INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of income before income tax, domestic and foreign

	December 31,
(in thousands)	2023		2022		2021
United States	$	65,068	$	21,572	$	10,947
Foreign		8,716		4,160		10,819
Total	$	73,784	$	25,732	$	21,766

Schedule of provision for income taxes

	December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	14,949	$	3,225	$	1,126
State		541		180		343
Foreign		2,184		920		3,016
Total Current	$	17,674	$	4,325	$	4,485
Deferred:
Federal	$	1,797	$	890	$	981
State		310		91		13
Foreign		74		80		32
Total Deferred	$	2,181	$	1,061	$	1,026
Provision for/(benefit from) income taxes	$	15,493	$	5,386	$	5,511

Schedule of effective income tax rate reconciliation

	December 31,
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	0.2	%	0.8	%	1.3	%
Excess of foreign tax over U.S. tax on foreign income	0.4	%	0.5	%	3.6	%
Domestic tax deductions and credits	(0.2)	%	(1.3)	%	(1.6)	%
Foreign derived intangible income deduction	(0.6)	%	(0.3)	%	—	%
Other	0.2	%	0.3	%	1.0	%
Effective tax rate	21.0	%	21.0	%	25.3	%

Schedule of deferred income tax assets and liabilities

	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	307	$	268
Accruals and reserves		3,169		2,058
Research and development		2,316		1,697
Other		1,099		747
Total deferred tax assets		6,891		4,770
Deferred tax liabilities:
Property, plant, and equipment		10,701		10,989
Other		260		11
Total deferred tax liabilities		10,961		11,000
Net deferred tax liability	$	(4,070)	$	(6,230)