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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Tax Provision (Benefit) | Income tax provision (benefit) consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current income tax provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | 75,552 |  |  | $ | 52,634 |  |  | $ | 28,830 |
State |  |  | 20,147 |  |  |  | 13,966 |  |  |  | 9,126 |
|  |  | 95,699 |  |  |  | 66,600 |  |  |  | 37,956 |
Deferred income tax provision: |  |  |  |  |  |  |  |  |
Federal |  |  | (14,907 | ) |  |  | 2,869 |  |  |  | 20,000 |
State |  |  | (1,500 | ) |  |  | 1,346 |  |  |  | 4,256 |
|  |  | (16,407 | ) |  |  | 4,215 |  |  |  | 24,256 |
Total income tax provision |  | $ | 79,292 |  |  | $ | 70,815 |  |  | $ | 62,212 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. Federal statutory taxes |  | $ | 64,194 |  |  | $ | 58,002 |  |  | $ | 51,836 |
State and local taxes, net of U.S. Federal benefit |  |  | 13,890 |  |  |  | 12,296 |  |  |  | 10,608 |
Permanent items |  |  | 948 |  |  |  | 1,320 |  |  |  | (208 | )
Excess tax benefits from vesting or settlement of stock compensation awards |  |  | (756 | ) |  |  | (656 | ) |  |  | (11 | )
Federal credits |  |  | (636 | ) |  |  | (755 | ) |  |  | (598 | )
Other |  |  | 1,652 |  |  |  | 608 |  |  |  | 585 |
Total income tax provision |  | $ | 79,292 |  |  | $ | 70,815 |  |  | $ | 62,212 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following (in thousands):
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Operating lease liability |  |  | 13,632 |  |  |  | 6,886 |
Product and surface flaking warranty reserves |  |  | 5,833 |  |  |  | 5,645 |
State tax credit carryforwards |  |  | 3,621 |  |  |  | 4,250 |
Deferred revenue |  |  | 4,230 |  |  |  | 4,215 |
Tax Cut and Jobs Act capitalization of research and development costs |  |  | 5,397 |  |  |  | 3,956 |
Stock-based compensation |  |  | 1,828 |  |  |  | 2,361 |
Inventories |  |  | 3,342 |  |  |  | 639 |
Gross deferred tax assets, before valuation allowance |  |  | 37,883 |  |  |  | 27,952 |
Valuation allowance |  |  | (2,638 | ) |  |  | (3,307 | )
Gross deferred tax assets, after valuation allowance |  |  | 35,245 |  |  |  | 24,645 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  |  | (70,572 | ) |  |  | (74,794 | )
Inventories |  |  | (2,150 | ) |  |  | (10,627 | )
Operating lease right-of-use asset |  |  | (13,332 | ) |  |  | (6,677 | )
Goodwill amortization |  |  | (3,584 | ) |  |  | (3,536 | )
Other |  |  | (1,639 | ) |  |  | (1,450 | )
Gross deferred tax liabilities |  |  | (91,277 | ) |  |  | (97,084 | )
Net deferred tax liability |  | $ | (56,032 | ) |  | $ | (72,439 | )

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