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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | The components of income before income taxes are as follows (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Domestic | $ | 79,785 |  |  | $ | 59,736 |  |  | $ | 9,897 |
Foreign | 7,146 |  |  | 6,165 |  |  | 9,285 |
Total income before taxes | $ | 86,931 |  |  | $ | 65,901 |  |  | $ | 19,182 |
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current - |  |  |  |  |
Federal | $ | 22,514 |  |  | $ | 18,591 |  |  | $ | (5,243) |
State | 2,620 |  |  | 4,501 |  |  | (522) |
Foreign | 2,044 |  |  | 2,248 |  |  | 3,056 |
Total current | 27,178 |  |  | 25,340 |  |  | (2,709) |
Deferred - |  |  |  |  |
Federal | (7,679) |  |  | (5,875) |  |  | 5,016 |
State | (1,133) |  |  | (1,083) |  |  | 1,810 |
Foreign | (247) |  |  | (583) |  |  | (686) |
Total deferred | (9,059) |  |  | (7,541) |  |  | 6,140 |
Total current and deferred taxes | $ | 18,119 |  |  | $ | 17,799 |  |  | $ | 3,431 |
Schedule of Differences Between Income Taxes Computed at Statutory Income Tax Rate and Provision For Income Taxes | The difference between income taxes computed at the statutory income tax rate and the provision for income taxes is as follows (in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Income taxes computed at federal statutory rate | $ | 18,255 |  |  | $ | 13,839 |  |  | $ | 4,028 |
State income taxes, net of federal benefit | 1,669 |  |  | 2,701 |  |  | 1,017 |
Foreign taxes | 144 |  |  | 122 |  |  | 186 |
Nondeductible expenses | 2,670 |  |  | 1,158 |  |  | 353 |
Enacted rate changes | (58) |  |  | 240 |  |  | 318 |
Research and development tax credit | (4,811) |  |  | (250) |  |  | (1,036) |
Valuation allowance | 274 |  |  | (1) |  |  | 1 |
Tax reform deferred tax remeasurement | — |  |  | — |  |  | (2,587) |
Uncertain tax positions | (33) |  |  | 271 |  |  | 871 |
Other | 9 |  |  | (281) |  |  | 280 |
Total income tax expense | $ | 18,119 |  |  | $ | 17,799 |  |  | $ | 3,431 |
Deferred tax liabilities and assets were comprised of the following (in thousands):
Schedule of Deferred Tax Liabilities and Assets |
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for doubtful accounts | $ | 879 |  |  | $ | 1,570 |
Inventory | 3,371 |  |  | 4,585 |
Texas research and development tax credit carryforward | 2,239 |  |  | 2,329 |
Louisiana research and development tax credit carryforward | 10 |  |  | 10 |
Foreign tax credit carryforward | 64 |  |  | 64 |
Net operating loss carryforward | 1,328 |  |  | 1,201 |
Capital loss carryforward | 4 |  |  | 4 |
Accruals | 8,190 |  |  | 6,190 |
ROU asset | 220 |  |  | 219 |
Research expenses | 23,822 |  |  | 16,945 |
Total deferred tax assets | 40,127 |  |  | 33,117 |
Less valuation allowance | (278) |  |  | (4) |
Total deferred tax asset, net of valuation allowance | 39,849 |  |  | 33,113 |
Deferred tax liabilities: |  |  |
Goodwill | (18,476) |  |  | (18,439) |
Intangibles | (8,363) |  |  | (9,553) |
Property and equipment | (7,885) |  |  | (8,542) |
Deferred compensation | (215) |  |  | — |
Unremitted foreign earnings | (421) |  |  | (421) |
Method changes | (342) |  |  | (225) |
Other | (643) |  |  | (825) |
Total deferred tax liability | $ | (36,345) |  |  | $ | (38,005) |
Net deferred tax asset (liability) | $ | 3,504 |  | 3504000 | $ | (4,892) |
Schedule of Changes in Valuation Allowance for Deferred Tax Assets | The following summarizes changes in the balance of valuation allowances on deferred tax assets (in thousands):
| 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | (4) |  |  | $ | (4) |  |  | $ | (12,813) |
Changes due to state operating loss and foreign capital loss carryforwards | (274) |  |  | — |  |  | 12,809 |
Balance at December 31 | $ | (278) |  |  | $ | (4) |  |  | $ | (4) |
Schedule of Tax Carryforwards | Expected tax benefit on carryforwards available for use on future income tax returns, prior to valuation allowance, at December 31, 2023, are as follows (in thousands):
| Domestic |  | Foreign |  | Expiration
Net operating loss - foreign | $ | — |  |  | $ | 491 |  |  | 2034-2042
Net operating loss - federal | 562 |  |  | — |  |  | 2036-2042
Net operating loss - state | 338 |  |  | — |  |  | Indefinite
Capital loss carryforward - foreign | — |  |  | 4 |  |  | Indefinite
Foreign tax credits | 64 |  |  | — |  |  | 2023,2025
Texas research and development tax credits | 2,239 |  |  | — |  |  | 2037-2042
Louisiana research and development tax credits | $ | 10 |  |  | $ | — |  |  | 2024-2026
Schedule of Changes in Unrecognized Tax Benefits | Changes in the balance of unrecognized tax benefits excluding interest and penalties on uncertain tax positions are as follows (in thousands):
| Assets (Liabilities)
| 2023 |  | 2022 |  | 2021
Balance at January 1, | $ | (5,918) |  |  | $ | (6,316) |  |  | $ | (5,057) |
Increases related to prior year tax positions | — |  |  | — |  |  | (687) |
Decreases related to prior year tax positions | 1,475 |  |  | 614 |  |  | — |
Increases related to current year tax positions | (1,312) |  |  | (216) |  |  | (572) |
Balance at December 31, | $ | (5,755) |  |  | $ | (5,918) |  |  | $ | (6,316) |

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