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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of income/(loss) before income tax, domestic and foreign

​

​	​	​	​	​	​	​	​	​	​
​	​	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

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	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

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	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	%

Schedule of deferred income 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)

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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

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-Topic 740
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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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