INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| INCOME TAXES |
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| Schedule of provision for income taxes based on income before income taxes |
The provision for income taxes is based on income before income taxes as follows (in thousands): | | | | | | | | | | | | For the year ended | | | December 31, | | December 31, | | December 31, | | | 2025 | | 2024 | | 2023 | Domestic | | $ | 10,781 | | $ | 3,951 | | $ | 18,630 | Foreign | | | 17,953 | | | 12,907 | | | 11,070 | Income before income taxes | | $ | 28,734 | | $ | 16,858 | | $ | 29,700 |
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| Schedule of components of the total income tax provision |
Components of the total income tax provision are as follows (in thousands): | | | | | | | | | | | | For the year ended | | | December 31, | | December 31, | | December 31, | | | 2025 | | 2024 | | 2023 | Current provision | | | | | | | | | | Federal | | $ | 2,977 | | $ | 1,838 | | $ | 6,936 | State | | | 643 | | | 685 | | | 869 | Foreign | | | 4,548 | | | 3,522 | | | 2,834 | Total current provision | | | 8,168 | | | 6,045 | | | 10,639 | Deferred benefit | | | | | | | | | | Federal | | | (585) | | | (1,239) | | | (3,569) | State | | | 59 | | | (214) | | | (518) | Foreign | | | (942) | | | (900) | | | (949) | Total deferred benefit | | | (1,468) | | | (2,353) | | | (5,036) | Income tax provision | | $ | 6,700 | | $ | 3,692 | | $ | 5,603 |
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| Schedule of provision for income taxes differs from the amount determined by applying the federal statutory rate |
| | | | | | | | | For the year ended | | | | | December 31, | | | | | 2025 | | | | | Amount | Percentage | | U.S. federal statutory tax rate | | $ | 6,034 | 21.0 | % | State and local income taxes, net of federal income tax effect (1) | | | 469 | 1.6 | % | Foreign tax effects | | | | | | Germany | | | | | | Other | | | 309 | 1.1 | % | New Zealand | | | | | | Change in valuation allowance | | | 379 | 1.3 | % | Other | | | 3 | - | % | Portugal | | | | | | State and municipal surcharges | | | 348 | 1.2 | % | Investment tax credits | | | (650) | (2.3) | % | Changes in valuation allowances | | | (465) | (1.6) | % | Other | | | 3 | - | % | Other foreign jurisdictions | | | 235 | 0.8 | % | Effect of changes in tax laws or rates enacted in the current period | | | - | - | % | Effect of cross-border tax laws | | | | | | Global intangible low-taxed income | | | 410 | 1.4 | % | Other | | | (439) | (1.5) | % | Tax credits | | | | | | Federal research credit | | | (628) | (2.2) | % | Change in valuation allowance | | | - | - | % | Nontaxable or nondeductible items | | | | | | Section 162(m) compensation | | | 679 | 2.4 | % | Other | | | 200 | 0.7 | % | Change in unrecognized tax benefits | | | (180) | (0.6) | % | Other adjustments | | | (7) | - | % | Total | | $ | 6,700 | 23.3 | % | (1) The tax effect in this category primarily reflects state and local taxes in Oklahoma | | | | | | | |
| | | | | | | | For the year ended | | | | December 31, | | December 31, | | | | 2024 | | 2023 | | Tax provision, computed at statutory rate | | 21.0 | % | 21.0 | % | State tax, net of federal impact | | 1.0 | % | 1.7 | % | Change in valuation allowance | | (2.9) | % | (1.5) | % | Effect of foreign tax rate differences | | 2.4 | % | 1.9 | % | Section 162(m) compensation | | 4.8 | % | 2.4 | % | R&D Credit and incentives | | (7.9) | % | (6.1) | % | Effect of Tax Cuts and Jobs Act | | 1.6 | % | 0.3 | % | Unrecognized tax benefits | | (1.1) | % | (0.7) | % | Other | | 0.9 | % | (0.1) | % | Withholding tax on foreign distributions | | 2.1 | % | - | % | Provision for income taxes | | 21.9 | % | 18.9 | % | | | | | | |
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| Schedule of tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities |
The tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities are as follows (in thousands): | | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Noncurrent deferred tax assets: | | | | | | | Employee benefit plans | | $ | 1,632 | | $ | 1,735 | Net operating loss and tax credit carryforwards | | | 6,849 | | | 6,711 | Accrued expenses and reserves | | | 3,608 | | | 2,997 | Research and development costs | | | 12,637 | | | 11,069 | Other | | | 411 | | | 439 | Total noncurrent deferred tax assets | | | 25,137 | | | 22,951 | Valuation allowance | | | (2,399) | | | (2,262) | Net noncurrent deferred tax assets: | | $ | 22,738 | | $ | 20,689 | | | | | | | | Net noncurrent deferred tax liabilities: | | | | | | | Property and equipment | | $ | 2,851 | | $ | 2,812 | Goodwill and intangibles | | | 12,393 | | | 11,762 | Interest rate swap derivatives | | | 130 | | | 570 | Other | | | 96 | | | 71 | Total noncurrent deferred tax liabilities | | $ | 15,470 | | $ | 15,215 | | | | | | | | Net deferred tax asset | | $ | 7,268 | | $ | 5,474 | | | | | | | | Presented as follows: | | | | | | | Noncurrent deferred income tax assets | | $ | 10,509 | | $ | 9,116 | Noncurrent deferred income tax liabilities | | | (3,241) | | | (3,642) | Net deferred tax asset | | $ | 7,268 | | $ | 5,474 |
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| Schedule of operating loss and tax credit gross carryforwards |
| | | | | | | | | December 31, | | December 31, | | | 2025 | | 2024 | Noncurrent deferred tax assets: | | | | | | | Employee benefit plans | | $ | 1,632 | | $ | 1,735 | Net operating loss and tax credit carryforwards | | | 6,849 | | | 6,711 | Accrued expenses and reserves | | | 3,608 | | | 2,997 | Research and development costs | | | 12,637 | | | 11,069 | Other | | | 411 | | | 439 | Total noncurrent deferred tax assets | | | 25,137 | | | 22,951 | Valuation allowance | | | (2,399) | | | (2,262) | Net noncurrent deferred tax assets: | | $ | 22,738 | | $ | 20,689 | | | | | | | | Net noncurrent deferred tax liabilities: | | | | | | | Property and equipment | | $ | 2,851 | | $ | 2,812 | Goodwill and intangibles | | | 12,393 | | | 11,762 | Interest rate swap derivatives | | | 130 | | | 570 | Other | | | 96 | | | 71 | Total noncurrent deferred tax liabilities | | $ | 15,470 | | $ | 15,215 | | | | | | | | Net deferred tax asset | | $ | 7,268 | | $ | 5,474 | | | | | | | | Presented as follows: | | | | | | | Noncurrent deferred income tax assets | | $ | 10,509 | | $ | 9,116 | Noncurrent deferred income tax liabilities | | | (3,241) | | | (3,642) | Net deferred tax asset | | $ | 7,268 | | $ | 5,474 |
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| Schedule of cash paid for income taxes, net of refunds |
Cash paid for income taxes, net of refunds, were as follows (in thousands):
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| Schedule of changes to the unrecognized tax benefit |
The summary of changes to the unrecognized tax benefit for the year ended December 31, 2025 is as follows (in thousands): | | | | | | | | | | | | December 31, | | December 31, | | December 31, | | | 2025 | | 2024 | | 2023 | Beginning balance | | $ | 350 | | $ | 586 | | $ | 786 | Additions from tax legislation changes for net operating loss carryforwards | | | — | | | — | | | — | Reductions related to the lapse of the statute of limitations | | | (180) | | | (193) | | | (207) | Effect of foreign currency translation | | | 8 | | | (43) | | | 7 | Ending balance | | $ | 178 | | $ | 350 | | $ | 586 |
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