XML 49 R33.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense is composed of the following:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 19,746 |  |  | $ | 10,825 |  |  | $ | 6,426 |
State | 3,489 |  |  | 1,291 |  |  | 412 |
Foreign | 294 |  |  | — |  |  | — |
| 23,529 |  |  | 12,116 |  |  | 6,838 |
Deferred: |  |  |  |  |
Federal | 5,345 |  |  | (302) |  |  | 352 |
State | 1,405 |  |  | 442 |  |  | (46) |
| 6,750 |  |  | 140 |  |  | 306 |
Total | $ | 30,279 |  |  | $ | 12,256 |  |  | $ | 7,144 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense at the normal statutory federal rate to income tax expense included in the accompanying Consolidated Statements of Income is below:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
“Expected” provision at federal statutory rate | $ | 25,435 |  |  | $ | 11,046 |  |  | $ | 9,654 |
State income taxes, net | 5,713 |  |  | 2,408 |  |  | 1,540 |
Foreign income taxes | 294 |  |  | — |  |  | — |
Change in valuation allowance | 204 |  |  | (422) |  |  | (168) |
Share-based compensation | 31 |  |  | 56 |  |  | (2,877) |
Federal and state tax credits | (1,363) |  |  | (1,035) |  |  | (1,302) |
Other | (35) |  |  | 203 |  |  | 297 |
Income tax expense | $ | 30,279 |  |  | $ | 12,256 |  |  | $ | 7,144 |
Effective tax rate | 25.0 | % |  | 23.3 | % |  | 15.6 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences giving rise to deferred income taxes shown on the Consolidated Balance Sheets are as follows:
| December 31,
| 2021 |  | 2020
Deferred income tax assets: |  |  |
Share-based compensation | $ | 1,973 |  |  | $ | 2,123 |
State tax credit carryforwards | 2,343 |  |  | 2,986 |
Operating loss carryforwards | 2,416 |  |  | 1,264 |
Inventories | 1,923 |  |  | 2,077 |
Operating lease liabilities | 2,536 |  |  | 1,322 |
Deferred compensation | 1,357 |  |  | 1,250 |
Other | 3,362 |  |  | 1,732 |
Gross deferred income tax assets | 15,910 |  |  | 12,754 |
Less: valuation allowance | (1,657) |  |  | (862) |
Net deferred income tax assets | 14,253 |  |  | 11,892 |
Deferred income tax liabilities: |  |  |
Property, plant and equipment | (24,627) |  |  | (12,205) |
Intangibles | (46,956) |  |  | — |
Inventory | (4,307) |  |  | — |
Operating lease right-of-use assets | (2,487) |  |  | (1,318) |
Other | (1,977) |  |  | (667) |
Gross deferred income tax liabilities | (80,354) |  |  | (14,190) |
Net deferred income tax liability | $ | (66,101) |  |  | $ | (2,298) |
Summary of Valuation Allowance | A schedule of the change in valuation allowance is as follows:
Balance at December 31, 2019 | $ | 1,284 |
Decrease | (422) |
Balance at December 31, 2020 | 862 |
Increase | 795 |
Balance at December 31, 2021 | $ | 1,657 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for 2021, 2020, and 2019:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019 |  |
Beginning of year balance | $ | 112 |  |  | $ | 255 |  |  | $ | 193 |  |  |
Additions based on prior year tax positions | — |  |  | 2 |  |  | 3 |  |  |
Additions based on current year tax positions | 31 |  |  | 20 |  |  | 78 |  |  |
Reduction for prior year tax positions | (30) |  |  | — |  |  | (19) |  |  |
Reductions for settlements | — |  |  | (165) |  |  | — |  |  |
End of year balance | $ | 113 |  |  | $ | 112 |  |  | $ | 255 |  |  |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration