Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024 2023 2022
Domestic $ (17,186) $ 73,774  $ 86,695 
Foreign 12,164  8,165  8,040 
Total $ (5,022) $ 81,939  $ 94,735 
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,
2024 2023 2022
Current:  
Federal $ 6,044  $ 21,647  $ 18,210 
State 2,691  3,695  3,100 
Foreign 822  2,515  1,978 
9,557  27,857  23,288 
Deferred:
Federal $ (7,053) $ (3,644) $ 4,544 
State (2,747) (11,993) (2,288)
Foreign 1,873  (1,435) (604)
(7,927) (17,072) 1,652 
Provision for income taxes $ 1,630  $ 10,785  $ 24,940 
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,
2024 2023 2022
Tax at statutory rate $ (1,055) $ 17,207  $ 19,894 
State income taxes, net of federal income tax benefit 183  748  248 
Changes in uncertain tax positions (9,413) 985  558 
State credit - valuation allowance release —  (10,203) — 
Rate changes —  (101) — 
Stock compensation 427  1,803  1,876 
Compensation disallowance under 162(m) 148  2,344  3,146 
Foreign tax credits (900) (848) — 
Impairment of investment in affiliated companies 13,272  —  — 
Research and development tax credits (600) (400) (366)
Other, net (432) (750) (416)
Provision for income taxes $ 1,630  $ 10,785  $ 24,940 
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) are comprised of the following:
December 31,
2024 2023
Deferred tax assets:
Net operating loss carryforwards $ 13,820  $ 14,680 
Interest disallowance carryforward 2,968  1,169 
Pension 288  569 
Operating lease liability 8,281  5,940 
Other 18,367  10,806 
State credits 14,359  14,659 
Foreign withholding tax credits 9,083  9,083 
Total deferred tax assets, gross 67,166  56,906 
Valuation allowance (16,824) (18,325)
Total deferred tax assets, net 50,342  38,581 
Deferred tax liabilities:
Depreciation $ (68,361) $ (66,816)
Inventory (3,306) (3,427)
Intangibles (69,953) (67,250)
Operating lease right-of-use assets (8,307) (5,954)
Other (5,452) (8,675)
Total deferred tax liabilities (155,379) (152,122)
Net deferred tax liabilities $ (105,037) $ (113,541)
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, 2024 and 2023, respectively:
Years ended December 31,
2024 2023
Balance at beginning of period $ 8,110  $ 7,787 
Increases related to prior year tax positions —  323 
Uncertain tax benefit sustained due to lapsing of statue of limitations (8,023) — 
Balance at end of period $ 87  $ 8,110 
Open Tax Years The following describes the open tax years, by significant tax jurisdiction, as of December 31, 2024:
Jurisdiction Period
United States-Federal 2021-2024
United States-State 2020-2024
Schedule of Tax Payments
Cash payments for income taxes, net of refunds, are as follows:
Years ended December 31,
2024 2023 2022
Domestic $ 22,860  $ 21,973  $ 13,277 
Foreign 3,399  464  359 
$ 26,259  $ 22,437  $ 13,636