INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of the Provisions for Income Taxes |
The provision for income taxes for the years ended December 31, 2022, 2021 and 2020 consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
2022 |
|
2021 |
|
2020 |
| Current: |
|
|
|
|
|
|
| Federal |
|
$ |
92,783
|
|
|
$ |
57,156 |
|
|
$ |
16,627 |
|
| State |
|
23,724
|
|
|
15,755 |
|
|
8,584 |
|
| Foreign |
|
56
|
|
|
(61) |
|
|
9 |
|
| Total current |
|
116,563
|
|
|
72,850 |
|
|
25,220 |
|
| Deferred: |
|
|
|
|
|
|
| Federal |
|
(7,348) |
|
|
(1,854) |
|
|
8,344 |
|
| State |
|
(2,027) |
|
|
(2,089) |
|
|
(253) |
|
| Foreign |
|
26
|
|
|
— |
|
|
— |
|
| Total deferred |
|
(9,349) |
|
|
(3,943) |
|
|
8,091 |
|
| Income taxes |
|
$ |
107,214
|
|
|
$ |
68,907 |
|
|
$ |
33,311 |
|
|
| 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, 2022, 2021, and 2020 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
2022 |
|
2021 |
|
2020 |
| Rate applied to pretax income |
|
$ |
91,436
|
|
21.0
|
% |
|
$ |
61,598 |
|
21.0 |
% |
|
$ |
27,377 |
|
21.0 |
% |
| State taxes, net of federal tax effect |
|
16,715
|
|
3.8
|
% |
|
10,358 |
|
3.5 |
% |
|
6,026 |
|
4.6 |
% |
| Research and development tax credits |
|
(4,542) |
|
(1.0) |
% |
|
(1,990) |
|
(0.7) |
% |
|
(1,647) |
|
(1.3) |
% |
| Section 162(m) permanent addback |
|
7,421
|
|
1.7
|
% |
|
5,825 |
|
2.0 |
% |
|
1,951 |
|
1.5 |
% |
| Excess tax benefit on stock-based compensation |
|
(3,292) |
|
(0.7) |
% |
|
(6,035) |
|
(2.1) |
% |
|
(350) |
|
(0.3) |
% |
| Other |
|
(524) |
|
(0.1) |
% |
|
(849) |
|
(0.3) |
% |
|
(46) |
|
0.1 |
% |
| Income taxes |
|
$ |
107,214
|
|
24.7
|
% |
|
$ |
68,907 |
|
23.4 |
% |
|
$ |
33,311 |
|
25.6 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities |
The composition of the deferred tax assets and liabilities as of December 31, 2022 and 2021 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
2022 |
|
2021 |
| Deferred tax assets: |
|
|
|
|
| Trade receivables allowance |
|
$ |
1,325
|
|
|
$ |
1,022 |
|
| Inventory capitalization |
|
4,454
|
|
|
2,393 |
|
| Inventory reserves |
|
8,318
|
|
|
6,413 |
|
| Federal NOL carryforwards |
|
736
|
|
|
997 |
|
| State NOL carryforwards |
|
572
|
|
|
911 |
|
| Accrued expenses |
|
27,865
|
|
|
19,793 |
|
| Deferred compensation |
|
625
|
|
|
578 |
|
| Operating lease liabilities |
|
41,739
|
|
|
40,751 |
|
| Share-based compensation |
|
7,921
|
|
|
6,753 |
|
| Capitalized research & experimentation costs |
|
14,037
|
|
|
— |
|
| Total deferred tax assets before valuation allowance |
|
107,592
|
|
|
79,611 |
|
| Less: valuation allowance |
|
(459) |
|
|
(712) |
|
| Total deferred tax assets, net of valuation allowance |
|
$ |
107,133
|
|
|
$ |
78,899 |
|
| Deferred tax liabilities: |
|
|
|
|
| Prepaid expenses |
|
(2,939) |
|
|
(2,955) |
|
| Operating lease right-of-use assets |
|
(40,980) |
|
|
(40,082) |
|
| Depreciation expense |
|
(47,050) |
|
|
(43,124) |
|
| Intangibles |
|
(64,012) |
|
|
(29,422) |
|
| Other |
|
(544) |
|
|
231 |
|
| Total deferred tax liabilities |
|
$ |
(155,525) |
|
|
$ |
(115,352) |
|
|
|
|
|
|
| Net deferred tax liabilities |
|
$ |
(48,392) |
|
|
$ |
(36,453) |
|
|