INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of the Provisions for Income Taxes |
The provision for income taxes for the years ended December 31, 2021, 2020 and 2019 consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
2021 |
|
2020 |
|
2019 |
| Current: |
|
|
|
|
|
|
| Federal |
|
$ |
57,156
|
|
|
$ |
16,627 |
|
|
$ |
17,587 |
|
| State |
|
15,755
|
|
|
8,584 |
|
|
5,019 |
|
| Foreign |
|
(61) |
|
|
9 |
|
|
61 |
|
| Total current |
|
72,850
|
|
|
25,220 |
|
|
22,667 |
|
| Deferred: |
|
|
|
|
|
|
| Federal |
|
(1,854) |
|
|
8,344 |
|
|
4,529 |
|
| State |
|
(2,089) |
|
|
(253) |
|
|
1,064 |
|
| Total deferred |
|
(3,943) |
|
|
8,091 |
|
|
5,593 |
|
| Income taxes |
|
$ |
68,907
|
|
|
$ |
33,311 |
|
|
$ |
28,260 |
|
|
| Schedule of the Reconciliation of Differences Between Income Taxes and Tax Provisions |
A reconciliation of the differences between the actual provision for income taxes and income taxes at the federal statutory income tax rate of 21% for the years ended December 31, 2021, 2020 and 2019 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
| (thousands) |
|
2021 |
|
2020 |
|
2019 |
| Rate applied to pretax income |
|
$ |
61,598
|
|
21.0
|
% |
|
$ |
27,377 |
|
21.0 |
% |
|
$ |
24,744 |
|
21.0 |
% |
| State taxes, net of federal tax effect |
|
10,358
|
|
3.5
|
% |
|
6,026 |
|
4.6 |
% |
|
5,147 |
|
4.4 |
% |
| Research and development tax credits |
|
(1,990) |
|
(0.7) |
% |
|
(1,647) |
|
(1.3) |
% |
|
(343) |
|
(0.3) |
% |
| Section 162(m) permanent addback |
|
5,825
|
|
2.0
|
% |
|
1,951 |
|
1.5 |
% |
|
1,019 |
|
0.9 |
% |
| Excess tax benefit on stock-based compensation |
|
(6,035) |
|
(2.1) |
% |
|
(350) |
|
(0.3) |
% |
|
(833) |
|
(0.7) |
% |
| Other |
|
(849) |
|
(0.3) |
% |
|
(46) |
|
0.1 |
% |
|
(1,474) |
|
(1.3) |
% |
| Income taxes |
|
$ |
68,907
|
|
23.5
|
% |
|
$ |
33,311 |
|
25.6 |
% |
|
$ |
28,260 |
|
24.0 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities |
The composition of the deferred tax assets and liabilities as of December 31, 2021 and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
2021 |
|
2020 |
| Long-term deferred income tax assets (liabilities): |
|
|
|
|
| Trade receivables allowance |
|
$ |
1,022
|
|
|
$ |
426 |
|
| Inventory capitalization |
|
2,393
|
|
|
2,796 |
|
| Accrued expenses |
|
19,793
|
|
|
8,988 |
|
| Deferred compensation |
|
578
|
|
|
447 |
|
| Inventory reserves |
|
6,413
|
|
|
5,235 |
|
| Federal NOL carryforwards |
|
997
|
|
|
1,288 |
|
| State NOL carryforwards |
|
911
|
|
|
1,040 |
|
| Valuation allowance - NOL |
|
(712) |
|
|
(767) |
|
| Share-based compensation |
|
6,753
|
|
|
8,087 |
|
| Operating lease right-of-use assets |
|
(40,082) |
|
|
(15,292) |
|
| Operating lease liabilities |
|
40,751
|
|
|
15,710 |
|
| Other |
|
231
|
|
|
1,454 |
|
| Intangibles |
|
(29,422) |
|
|
(28,992) |
|
| Depreciation expense |
|
(43,124) |
|
|
(37,661) |
|
| Prepaid expenses |
|
(2,955) |
|
|
(2,275) |
|
| Net deferred tax liabilities |
|
$ |
(36,453) |
|
|
$ |
(39,516) |
|
|