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Income Taxes (Tables)

12 Months Ended

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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- References

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- 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

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- 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

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- 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

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