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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):
202220212020
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):
202220212020
Current:
U.S. Federal$17,014 $16,137 $16,505 
State5,647 5,009 4,071 
Foreign86 932 106 
Total current22,747 22,078 20,682 
Deferred:
U.S. Federal5,259 1,766 3,620 
State1,381 134 672 
Foreign(303)1,068 (506)
Total deferred6,337 2,968 3,786 
Provision for income taxes$29,084 $25,046 $24,468 
(Benefit of) Provision for Income Taxes from Discontinued Operations
The provision for income taxes from discontinued operations for the years ended December 31 consisted of the following (in thousands):
202220212020
Current:
U.S. Federal$— $362 $1,345 
State— 139 57 
Foreign— 214 1,725 
Total current— 715 3,127 
Deferred:
U.S. Federal— (340)(876)
State— 10 
Foreign— (11)(138)
Total deferred— (349)(1,004)
Provision for income taxes$— $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) :
 202220212020
Statutory rate23,413 21.0 %20,908 21.0 %22,629 21.0 %
State taxes, less federal effect5,541 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 compensation960 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):
20222021
Depreciation$14,570 $9,633 
Goodwill62,132 48,265 
Intangible assets3,706 1,657 
Other8,133 5,298 
Gross deferred tax liabilities88,541 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 allowances26,488 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):
202220212020
Balance as of January 1$26,581 $111 $298 
Cost charged to the tax provision10 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):
202220212020
Payments made for income taxes, net$27,017 $22,076 $21,351