Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
Income before income taxes within or outside the United States are shown below:
Years ended
December 31,
2023 2022 2021
Domestic $ 73,774  $ 86,695  $ 6,185 
Foreign 8,165  8,040  7,756 
Total $ 81,939  $ 94,735  $ 13,941 
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes as shown in the accompanying consolidated statements of income consists of the following:
Years ended
December 31,
2023 2022 2021
Current:  
Federal $ 21,647  $ 18,210  $ 2,469 
State 3,695  3,100  1,813 
Foreign 2,515  1,978  3,317 
27,857  23,288  7,599 
Deferred:
Federal (3,644) 4,544  (1,813)
State (11,993) (2,288) 2,551 
Foreign (1,435) (604) 3,810 
(17,072) 1,652  4,548 
Provision for income taxes $ 10,785  $ 24,940  $ 12,147 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income tax expense at the U.S. federal statutory income tax rate to actual income tax expense is as follows:
Years ended
December 31,
2023 2022 2021
Tax at statutory rate $ 17,207  $ 19,894  $ 2,928 
State income taxes, net of federal income tax benefit 748  248  3,942 
Changes in uncertain tax positions 985  558  877 
State credit - valuation allowance release (10,203) —  — 
Rate changes (101) —  5,209 
Stock compensation 1,803  1,876  197 
Compensation disallowance under 162(m) 2,344  3,146  466 
Foreign tax credits (848) —  (759)
Research and development tax credits (400) (366) (620)
Other, net (750) (416) (93)
Provision for income taxes $ 10,785  $ 24,940  $ 12,147 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) are comprised of the following:
December 31,
2023 2022
Deferred tax assets:
Net operating loss carryforwards $ 14,680  $ 13,705 
Interest disallowance carryforward 1,169  228 
Pension 569  879 
Operating lease liability 5,940  6,873 
Other 10,806  10,653 
State credits 14,659  13,773 
Foreign withholding tax credits 9,083  9,083 
Valuation allowance (18,325) (30,615)
38,581  24,579 
Deferred tax liabilities:
Depreciation $ (66,816) $ (70,400)
Inventory (3,427) (3,039)
Intangibles (67,250) (63,873)
Operating lease right-of-use assets (5,954) (6,763)
Other (8,675) (15,910)
(152,122) (159,985)
Net deferred tax liabilities $ (113,541) $ (135,406)
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits. The amounts listed in the below table also represents the total unrecognized tax benefits that, if recognized, would impact the effective tax rate as of December 31, 2023 and 2022, respectively:
Years ended
December 31,
2023 2022
Balance at beginning of period $ 7,787  $ 7,787 
Increases related to prior year tax positions 323  — 
Balance at end of period $ 8,110  $ 7,787 
Open Tax Years The following describes the open tax years, by significant tax jurisdiction, as of December 31, 2023:
Jurisdiction Period
United States-Federal 2007-2023
United States-State 2007-2023
Schedule of Tax Payments
Cash payments for income taxes, net of refunds, are as follows:
Years ended
December 31,
2023 2022 2021
Domestic $ 21,973  $ 13,277  $ 549 
Foreign 464  359  69 
$ 22,437  $ 13,636  $ 618