Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, 2023, 2022 and 2021, income before income taxes is broken out between U.S. and foreign-sourced operations consisted of the following (in thousands):

	2023		2022		2021
Domestic	$	60,935	$	77,562	$	21,328
Foreign		51,154		5,067		32,589
Total	$	112,089	$	82,629	$	53,917

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Current expense:
Federal	$	15,684	$	9,584	$	808
State		3,775		3,162		806
Foreign		10,862		10,291		8,480
Total current expense		30,321		23,037		10,094
Deferred expense (benefit):
Federal		(11,030)		(10,438)		(468)
State		(1,699)		(3,615)		(1,845)
Foreign		86		(871)		(2,318)
Total deferred benefit		(12,643)		(14,924)		(4,631)
Total income tax expense	$	17,678	$	8,113	$	5,463

Schedule of Effective Income Tax Rate Reconciliation

The difference between the income tax expense reported and amounts computed by applying the statutory federal rate of 21.0% to pretax income for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Computed federal income tax expense at applicable statutory rate of 21%	$	23,539	$	17,352	$	11,323
State income tax expense (benefit)		1,627		35		(283)
Tax credits		(2,412)		(1,978)		(2,507)
Tax effect of international items		(3,994)		(10,698)		(281)
Uncertain tax positions		4		(47)		401
Deferred compensation insurance assets		(548)		706		(413)
Stock-based compensation		(3,001)		(3,423)		(5,571)
Valuation allowance		(90)		3,523		—
Remeasurement of state deferred taxes		(73)		(375)		(526)
Non-deductible expenses		2,101		2,027		2,455
Remeasurement of contingent consideration liabilities		317		1,061		733
Other — including the effect of graduated rates		208		(70)		132
Total income tax expense	$	17,678	$	8,113	$	5,463

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31, 2023 and 2022, consisted of the following temporary differences and carry-forward items (in thousands):

	2023		2022
Deferred income tax assets:
Allowance for credit losses on trade receivables	$	2,009	$	1,925
Accrued compensation expense		10,285		9,968
Inventory differences		5,477		5,712
Net operating loss carryforwards		10,007		11,117
Stock-based compensation expense		7,913		7,167
Operating lease assets		11,331		12,801
Federal R&D tax credit		—		634
State R&D tax credits		5,237		4,679
IRC Section 174 capitalized R&D		26,370		15,012
Other		10,159		8,827
Total deferred income tax assets		88,788		77,842
Deferred income tax liabilities:
Prepaid expenses		(1,123)		(1,568)
Property and equipment		(23,539)		(20,925)
Intangible assets		(34,613)		(38,547)
Foreign withholding tax		(2,005)		(1,571)
Operating lease liabilities		(10,129)		(11,527)
Other		(1,898)		(2,040)
Total deferred income tax liabilities		(73,307)		(76,178)
Valuation allowance		(13,740)		(13,527)
Net deferred income tax assets (liabilities)	$	1,741	$	(11,863)
Reported as:
Deferred income tax assets	$	7,288	$	6,599
Deferred income tax liabilities		(5,547)		(18,462)
Net deferred income tax assets (liabilities)	$	1,741	$	(11,863)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits for the years ended December 31, 2023, 2022 and 2021, consisted of the following (in thousands):

	2023		2022		2021
Unrecognized tax benefits, opening balance	$	1,576	$	1,635	$	1,674
Gross increases (decreases) in tax positions taken in a prior year		112		(10)		82
Gross increases in tax positions taken in the current year		442		294		316
Lapse of applicable statute of limitations		(508)		(343)		(437)
Unrecognized tax benefits, ending balance	$	1,622	$	1,576	$	1,635