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INCOME TAXES

12 Months Ended

Dec. 31, 2024

INCOME TAXES

INCOME TAXES

8.INCOME TAXES

The following table summarizes income/(loss) before income taxes, including intercompany amounts:

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2024			2023			2022
United States	​	$	69,422	​	$	65,068	​	$	21,572
Foreign	​		10,708	​		8,716	​		4,160
Total	​	$	80,130	​	$	73,784	​	$	25,732

​

The following table presents the significant components of the income tax provision:

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2024			2023			2022
Current:		​			​			​
Federal	​	$	15,589	​	$	14,949	​	$	3,225
State	​		311	​		541	​		180
Foreign	​		1,906	​		2,184	​		920
Total Current	​	$	17,806	​	$	17,674	​	$	4,325
​	​	​	​	​	​	​	​	​	​
Deferred:	​			​			​
Federal	​	$	(789)	​	$	(1,797)	​	$	890
State	​		(358)	​		(310)	​		91
Foreign	​		(23)	​		(74)	​		80
Total Deferred	​	$	(1,170)	​	$	(2,181)	​	$	1,061
Provision for/(Benefit from) Income Taxes	​	$	16,636	​	$	15,493	​	$	5,386

​

The following table presents a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	December 31,
​		​	2024		​	2023		​	2022
Federal statutory tax rate		​	21.0	%	​	21.0	%	​	21.0	%
State taxes, net of federal tax benefit		​	—	%	​	0.2	%	​	0.8	%
Excess of foreign tax over U.S. tax on foreign income		​	(0.5)	%	​	0.4	%	​	0.5	%
Domestic tax deductions and credits		​	0.6	%	​	(0.2)	%	​	(1.3)	%
Foreign derived intangible income deduction		​	(0.4)	%	​	(0.6)	%	​	(0.3)	%
Other		​	—	%	​	0.2	%	​	0.3	%
Effective Tax Rate		​	20.8	%	​	21.0	%	​	21.0	%

​

The following table shows significant components of our deferred tax assets and liabilities:

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2024			2023
Deferred Tax Assets:		​			​
Allowance for credit losses	​	$	377	​	$	307
Accruals and reserves	​		2,021	​		3,169
Research and development	​	​	3,834	​	​	2,316
Other	​		2,252	​		1,099
Total deferred tax assets	​		8,484	​		6,891
Deferred Tax Liabilities:	​			​	​
Property, plant, and equipment	​		10,224	​		10,701
Other	​		1,145	​		260
Total deferred tax liabilities	​		11,369	​		10,961
Net Deferred Tax Liability	​	$	(2,885)	​	$	(4,070)

​

Deferred tax assets represent the future tax benefit of future deductible differences and, if it is more likely than not that a tax asset will not be realized, a valuation allowance is required to reduce the recorded deferred tax assets to net realizable value. The Company has evaluated positive and negative evidence to assess the realizability of its deferred taxes. Based on the evidence, the Company believes it is more likely than not that its deferred tax assets will be realizable. Accordingly, the Company has not included a valuation allowance against its deferred tax assets at this time.

We do not currently have plans to repatriate undistributed foreign earnings to the United States and have not determined any timeline or amount for any such future distributions.

As of December 31, 2024 and 2023, the Company had no federal net operating loss carryforwards, and a state net operating loss carryforward of approximately $8.9 million.

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions.  The Company’s 2020 and later tax years remain open to examination by the tax authorities. With few exceptions, as of December 31, 2024, the Company is no longer subject to U.S. federal, state, or non-U.S. income tax examination prior to 2020.

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