XML 54 R42.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Federal and State Income Tax Provision The federal and state income tax provision consisted of the following:
Year ended December 31,  2023   2022   2021 
   Current   Deferred   Current   Deferred   Current   Deferred 
Federal  $14,763   $(5,285)  $21,741   $(4,694)  $42,422   $863 
State   1,713    (582)   3,779    (879)   7,279    131 
   $16,476   $(5,867)  $25,520   $(5,573)  $49,701   $994 

 
Schedule of Effective Income Tax Rate Reconciliation The effective income tax rate varied from the statutory federal income tax rate as follows:
Year ended December 31,  2023   2022   2021 
Statutory federal income tax rate   21.0%    21.0%    21.0% 
State income taxes, net of federal tax benefit   2.2    2.7    3.4 
Research and development tax credits   (2.7)   (4.2)   (0.4)
Other   (2.5)   (1.1)   0.5 
Effective income tax rate   18.0%    18.4%    24.5% 
Schedule of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities are as follows:
December 31,  2023   2022 
Deferred tax assets          
           
Capitalized research and development costs   9,144    4,838 
Employee compensation and benefits   2,452    2,316 
Allowances for doubtful accounts and discounts   431    637 
Inventories   1,635    1,196 
Stock-based compensation   1,698    1,661 
Other   1,608    1,705 
Total deferred tax assets   16,968    12,353 
Deferred tax liabilities:          
Depreciation   3,578    5,070 
Other   1,414    1,174 
Total deferred tax liabilities   4,992    6,244 
Net deferred tax assets  $11,976   $6,109