INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense is composed of the following: 

	Year Ended December 31,
	2022		2021		2020
Current:
Federal	$	26,107	$	19,746	$	10,825
State	4,438		3,489		1,291
Foreign	(223)		294		—
	30,322		23,529		12,116
Deferred:
Federal	2,870		5,345		(302)
State	(1,821)		1,405		442
Foreign	(71)		—		—
	978		6,750		140
Total	$	31,300	$	30,279	$	12,256

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense at the normal statutory federal rate to income tax expense included in the accompanying Consolidated Statements of Income is below:

	Year Ended December 31,
	2022			2021			2020
“Expected” provision at federal statutory rate	$	29,442		$	25,435		$	11,046
State income taxes, net	6,446			5,713			2,408
Foreign income taxes	(223)			294			—
Change in valuation allowance	416			204			(422)
Share-based compensation	(34)			31			56
Federal and state tax credits	(3,506)			(1,363)			(1,035)
Other	(1,241)			(35)			203
Income tax expense	$	31,300		$	30,279		$	12,256
Effective tax rate	22.3		%	25.0		%	23.3		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences giving rise to deferred income taxes shown on the Consolidated Balance Sheets are as follows:

	December 31,
	2022		2021
Deferred income tax assets:
Share-based compensation	$	2,462	$	1,973
State tax credit carryforwards	3,991		2,343
Operating loss carryforwards	3,040		2,416
Inventories	1,936		1,923
Operating lease liabilities	3,949		2,536
Deferred compensation	691		1,357
Other	3,002		3,362
Gross deferred income tax assets	19,071		15,910
Less: valuation allowance	(2,073)		(1,657)
Net deferred income tax assets	16,998		14,253
Deferred income tax liabilities:
Property, plant and equipment	(25,623)		(24,627)
Intangibles	(47,187)		(46,956)
Inventory	(2,812)		(4,307)
Operating lease right-of-use assets	(3,850)		(2,487)
Convertible Senior Note	(2,424)		(411)
Other	(2,214)		(1,566)
Gross deferred income tax liabilities	(84,110)		(80,354)
Net deferred income tax liability	$	(67,112)	$	(66,101)

Summary of Valuation Allowance

A schedule of the change in valuation allowance is as follows:

Balance at December 31, 2020	$	862
Increase	795
Balance at December 31, 2021	1,657
Increase	416
Balance at December 31, 2022	$	2,073

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for 2022, 2021, and 2020:

	Year Ended December 31,
	2022		2021		2020
Beginning of year balance	$	113	$	112	$	255
Additions based on prior year tax positions	75		—		2
Additions based on current year tax positions	2		31		20
Reduction for prior year tax positions	(34)		(30)		—
Reductions for settlements	—		—		(165)
End of year balance	$	156	$	113	$	112