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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Tax Provision (Benefit) | Income tax provision (benefit) consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current income tax provision: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 52,634 |  |  | $ | 28,830 |  |  | $ | 30,450 |
State |  |  | 13,996 |  |  |  | 9,126 |  |  |  | 15,192 |
|  |  | 66,600 |  |  |  | 37,956 |  |  |  | 45,642 |
Deferred income tax provision: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,869 |  |  |  | 20,000 |  |  |  | 21,607 |
State |  |  | 1,346 |  |  |  | 4,256 |  |  |  | (595 | )
|  |  | 4,215 |  |  |  | 24,256 |  |  |  | 21,012 |
Total income tax provision |  | $ | 70,815 |  |  | $ | 62,212 |  |  | $ | 66,654 |
Reconciliation of Differences between Income Tax Provision and Income Tax Determined by Applying US Federal Statutory Rate | The income tax provision differs from the amount of income tax determined by applying the U.S. Federal statutory rate to income before taxes as a result of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. Federal statutory taxes |  | $ | 58,002 |  |  | $ | 51,836 |  |  | $ | 57,832 |
State and local taxes, net of U.S. Federal benefit |  |  | 12,296 |  |  |  | 10,608 |  |  |  | 12,174 |
Permanent items |  |  | 1,320 |  |  |  | (208 | ) |  |  | 1,208 |
Excess tax benefits from vesting or settlement of stock compensation awards |  |  | (656 | ) |  |  | (11 | ) |  |  | (2,868 | )
Federal credits |  |  | (755 | ) |  |  | (598 | ) |  |  | (686 | )
Other |  |  | 608 |  |  |  | 585 |  |  |  | (1,006 | )
Total income tax provision |  | $ | 70,815 |  |  | $ | 62,212 |  |  | $ | 66,654 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following (in thousands):
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Operating lease liability |  |  | 6,886 |  |  |  | 7,941 |
Product and surface flaking warranty reserves |  |  | 5,645 |  |  |  | 6,469 |
State tax credit carryforwards |  |  | 4,250 |  |  |  | 4,084 |
Deferred revenue |  |  | 4,215 |  |  |  | 2,921 |
Tax Cut and Jobs Act capitalization of research and development costs |  |  | 3,956 |  |  |  | 2,152 |
Stock-based compensation |  |  | 2,361 |  |  |  | 1,146 |
Inventories |  |  | 639 |  |  |  | 2,965 |
Accruals not currently deductible and other |  |  | — |  |  |  | 373 |
Net Operating Losses |  |  | — |  |  |  | 132 |
Gross deferred tax assets, before valuation allowance |  |  | 27,952 |  |  |  | 28,183 |
Valuation allowance |  |  | (3,307 | ) |  |  | (3,026 | )
Gross deferred tax assets, after valuation allowance |  |  | 24,645 |  |  |  | 25,157 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (74,794 | ) |  |  | (74,604 | )
Inventories |  |  | (10,627 | ) |  |  | (6,749 | )
Operating lease right-of-use asset |  |  | (6,677 | ) |  |  | (7,687 | )
Goodwill amortization |  |  | (3,536 | ) |  |  | (2,879 | )
Other |  |  | (1,450 | ) |  |  | (1,462 | )
Gross deferred tax liabilities |  |  | (97,084 | ) |  |  | (93,381 | )
Net deferred tax liability |  | $ | (72,439 | ) |  | $ | (68,224 | )

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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