Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
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): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Domestic | $ | 112,635 | | | $ | 93,155 | | | $ | 108,930 | | Foreign | (1,145) | | | 6,407 | | | (1,171) | | Income before taxes from continuing operations | $ | 111,490 | | | $ | 99,562 | | | $ | 107,759 | |
|
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): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Current: | | | | | | U.S. Federal | $ | 17,014 | | | $ | 16,137 | | | $ | 16,505 | | State | 5,647 | | | 5,009 | | | 4,071 | | Foreign | 86 | | | 932 | | | 106 | | Total current | 22,747 | | | 22,078 | | | 20,682 | | Deferred: | | | | | | U.S. Federal | 5,259 | | | 1,766 | | | 3,620 | | State | 1,381 | | | 134 | | | 672 | | Foreign | (303) | | | 1,068 | | | (506) | | Total deferred | 6,337 | | | 2,968 | | | 3,786 | | Provision for income taxes | $ | 29,084 | | | $ | 25,046 | | | $ | 24,468 | |
|
(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): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Current: | | | | | | U.S. Federal | $ | — | | | $ | 362 | | | $ | 1,345 | | State | — | | | 139 | | | 57 | | Foreign | — | | | 214 | | | 1,725 | | Total current | — | | | 715 | | | 3,127 | | Deferred: | | | | | | U.S. Federal | — | | | (340) | | | (876) | | State | — | | | 2 | | | 10 | | Foreign | — | | | (11) | | | (138) | | Total deferred | — | | | (349) | | | (1,004) | | Provision for income taxes | $ | — | | | $ | 366 | | | $ | 2,123 | |
|
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 for the years ended December 31 (in thousands, except for percentages) : | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Statutory rate | 23,413 | | | 21.0 | % | | 20,908 | | | 21.0 | % | | 22,629 | | | 21.0 | % | State taxes, less federal effect | 5,541 | | | 5.0 | % | | 4,068 | | | 4.1 | % | | 3,650 | | | 3.4 | % | Federal tax credits | (549) | | | (0.5) | % | | (587) | | | (0.6) | % | | (1,064) | | | (1.0) | % | Excess tax benefit on stock based compensation | (214) | | | (0.2) | % | | (2,039) | | | (2.0) | % | | (1,674) | | | (1.6) | % | | | | | | | | | | | | | Executive compensation | 960 | | | 0.9 | % | | 1,781 | | | 1.8 | % | | 1,114 | | | 1.0 | % | Change in valuation allowance | — | | | — | % | | — | | | — | % | | (130) | | | (0.1) | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other | (67) | | | (0.1) | % | | 915 | | | 0.9 | % | | (57) | | | — | % | | | | | | | | | | | | | | $ | 29,084 | | | 26.1 | % | | $ | 25,046 | | | 25.2 | % | | $ | 24,468 | | | 22.7 | % |
|
Deferred Tax Liabilities (Assets) |
Deferred tax liabilities at December 31 consisted of the following (in thousands): | | | | | | | | | | | | | 2022 | | 2021 | Depreciation | $ | 14,570 | | | $ | 9,633 | | Goodwill | 62,132 | | | 48,265 | | Intangible assets | 3,706 | | | 1,657 | | | | | | Other | 8,133 | | | 5,298 | | Gross deferred tax liabilities | 88,541 | | | 64,853 | | Capital loss carryforward | (26,490) | | | (27,328) | | Equity compensation | (5,993) | | | (8,236) | | Assets held for sale | (13,669) | | | — | | Capitalized research and development costs | (4,503) | | | — | | Other | (17,493) | | | (15,641) | | Gross deferred tax assets | (68,148) | | | (51,205) | | Valuation allowances | 26,488 | | | 26,581 | | Deferred tax assets, net of valuation allowances | (41,660) | | | (24,624) | | Net deferred tax liabilities | $ | 46,881 | | | $ | 40,229 | |
|
Summary of Valuation Allowance |
The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Balance as of January 1 | $ | 26,581 | | | $ | 111 | | | $ | 298 | | Cost charged to the tax provision | 10 | | | 13 | | | 70 | | Reductions | (103) | | | (41) | | | (248) | | Reclassification from discontinued operations upon sale of industrial group | — | | | 26,498 | | | — | | | | | | | | Currency translation | — | | | — | | | (9) | | Balance as of December 31 | $ | 26,488 | | | $ | 26,581 | | | $ | 111 | |
|
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): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Payments made for income taxes, net | $ | 27,017 | | | $ | 22,076 | | | $ | 21,351 | |
|