Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2024 |
| Income Tax Disclosure [Abstract] |
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| Schedule of Income before Income Tax, Domestic and Foreign |
For the years ended December 31, 2024, 2023 and 2022, income before income taxes is broken out between U.S. and foreign-sourced operations and consisted of the following (in thousands): | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Domestic | | $ | 93,687 | | $ | 60,935 | | $ | 77,562 | Foreign | | | 56,306 | | | 51,154 | | | 5,067 | Total | | $ | 149,993 | | $ | 112,089 | | $ | 82,629 |
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| Schedule of Components of Income Tax Expense (Benefit) |
The components of the provision for income taxes for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in thousands): | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Current expense: | | | | | | | | | | Federal | | $ | 26,061 | | $ | 15,684 | | $ | 9,584 | State | | | 5,286 | | | 3,775 | | | 3,162 | Foreign | | | 13,162 | | | 10,862 | | | 10,291 | Total current expense | | | 44,509 | | | 30,321 | | | 23,037 | | | | | | | | | | | Deferred expense (benefit): | | | | | | | | | | Federal | | | (12,609) | | | (11,030) | | | (10,438) | State | | | (1,421) | | | (1,699) | | | (3,615) | Foreign | | | (843) | | | 86 | | | (871) | Total deferred benefit | | | (14,873) | | | (12,643) | | | (14,924) | | | | | | | | | | | Total income tax expense | | $ | 29,636 | | $ | 17,678 | | $ | 8,113 |
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| 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, 2024, 2023 and 2022, consisted of the following (in thousands): | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Computed federal income tax expense at applicable statutory rate of 21% | | $ | 31,499 | | $ | 23,539 | | $ | 17,352 | State income tax expense | | | 3,081 | | | 1,627 | | | 35 | Tax credits | | | (3,004) | | | (2,412) | | | (1,978) | Tax effect of international items | | | (1,870) | | | (3,994) | | | (10,698) | Uncertain tax positions | | | 218 | | | 4 | | | (47) | Deferred compensation insurance assets | | | (535) | | | (548) | | | 706 | Stock-based compensation | | | (1,817) | | | (3,001) | | | (3,423) | Valuation allowance | | | — | | | (90) | | | 3,523 | Remeasurement of state deferred taxes | | | — | | | (73) | | | (375) | Non-deductible expenses | | | 2,454 | | | 2,101 | | | 2,027 | Remeasurement of contingent consideration liabilities | | | 108 | | | 317 | | | 1,061 | Other — including the effect of graduated rates | | | (498) | | | 208 | | | (70) | Total income tax expense | | $ | 29,636 | | $ | 17,678 | | $ | 8,113 |
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| Schedule of Deferred Tax Assets and Liabilities |
Deferred income tax assets and liabilities at December 31, 2024 and 2023, consisted of the following temporary differences and carry-forward items (in thousands): | | | | | | | | | 2024 | | 2023 | Deferred income tax assets: | | | | | | | Allowance for credit losses on trade receivables | | $ | 2,215 | | $ | 2,009 | Accrued compensation expense | | | 11,701 | | | 10,285 | Inventory differences | | | 5,139 | | | 5,477 | Net operating loss carryforwards | | | 8,320 | | | 10,007 | Stock-based compensation expense | | | 7,569 | | | 7,913 | Operating lease assets | | | 11,586 | | | 11,331 | State R&D tax credits | | | 5,924 | | | 5,237 | IRC section 174 capitalized R&D | | | 35,200 | | | 26,370 | Other | | | 10,759 | | | 10,159 | Total deferred income tax assets | | | 98,413 | | | 88,788 | | | | | | | | Deferred income tax liabilities: | | | | | | | Prepaid expenses | | | (1,277) | | | (1,123) | Property and equipment | | | (22,699) | | | (23,539) | Intangible assets | | | (29,440) | | | (34,613) | Foreign withholding tax | | | (1,681) | | | (2,005) | Operating lease liabilities | | | (11,737) | | | (10,129) | Other | | | (1,632) | | | (1,898) | Total deferred income tax liabilities | | | (68,466) | | | (73,307) | Valuation allowance | | | (14,143) | | | (13,740) | Net deferred income tax liabilities | | $ | 15,804 | | $ | 1,741 | | | | | | | | Reported as: | | | | | | | Deferred income tax assets | | $ | 16,044 | | $ | 7,288 | Deferred income tax liabilities | | | (240) | | | (5,547) | Net deferred income tax liabilities | | $ | 15,804 | | $ | 1,741 |
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| Schedule of reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits |
A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in thousands): | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Unrecognized tax benefits, opening balance | | $ | 1,622 | | $ | 1,576 | | $ | 1,635 | Gross increases (decreases) in tax positions taken in a prior year | | | 70 | | | 112 | | | (10) | Gross increases in tax positions taken in the current year | | | 559 | | | 442 | | | 294 | Lapse of applicable statute of limitations | | | (371) | | | (508) | | | (343) | Unrecognized tax benefits, ending balance | | $ | 1,880 | | $ | 1,622 | | $ | 1,576 |
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