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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Components of Income (Loss) Before Taxes from Continuing Operations
The components of income before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands):
202120202019
Domestic$93,155 $108,930 $78,351 
Foreign6,407 (1,171)(270)
Income before taxes from continuing operations$99,562 $107,759 $78,081 
Summary of Provision for Income Taxes for Continuing Operations
The provision for income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands):
202120202019
Current:
U.S. Federal$16,137 $16,505 $10,394 
State5,009 4,071 3,547 
Foreign932 106 92 
Total current22,078 20,682 14,033 
Deferred:
U.S. Federal1,766 3,620 3,740 
State134 672 486 
Foreign1,068 (506)(106)
Total deferred2,968 3,786 4,120 
Provision for income taxes$25,046 $24,468 $18,153 
(Benefit of) Provision for Income Taxes from Discontinued Operations
The provision for income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands):
202120202019
Current:
U.S. Federal$362 $1,345 $885 
State139 57 4 
Foreign214 1,725 1,447 
Total current715 3,127 2,336 
Deferred:
U.S. Federal(340)(876)(823)
State2 10 23 
Foreign(11)(138)(17)
Total deferred(349)(1,004)(817)
Provision for income taxes$366 $2,123 $1,519 
Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate
The provision for income taxes from continuing operations differs from the federal statutory rate of 21% due to the following (in thousands) for the years ended December 31:
 202120202019
Statutory rate20,908 21.0 %22,629 21.0 %16,397 21.0 %
State taxes, less federal effect4,068 4.1 %3,650 3.4 %3,194 4.1 %
Federal tax credits(587)(0.6)%(1,064)(1.0)%(1,621)(2.1)%
Excess tax benefit on stock based compensation(2,039)(2.0)%(1,674)(1.6)%(871)(1.1)%
Uncertain tax positions— — %— — %(260)(0.3)%
Executive compensation1,781 1.8 %1,114 1.0 %1,132 1.4 %
Change in valuation allowance— — %(130)(0.1)%88 0.1 %
Other915 0.9 %(57)— %94 0.1 %
$25,046 25.2 %$24,468 22.7 %$18,153 23.2 %
Deferred Tax Liabilities (Assets)
Deferred tax liabilities at December 31 consist of the following (in thousands):
20212020
Depreciation$9,633 $7,697 
Goodwill48,265 41,842 
Intangible assets1,657 5,632 
Other5,298 6,878 
Gross deferred tax liabilities64,853 62,049 
Capital loss carryforward(27,328)— 
Equity compensation(8,236)(7,496)
Other(15,641)(15,682)
Gross deferred tax assets(51,205)(23,178)
Valuation allowances26,581 111 
Deferred tax assets, net of valuation allowances(24,624)(23,067)
Net deferred tax liabilities$40,229 $38,982 
Summary of Valuation Allowance
The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands):
202120202019
Balance as of January 1$111 $298 $206 
Cost charged to the tax provision13 70 100 
Reductions(41)(248)(10)
Reclassification from discontinued operations upon sale of industrial group26,498 — — 
Currency translation— (9)2 
Balance as of December 31$26,581 $111 $298 
Interest (Net of Federal Tax Benefit) and Penalties Recognized
Income Taxes Paid, Net of Tax Refunds
The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands):
202120202019
Payments made for income taxes, net$22,076 $21,351 $16,744 
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
202120202019
Balance as of January 1$— $— $329 
Additions for tax positions of the current year— — — 
Additions for tax positions of prior years— — — 
Reductions for tax positions of prior years for:
Settlements and changes in judgment— — — 
Lapses of applicable statute of limitations— — (329)
Divestitures and foreign currency translation— — — 
Balance as of December 31$— $— $—