XML 59 R41.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | expense (benefit) for income taxes consists of the following for the years ended December 31:
(in thousands) | 2023 |  | 2022 |  | 2021
Current income tax provision |  |  |  |  |
Federal | $ | 9,117 |  |  | $ | 152 |  |  | $ | 1,296 |
State | 3,534 |  |  | 249 |  |  | 1,320 |
Foreign | 26 |  |  | 66 |  |  | 691 |
Total | 12,677 |  |  | 467 |  |  | 3,307 |
Deferred income tax benefit |  |  |  |  |
Federal | (7,601) |  |  | (13,382) |  |  | (12,163) |
State | (3,946) |  |  | (1,722) |  |  | (5,122) |
Foreign | (29) |  |  | (128) |  |  | 336 |
Total | (11,576) |  |  | (15,232) |  |  | (16,949) |
Change in valuation allowance | (8) |  |  | (4) |  |  | 187 |
Total expense (benefit) for income taxes | $ | 1,093 |  |  | $ | (14,769) |  |  | $ | (13,455) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between expected income tax expense (benefit) from applying U.S. Federal statutory tax rates to the pre-tax income (loss) and actual income tax expense (benefit) relates primarily to the effect of the following:
| As of December 31,
| 2023 |  | 2022 |  | 2021
US Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of Federal benefit | 4.8 | % |  | 3.2 | % |  | 3.3 | %
Foreign taxes | 0.0% |  | 0.1 | % |  | (1.0) | %
Change in valuation allowance | 0.0% |  | — | % |  | (0.3) | %
Stock-based compensation | 10.8 | % |  | (1.4) | % |  | (1.7) | %
Non-deductible costs | 2.1 | % |  | (0.5) | % |  | (0.8) | %
Change in state apportionment factors, state and foreign rates | (11.8) | % |  | (0.1) | % |  | 5.5 | %
Research and experimentation and charitable credits | (19.0) | % |  | 1.4 | % |  | 0.9 | %
Transfer pricing and other | (2.4) | % |  | (0.1) | % |  | (2.9) | %
Effective income tax rate | 5.5 | % |  | 23.6 | % |  | 24.0 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred income tax assets and liabilities consisted of the following:
| As of December 31,
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accruals and advances | $ | 12,470 |  |  | $ | 9,233 |
Stock-based compensation | 6,013 |  |  | 6,041 |
Accruals for chargebacks and returns | 17,358 |  |  | 15,344 |
Inventories | 4,569 |  |  | 5,292 |
Intangible assets | 40,193 |  |  | 33,431 |
Net operating loss carryforwards | 2,900 |  |  | 5,994 |
Capitalized research expenditures | 11,294 |  |  | 4,708 |
Other | 7,450 |  |  | 11,840 |
Total deferred tax assets | $ | 102,247 |  |  | $ | 91,883 |
Deferred tax liabilities: |  |  |
Depreciation | $ | (5,658) |  |  | $ | (5,776) |
Other liabilities | (5,440) |  |  | (4,298) |
Total deferred tax liabilities | $ | (11,098) |  |  | $ | (10,074) |
Valuation allowance | (438) |  |  | (446) |
Deferred tax assets, net of deferred tax liabilities and valuation allowance | $ | 90,711 |  |  | $ | 81,363 |

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