Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of provision (benefit) for income taxes

Years ended December 31,	2023		2022		2021
(in thousands)
Current provision (benefit):
Federal	$	45,146	$	47,744	$	4,946
State		6,502		3,164		(1,387)
Foreign		835		865		784
Deferred provision:
Federal		7,116		14,026		2,287
State		1,531		5,470		2,601
Total income tax provision	$	61,130	$	71,269	$	9,231

Schedule of reconciliation between the federal statutory rate and effective tax rate

Years ended December 31,	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.1		1.9		2.9
Foreign taxes, net of federal benefit	0.3		0.3		5.1
Tax credits	(0.3)		(0.1)		(3.5)
Change in contingencies	0.1		—		8.6
Non-deductible expenses	0.8		0.7		(2.8)
Adjustments related to CARES Act	—		—		3.2
Change in estimated deferred rate	—		0.4		10.2
Adjustments related to vesting of restricted stock	(0.1)		0.2		7.1
Other	—		0.2		4.3
Effective tax rate	23.9	%	24.6	%	56.1	%

Schedule of deferred tax assets and liabilities

December 31,	2023		2022
(in thousands)
Deferred tax assets:
Self-insurance	$	4,303	$	3,051
Long-term retirement plan		5,101		5,237
State net operating loss carryforwards		1,520		1,960
Allowance for credit losses		1,634		1,757
Stock-based compensation		1,414		2,531
Inventory reserve		3,330		3,290
Lease liability		5,777		6,701
Capitalized research and development		3,066		1,041
Valuation allowance		(1,591)		(990)
All others, net		3,126		2,386
Gross deferred tax assets		27,680		26,964
Deferred tax liabilities:
Depreciation		(66,784)		(51,494)
Right of use asset		(5,461)		(6,397)
Goodwill amortization		(6,725)		(6,546)
Gross deferred tax liabilities		(78,970)		(64,437)
Net deferred tax liabilities	$	(51,290)	$	(37,473)

Schedule of reconciliation of unrecognized tax benefits

(in thousands)	2023		2022
Balance at January 1	$	1,917	$	1,737
Additions (reductions) based on tax positions related to the current year		337		197
Additions (reductions) for tax positions of prior years		(86)		(17)
Balance at December 31	$	2,168	$	1,917