XML 80 R39.htm IDEA: XBRL DOCUMENT
v3.25.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of the Provisions for Income Taxes | The provision for income taxes consists of the following:
|  | Year Ended December 31,
($ in thousands) |  | 2025 |  | 2024 |  | 2023
Current income tax expense: |  |  |  |  |  |
U.S. federal |  | $ | 556 |  |  | $ | 35,288 |  |  | $ | 44,126 |
U.S. state and local |  | 5,921 |  |  | 11,324 |  |  | 4,816 |
Foreign |  | — |  |  | 38 |  |  | 10 |
Total current |  | 6,477 |  |  | 46,650 |  |  | 48,952 |
Deferred income tax (benefit) expense, net: |  |  |  |  |  |
U.S federal |  | 34,020 |  |  | (5,509) |  |  | (3,578) |
U.S. state and local |  | 1,519 |  |  | (971) |  |  | 2,994 |
Foreign |  | (10) |  |  | (1) |  |  | (7) |
Total deferred |  | 35,529 |  |  | (6,481) |  |  | (591) |
Total income tax provision |  | $ | 42,006 |  |  | $ | 40,169 |  |  | $ | 48,361 |
Schedule of Supplemental Cash Flows Information | Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1 "Basis of Presentation and Significant Accounting Policies", cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows:
($ in thousands) |  |
Federal |  | $ | 18,160 |
State (1) |  | 5,482 |
Foreign |  | — |
Total cash paid for income taxes, net of refunds |  | $ | 23,642 |
(1)For the year ended December 31, 2025, Indiana was the only U.S state jurisdiction where cash payments equaled or exceeded 5% of total income taxes. Supplemental cash flow information was as follows:
|  | Year Ended December 31,
($ in thousands) |  | 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ | 68,799 |  |  | $ | 63,958 |  |  | $ | 55,933 |
Operating cash flows used for finance leases |  | $ | 214 |  |  | $ | — |  |  | $ | — |
Finance cash flows used for finance leases |  | $ | 516 |  |  | $ | — |  |  | $ | — |
Right-of-use assets obtained in exchange for new lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 59,292 |  |  | $ | 77,558 |  |  | $ | 65,505 |
Finance leases |  | $ | 2,672 |  |  | $ | — |  |  | $ | — |
Schedule of the Reconciliation of Differences Between Income Taxes and Tax Provisions | Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 1 "Basis of Presentation and Significant Accounting Policies", the reconciliation of taxes at the federal statutory rate to our provision for income taxes for the year ended December 31, 2025 was as follows:
($ in thousands) |  | Year Ended December 31, 2025
U.S. federal statutory tax rate |  | $ | 37,183 |  | 21.0 | %
United States: |  |  |
State and local income taxes (1) |  | 6,200 |  | 3.5 | %
Tax credits: |  |  |
Research and development tax credits |  | (1,817) |  | (1.0) | %
Nontaxable or nondeductible items: |  |  |
Section 162(m) permanent add back |  | 2,826 |  | 1.6 | %
Excess tax benefit on stock-based compensation |  | (3,646) |  | (2.1) | %
Other adjustments |  | 1,260 |  | 0.7 | %
Income taxes |  | $ | 42,006 |  | 23.7 | %
(1)For the year ended December 31, 2025, the states that contributed to the majority (greater than 50%) of the tax effect in this category include Indiana and Tennessee. A reconciliation of taxes at the federal statutory rate to our provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:
($ in thousands) |  | 2024 |  | 2023
Rate applied to pretax income |  | $ | 37,500 |  | 21.0 | % |  | $ | 40,201 |  | 21.0 | %
State taxes, net of federal tax effect |  | 7,975 |  | 4.5 | % |  | 6,797 |  | 3.6 | %
Research and development tax credits |  | (3,750) |  | (2.1) | % |  | (2,889) |  | (1.5) | %
Section 162(m) permanent add back |  | 4,603 |  | 2.6 | % |  | 6,315 |  | 3.3 | %
Excess tax benefit on stock-based compensation |  | (6,469) |  | (3.6) | % |  | (3,513) |  | (1.8) | %
Other |  | 310 |  | 0.1 | % |  | 1,450 |  | 0.7 | %
Income taxes |  | $ | 40,169 |  | 22.5 | % |  | $ | 48,361 |  | 25.3 | %
Schedule of Deferred Tax Assets and Liabilities | The composition of the deferred tax assets and liabilities is as follows:
|  | As of December 31,
($ in thousands) |  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Trade receivables allowance |  | $ | 1,013 |  |  | $ | 1,215 |
Inventory capitalization |  | 4,021 |  |  | 4,329 |
Inventory reserves |  | 9,089 |  |  | 8,503 |
Federal NOL carryforwards |  | 565 |  |  | 386 |
State NOL carryforwards |  | 1,144 |  |  | 453 |
Accrued expenses |  | 17,247 |  |  | 18,831 |
Deferred compensation |  | 838 |  |  | 805 |
Operating lease liabilities |  | 51,109 |  |  | 50,784 |
Share-based compensation |  | 7,286 |  |  | 6,498 |
Capitalized research & experimentation costs |  | — |  |  | 30,140 |
Other |  | 911 |  |  | 278 |
Total deferred tax assets before valuation allowance |  | 93,223 |  |  | 122,222 |
Less: valuation allowance |  | (408) |  |  | (480) |
Total deferred tax assets, net of valuation allowance |  | $ | 92,815 |  |  | $ | 121,742 |
Deferred tax liabilities: |  |  |  |
Prepaid expenses |  | $ | (5,235) |  |  | $ | (5,569) |
Operating lease right-of-use assets |  | (49,920) |  |  | (49,785) |
Depreciation expense |  | (49,678) |  |  | (45,026) |
Intangibles |  | (84,857) |  |  | (82,708) |
Total deferred tax liabilities |  | (189,690) |  |  | (183,088) |
Net deferred tax liabilities |  | $ | (96,875) |  |  | $ | (61,346) |

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 supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -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