Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Earnings before income taxes were as follows:

	December 31,
(in thousands)	2021		2020		2019
Income before income taxes:
Domestic	$	74,070	$	50,977	$	54,830
Foreign	35,428		28,780		29,769
	$	109,498	$	79,757	$	84,599

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows:

	December 31,
(in thousands)	2021		2020		2019
Current:
Domestic	$	16,846	$	10,823	$	6,403
Foreign	8,646		8,759		8,419
State	4,943		3,226		3,291
	30,435		22,808		18,113
Deferred:
Domestic	(679)		1,238		3,906
Foreign	(274)		(1,199)		(280)
State	(229)		(894)		(243)
	(1,182)		(855)		3,383
Total income taxes	$	29,253	$	21,953	$	21,496

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax at the Company’s U.S. statutory federal income tax rate to the provision for income taxes follows: 

	December 31,
(in thousands)	2021			2020			2019
Income tax expense at statutory rates	$	22,995		$	16,749		$	17,765
Increase (reduction) from:
Jurisdictional rate differences	1,599			1,034			988
Executive compensation limitation	1,314			170			715
Stock based compensation	(322)			(366)			(358)
U.S. state taxes	3,724			2,556			3,137
Foreign tax expense	—			704			—
R&D credit	(670)			(415)			(699)
GILTI	—			50			872
Previously unrecognized tax (benefit)/expense	8			2,219			(1,504)
Other, net	605			(748)			580
Provision for income taxes	$	29,253		$	21,953		$	21,496
Effective tax rate	27		%	28		%	25		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred income tax assets and liabilities were as follows:

	December 31,
(in thousands)	2021		2020
Deferred income tax assets:
Inventory basis difference	$	892	$	519
Accounts receivable reserve	240		255
Rental equipment and Property, plant and equipment	201		144
Stock based compensation	688		606
Pension liability	3,116		3,655
Employee benefit accrual	2,747		1,585
Product liability and warranty reserves	2,155		2,242
Foreign net operating loss	3,764		3,566
Lease liability	3,858		3,376
State net operating loss	157		148
Other	1,016		1,891
Total deferred income tax assets	$	18,834	$	17,987
Less: Valuation allowance	(4,129)		(3,641)
Net deferred income tax assets	$	14,705	$	14,346
Deferred income tax liabilities:
Inventory basis differences	$	(165)	$	(287)
Rental equipment and Property, plant and equipment	(13,844)		(14,818)
Lease asset	(3,794)		(3,351)
Intangible assets	(16,197)		(16,496)
Expenses not currently deductible for book purposes	(1,053)		(1,003)
Total deferred income tax liabilities	$	(35,053)	$	(35,955)
Net deferred income taxes	$	(20,348)	$	(21,609)

Schedule of Unrecognized Tax Benefits Roll Forward

The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. 

Unrecognized Tax Benefits
	December 31,
(in thousands)	2021		2020
Balance as of beginning of year	$	262	$	262
Increases for tax positions related to the current year	82		88
Decreases due to lapse of statute of limitations	(74)		(88)
Balance as of end of year	$	270	$	262