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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of domestic and foreign components | The domestic and foreign components of the Company's income (loss) before provision for income taxes are as follows:
| 2023 |  | 2022 |  | 2021
Domestic | $ | 291,203 |  |  | $ | (151,551) |  |  | $ | (4,176) |
Foreign | 546 |  |  | (1,113) |  |  | 117 |
Net income (loss) before income taxes | $ | 291,749 |  |  | $ | (152,664) |  |  | $ | (4,059) |
Schedule of provision for income taxes | The provision for income tax expense (benefit) consists of the following:
Current: |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 79,840 |  |  | $ | 10,498 |  |  | $ | — |
State and local |  | 27,596 |  |  | 2,601 |  |  | 1,523 |
Foreign |  | 192 |  |  | — |  |  | (38) |
Current federal, state and local, tax expense |  | $ | 107,628 |  |  | $ | 13,099 |  |  | $ | 1,485 |
Deferred: |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | (34,535) |  |  | $ | 18,558 |  |  | $ | (7,142) |
State and local |  | (8,261) |  |  | 4,034 |  |  | (1,878) |
Foreign |  | 116 |  |  | (1,073) |  |  | (461) |
Deferred federal, state and local, tax expense |  | $ | (42,680) |  |  | $ | 21,519 |  |  | $ | (9,481) |
Income tax expense (benefit) |  | $ | 64,948 |  |  | $ | 34,618 |  |  | $ | (7,996) |
Schedule of effective rate on income before provision (benefit) for income taxes | The reconciliation of the U.S. federal statutory rate to the effective rate on net income (loss) before taxes is as follows:
| 2023 |  | 2022 |  | 2021
U.S. Statutory federal rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 4.7 | % |  | (3.9) | % |  | (12.5) | %
Tax effect of Pepsi valuation premium | — | % |  | (38.9) | % |  | — | %
Stock based compensation | (3.4) | % |  | (0.9) | % |  | 50.5 | %
Change in valuation allowance | (0.3) | % |  | 0.4 | % |  | 219.8 | %
Change in deferred balances | 0.3 | % |  | — | % |  | (80.6) | %
Other | (0.1) | % |  | (0.4) | % |  | (0.9) | %
Effective tax rate | 22.2 | % |  | (22.7) | % |  | 197.3 | %
Schedule of deferred tax assets | Deferred tax assets and liabilities consisted of the following:
| December 31, 2023 |  | December 31, 2022
Net operating loss carryforwards | $ | 3,441 |  |  | $ | 4,774 |
Charitable contributions | — |  |  | 17 |
Deferred revenue | 45,907 |  |  | — |
Fixed assets | (3,338) |  |  | (1,158) |
Pepsi valuation premium | (68,250) |  |  | (70,637) |
Right of use liability | 157 |  |  | 154 |
Right of use asset | (275) |  |  | (146) |
Distributor termination fees | 40,429 |  |  | 46,859 |
Stock-based compensation | 4,892 |  |  | 5,236 |
Inventory allowance | 9,221 |  |  | 5,423 |
Intangibles | (2,495) |  |  | (2,516) |
Total deferred tax assets (liabilities) | 29,689 |  |  | (11,994) |
Valuation allowance | (2,496) |  |  | (3,424) |
Net deferred tax assets (liabilities) | $ | 27,193 |  |  | $ | (15,418) |
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| 2023 |  | 2022
Gross unrecognized tax benefit, beginning of period | $ | 702 |  |  | $ | 1,080 |
Additions based on tax positions related to the current year | 555 |  |  | — |
Additions based on tax positions related to the prior years | — |  |  | — |
Reductions due to lapse in statute of limitations and settlements | — |  |  | (378) |
Gross unrecognized tax benefit, end of period | $ | 1,257 |  |  | $ | 702 |
Summary of the filing jurisdictions and open tax years | The Company files U.S., state, and foreign income tax returns in jurisdictions with various statutes of limitations. Below is a summary of the filing jurisdictions and open tax years:
| Open Years
U.S. Federal | 2020-2022
U.S State and local | 2019-2022
Non-U.S. | 2017-2022

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