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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Taxes from Continuing Operations | The components of income before taxes consisted of the following for the years ended December 31 (in thousands):
| 2024 |  | 2023 |  | 2022
Domestic | $ | 167,870 |  |  | $ | 149,348 |  |  | $ | 112,635 |
Foreign | 6,055 |  |  | (356) |  |  | (1,145) |
Income before taxes | $ | 173,925 |  |  | $ | 148,992 |  |  | $ | 111,490 |
Summary of Provision for Income Taxes for Continuing Operations | The provision for income taxes for the years ended December 31 consisted of the following (in thousands):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
U.S. Federal | $ | 28,126 |  |  | $ | 21,579 |  |  | $ | 17,014 |
State | 7,838 |  |  | 6,048 |  |  | 5,647 |
Foreign | 1,103 |  |  | 32 |  |  | 86 |
Total current | 37,067 |  |  | 27,659 |  |  | 22,747 |
Deferred: |  |  |  |  |
U.S. Federal | (440) |  |  | 8,617 |  |  | 5,259 |
State | (244) |  |  | 2,112 |  |  | 1,381 |
Foreign | 202 |  |  | 71 |  |  | (303) |
Total deferred | (482) |  |  | 10,800 |  |  | 6,337 |
Provision for income taxes | $ | 36,585 |  |  | $ | 38,459 |  |  | $ | 29,084 |
Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate | The provision for income taxes differs from the federal statutory rate of 21% due to the following for the years ended December 31 (in thousands, except for percentages) :
| 2024 |  | 2023 |  | 2022
Statutory rate | $ | 36,524 |  |  | 21.0 | % |  | $ | 31,288 |  |  | 21.0 | % |  | $ | 23,413 |  |  | 21.0 | %
State taxes, less federal effect | 5,990 |  |  | 3.5 | % |  | 6,446 |  |  | 4.3 | % |  | 5,541 |  |  | 5.0 | %
Federal tax credits | (2,194) |  |  | (1.3) | % |  | (787) |  |  | (0.5) | % |  | (549) |  |  | (0.5) | %
Excess tax benefit on stock based compensation | (292) |  |  | (0.2) | % |  | (203) |  |  | (0.1) | % |  | (214) |  |  | (0.2) | %
Executive compensation | 1,756 |  |  | 1.0 | % |  | 1,369 |  |  | 0.9 | % |  | 960 |  |  | 0.9 | %
Valuation allowance | (6,027) |  |  | (3.5) | % |  | — |  |  | — | % |  | — |  |  | — | %
Other | 828 |  |  | 0.5 | % |  | 346 |  |  | 0.2 | % |  | (67) |  |  | (0.1) | %
| $ | 36,585 |  |  | 21.0 | % |  | $ | 38,459 |  |  | 25.8 | % |  | $ | 29,084 |  |  | 26.1 | %
Deferred Tax Liabilities (Assets) | Deferred tax liabilities at December 31 consisted of the following (in thousands):
| 2024 |  | 2023
Depreciation | $ | 13,523 |  |  | $ | 13,838 |
Goodwill | 69,155 |  |  | 65,967 |
Operating leases | 11,265 |  |  | 11,325 |
Intangible assets | — |  |  | 1,919 |
Other | 1,890 |  |  | 1,847 |
Gross deferred tax liabilities | 95,833 |  |  | 94,896 |
Capitalized research and development costs | (8,184) |  |  | (6,286) |
Equity compensation | (7,148) |  |  | (6,907) |
Operating leases | (11,670) |  |  | (11,678) |
Intangible assets | (854) |  |  | — |
Capital loss carryforward | (19,392) |  |  | (26,527) |
Warranty reserves | (3,901) |  |  | (1,790) |
Other | (7,476) |  |  | (11,215) |
Gross deferred tax assets | (58,625) |  |  | (64,403) |
Valuation allowances | 19,434 |  |  | 26,593 |
Deferred tax assets, net of valuation allowances | (39,191) |  |  | (37,810) |
Net deferred tax liabilities | $ | 56,642 |  |  | $ | 57,086 |
Summary of Valuation Allowance | The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands):
| 2024 |  | 2023 |  | 2022
Balance as of January 1 | $ | 26,593 |  |  | $ | 26,488 |  |  | $ | 26,581 |
Cost charged to the tax provision | 11 |  |  | 105 |  |  | 10 |
Reductions | (7,170) |  |  | — |  |  | (103) |
Balance as of December 31 | $ | 19,434 |  |  | $ | 26,593 |  |  | $ | 26,488 |

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