Israel |  |  | 6,973 |  |  |  | (*) 9,930 |  |  |  | - |
Non-Israeli |  |  | 2,043 |  |  |  | 1,603 |  |  |  | 670 |
|  |  | 9,016 |  |  |  | 11,533 |  |  |  | 670 |
Deferred benefit (expense): |  |  |  |  |  |  |  |  |  |  |  |
Israel |  |  | (2 | ) |  |  | 714 |  |  |  | 943 |
Non-Israeli |  |  | (775 | ) |  |  | (596 | ) |  |  | 8 |
|  |  | (777 | ) |  |  | 118 |  |  |  | 951 |
|  |  | 8,239 |  |  |  | 11,651 |  |  |  | 1,621 |
(*) see Note 18B(b)
Schedule of reconciliation of the theoretical income tax expense |
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | U.S. Dollars (in thousands) |
Income before income taxes |  |  | 88,188 |  |  |  | 71,928 |  |  |  | 23,399 |
Statutory tax rate |  |  | 23 | % |  |  | 23 | % |  |  | 23 | %
Theoretical income tax expense |  |  | 20,283 |  |  |  | 16,543 |  |  |  | 5,382 |
Increase (decrease) in income tax expense resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Income tax on earnings of previous years- see Note 18B(b) |  |  | - |  |  |  | 5,306 |  |  |  | - |
Non-deductible expenses (*) |  |  | 358 |  |  |  | 285 |  |  |  | 239 |
Differences between Israeli shekel |  |  |  |  |  |  |  |  |  |  |  |
and dollar-adjusted financial statements, net (**) |  |  | - |  |  |  | - |  |  |  | (739 | )
Tax rate differential |  |  | (12,702 | ) |  |  | (10,715 | ) |  |  | (3,251 | )
Other |  |  | 300 |  |  |  | 232 |  |  |  | (10 | )
Actual income tax expense (benefit) |  |  | 8,239 |  |  |  | 11,651 |  |  |  | 1,621 |
(*) Including non-deductible share-based compensation. (**) The Company has elected, as from the 2021 tax year, to measure its results for tax purposes on the basis of the changes in the exchange rate of the Dollar. The Company must continue to be taxed on this basis for at least three years.
Schedule of deferred tax assets and liabilities |
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | U.S. Dollars (in thousands) |
Deferred tax assets: |  |  |  |  |  |
Deferred revenue |  |  | 1,598 |  |  |  | 838 |
Accrued expenses |  |  | 638 |  |  |  | 535 |
Net operating loss and tax credit carryforwards |  |  | 35 |  |  |  | 211 |
Lease liability |  |  | 344 |  |  |  | 278 |
Other temporary differences |  |  | 589 |  |  |  | 218 |
Deferred tax asset |  |  | 3,204 |  |  |  | 2,080 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | (795 | ) |  |  | (700 | )
Right of use assets |  |  | (344 | ) |  |  | (278 | )
Undistributed earnings |  |  | (1,061 | ) |  |  | (875 | )
Total deferred tax liabilities |  |  | (2,200 | ) |  |  | (1,853 | )
Net deferred tax assets |  |  | 1,004 |  |  |  | 227 |

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