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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2017. The federal and state income tax provision consisted of the following:
Year ended December 31, |  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |
|  |  | Current |  |  |  | Deferred |  |  |  | Current |  |  |  | Deferred |  |  |  | Current |  |  |  | Deferred |
Federal |  | $ | 20,201 |  |  | $ | 3,696 |  |  | $ | 10,705 |  |  | $ | (1,911 | ) |  | $ | 17,574 |  |  | $ | (3,265 | )
State |  |  | 6,519 |  |  |  | 167 |  |  |  | 2,455 |  |  |  | (513 | ) |  |  | 3,859 |  |  |  | (387 | )
|  | $ | 26,720 |  |  | $ | 3,863 |  |  | $ | 13,160 |  |  | $ | (2,424 | ) |  | $ | 21,433 |  |  | $ | (3,652 | )
The effective income tax rate varied from the statutory federal income tax rate as follows:
Year ended December 31, |  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |  |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |
State income taxes, net of federal tax benefit |  |  | 4.4 |  |  |  | 3.6 |  |  |  | 4.0 |  |
Other items |  |  | (0.1 | ) |  |  | 0.4 |  |  |  | 0.9 |  |
Effective income tax rate |  |  | 25.3 | % |  |  | 25.0 | % |  |  | 25.9 | % |
The Tax Cuts and Jobs Act of 2017 lowered the statutory corporate tax rate from 35% to 21% for years beginning after December 31, 2017. The Company estimates that its effective tax rate in 2021 will approximate 25%. 63 Table of Contents Significant components of the Company’s deferred tax assets and liabilities are as follows:
December 31, |  | 2020 |  |  | 2019 |
Deferred tax assets |  |  |  |  |  |  |  |
Product Liability |  | $ | 285 |  |  | $ | 203 |
Employee compensation and benefits |  |  | 2,548 |  |  |  | 2,263 |
Allowances for doubtful accounts and discounts |  |  | 445 |  |  |  | 3,761 |
Inventories |  |  | 954 |  |  |  | 978 |
Stock-based compensation |  |  | 3,353 |  |  |  | 3,064 |
Other |  |  | 1,443 |  |  |  | 1,637 |
Total deferred tax assets |  |  | 9,028 |  |  |  | 11,906 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 6,638 |  |  |  | 5,631 |
Other |  |  | 860 |  |  |  | 882 |
Total deferred tax liabilities |  |  | 7,498 |  |  |  | 6,513 |
Net deferred tax assets |  | $ | 1,530 |  |  | $ | 5,393 |
The Company made income tax payments of approximately $30.6 million, $16.0 million, and $18.1 million, during 2020, 2019, and 2018, respectively. The Company expects to realize its deferred tax assets through tax deductions against future taxable income. The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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