XML 57 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Our provision for income taxes was comprised of the following components:

			Year Ended December 31,
(in thousands)			2023						2022						2021
Current
Federal			$	20,168					$	13,881					$	1,559
State			4,221						4,149						1,890
Foreign			2,103						1,990						1,610
Deferred
Federal			(5,425)						(2,530)						4,294
State			(390)						(751)						(88)
Foreign			(938)						(549)						(321)
			$	19,739					$	16,190					$	8,944

Schedule of Income Tax Expense Differed from Amounts Computed by applying U.S. Federal Income Tax Rate to Pretax Income

Our income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to pretax income as a result of the following:

			Year Ended December 31,
			2023						2022						2021
U.S. statutory federal income tax rate			21.0		%				21.0		%				21.0		%
Increase (decrease) resulting from:
U.S. state income taxes, net of federal tax effect			5.1						4.6						4.5
Tax impact of stock activity			(5.6)						(4.7)						(12.8)
Nondeductible compensation			4.7						3.5						5.0
Research and development credit			(1.5)						(1.5)						(1.1)
Foreign derived intangible income			(1.3)						(1.4)						(1.3)
Other			0.7						1.2						1.4
Effective tax rate			23.1		%				22.7		%				16.7		%

Significant Components of Deferred Tax Assets (Liabilities)

The significant components of our deferred income tax assets and liabilities were as follows:

			December 31,
(in thousands)			2023						2022
Deferred income tax assets
Net operating loss and credit carryforwards			$	10,212					$	9,970
Stock-based compensation expense			6,304						5,084
Accrued expenses			6,067						4,469
Operating lease liabilities			3,470						4,384
Research and development capitalized			17,007						9,591
Other deferred income tax assets			2,705						2,408
Gross deferred income tax assets			45,765						35,906
Less: valuation allowance			(2,545)						(1,873)
Total net deferred income tax assets			$	43,220					$	34,033
Deferred income tax liabilities
Deferred costs			$	(20,672)					$	(17,696)
Right-of-use assets			(1,884)						(2,338)
Depreciation and amortization			(28,066)						(20,282)
Other deferred income tax liabilities			(1,065)						(909)
Total deferred income tax liabilities			(51,687)						(41,225)
Net deferred income tax liabilities			$	(8,467)					$	(7,192)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration