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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXESThe provision for income taxes is based on the earnings reported in the accompanying consolidated financial statements. The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred income tax liabilities and assets are determined based on the cumulative temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be applied to taxable income in years which those temporary differences are expected to be recovered or settled. Deferred income tax expense is measured by the net change in deferred income tax assets and liabilities during the year. The foreign components of income before the provision for income taxes were not material for the years ended December 31, 2021, 2020 and 2019. The components of the provision for income taxes are as follows:
| 2021 |  | 2020 |  | 2019
Currently payable: |  |  |  |  |
Federal | $ | 89,507,896 |  |  | $ | 67,606,617 |  |  | $ | 73,563,685 |
State | 5,642,926 |  |  | 10,180,218 |  |  | 3,765,929 |
Foreign | 2,098,433 |  |  | 1,882,195 |  |  | 1,468,018 |
Total | 97,249,255 |  |  | 79,669,030 |  |  | 78,797,632 |
Deferred income tax benefit: |  |  |  |  |
Primarily federal | (41,694,751) |  |  | (15,419,722) |  |  | (3,066,237) |
Provision for income taxes | $ | 55,554,504 |  |  | $ | 64,249,308 |  |  | $ | 75,731,395 |
The effective income tax rates are different from the statutory federal income tax rates for the following reasons:
| 2021 |  | 2020 |  | 2019
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 0.7 |  |  | 2.1 |  |  | 0.6 |
Research tax credit | (1.0) |  |  | (1.4) |  |  | (1.1) |
Increase (Decrease) in reserve for uncertain tax provisions | 0.1 |  |  | (0.1) |  |  | 0.3 |
Foreign tax credit | (0.2) |  |  | (0.1) |  |  | (0.1) |
Foreign derived intangible income deduction | (6.3) |  |  | (5.2) |  |  | (4.8) |
Stock compensation | (1.3) |  |  | (1.0) |  |  | (1.1) |
Other | 0.3 |  |  | 0.3 |  |  | 0.3 |
Effective income tax rate | 13.3 | % |  | 15.6 | % |  | 15.1 | %
The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2021 and 2020, are as follows:
| December 31,
| 2021 |  | 2020
Assets: |  |  |
Accruals not currently deductible | $ | 12,823,493 |  |  | $ | 13,135,048 |
Research and development costs | 49,099,538 |  |  | 13,371,625 |
Stock based compensation | 13,707,737 |  |  | 11,983,900 |
Other | 2,118,484 |  |  | 1,163,204 |
Total deferred income tax assets | $ | 77,749,252 |  |  | $ | 39,653,777 |
Liabilities: |  |  |
Excess tax over book depreciation | $ | (20,728,577) |  |  | $ | (29,977,693) |
Goodwill | (37,999,022) |  |  | (33,427,901) |
Intangible assets | (11,718,904) |  |  | (11,237,588) |
Other | (2,507,071) |  |  | (3,971,338) |
Total deferred income tax liabilities | $ | (72,953,574) |  |  | $ | (78,614,520) |
Net deferred income taxes | $ | 4,795,678 |  |  | $ | (38,960,743) |
Net operating loss carryforwards with no expiration totaling $8.5 million are available to reduce future taxable earnings of certain domestic and foreign subsidiaries. Income taxes paid in cash were approximately $105.8 million, $61.9 million and $74.9 million in 2021, 2020 and 2019, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2021 |  | 2020 |  | 2019
Beginning of year | $ | 4,864,000 |  |  | $ | 6,392,000 |  |  | $ | 4,678,000 |
Additions based on tax positions related to the current year | 1,023,000 |  |  | 918,000 |  |  | 1,695,000 |
Additions for tax positions in prior years | 364,000 |  |  | 770,000 |  |  | 657,000 |
Reductions for tax positions in prior years | (51,000) |  |  | (2,907,000) |  |  | (38,000) |
Reductions as a result of a lapse of the applicable statute of limitations | (925,000) |  |  | (309,000) |  |  | (600,000) |
End of year | $ | 5,275,000 |  |  | $ | 4,864,000 |  |  | $ | 6,392,000 |
If recognized, unrecognized tax benefits would affect the effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits through the provision for income taxes. The Company has accrued approximately $605,000, $577,000, and $574,000 for interest as of December 31, 2021, 2020, and 2019, respectively. Interest expensed during 2021, 2020 and 2019 was not considered significant. The Company is also subject to periodic and routine audits in both domestic and foreign tax jurisdictions, and it is reasonably possible that the amounts of unrecognized tax benefits could change as a result of an audit. Based on the current audits in process, the payment of taxes as a result of audit settlements, and the completion of tax examinations, the Company does not expect these to have a material impact on the Company’s financial position or results of operations. For the majority of tax jurisdictions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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