XML 48 R35.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Provision for income taxes reflected in the accompanying consolidated statements of operations are comprised of the following (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,935 |  |  | $ | 11,293 |  |  | $ | 1 |
State and local |  |  | 2,167 |  |  |  | 2,031 |  |  |  | 43 |
Foreign |  |  | 3,070 |  |  |  | 3,523 |  |  |  | 254 |
Total current income tax expense (benefit) |  |  | 17,172 |  |  |  | 16,847 |  |  |  | 298 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (8,989 | ) |  |  | (51,579 | ) |  |  | — |
State and Local |  |  | (1,358 | ) |  |  | (6,071 | ) |  |  | — |
Foreign |  |  | 8 |  |  |  | (205 | ) |  |  | (72 | )
Total deferred income tax expense (benefit) |  |  | (10,339 | ) |  |  | (57,855 | ) |  |  | (72 | )
Total income tax expense (benefit) |  | $ | 6,833 |  |  | $ | (41,008 | ) |  | $ | 226 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets/(liabilities) are as follows (in thousands):
|  | Year ended December 31, |
Deferred Income Tax Assets: |  | 2023 |  |  | 2022 |
Reserve for sales allowances and possible losses |  | $ | 654 |  |  | $ | 469 |
Accrued expenses |  |  | 3,467 |  |  |  | 3,884 |
Prepaid royalties |  |  | 676 |  |  |  | 599 |
Accrued royalties |  |  | 1,693 |  |  |  | 465 |
Inventory |  |  | 12,444 |  |  |  | 9,574 |
State income taxes |  |  | 477 |  |  |  | 420 |
Property and equipment |  |  | 1,789 |  |  |  | 1,701 |
Goodwill and intangibles |  |  | 1,192 |  |  |  | 2,412 |
Share based compensation |  |  | 1,025 |  |  |  | 738 |
Interest limitation |  |  | 2,243 |  |  |  | 2,256 |
Operating lease liabilities |  |  | 4,991 |  |  |  | 4,120 |
Federal and state net operating loss carryforwards |  |  | 34,458 |  |  |  | 31,263 |
Credit carryforwards |  |  | 110 |  |  |  | 110 |
Research and development capitalization |  |  | 7,962 |  |  |  | 3,792 |
Other |  |  | 1,097 |  |  |  | 1,195 |
Total Deferred Income Tax Assets |  |  | 74,278 |  |  |  | 62,998 |
Deferred Income Tax Liabilities: |  |  |  |  |  |  |  |
Undistributed foreign earnings |  |  | (503 | ) |  |  | (479 | )
Operating lease right-of-use assets |  |  | (4,908 | ) |  |  | (3,989 | )
Total Deferred Income Tax Liabilities |  |  | (5,411 | ) |  |  | (4,468 | )
Valuation allowance |  |  | (724 | ) |  |  | (726 | )
Total Net Deferred Income Tax Assets/(Liabilities) |  | $ | 68,143 |  |  | $ | 57,804 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Provision for income taxes varies from the U.S. federal statutory rate. The following reconciliation shows the significant differences in the tax at statutory and effective rates:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal income tax expense |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income tax expense, net of federal tax effect |  |  | 2.0 |  |  |  | 1.9 |  |  |  | 3.3 |
Effect of differences in U.S. and foreign statutory rates |  |  | (1.1 | ) |  |  | (1.3 | ) |  |  | (0.5 | )
Uncertain tax positions |  |  | 0.6 |  |  |  | 5.5 |  |  |  | 7.0 |
Provision to return |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | 5.0 |
Other deferred adjustments |  |  | (5.7 | ) |  |  | 21.4 |  |  |  | 1.3 |
Change in tax rate |  |  | 0.1 |  |  |  | 6.9 |  |  |  | 6.5 |
Foreign derived intangible income |  |  | (9.8 | ) |  |  | (10.6 | ) |  |  | 0.0 |
Non-deductible expenses |  |  | (0.7 | ) |  |  | 4.7 |  |  |  | (38.5 | )
PPP Loan |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 29.1 |
Unrealized loss |  |  | 4.2 |  |  |  | 0.3 |  |  |  | (138.9 | )
Section 162(m) |  |  | 6.4 |  |  |  | 4.2 |  |  |  | (30.2 | )
R&D credit |  |  | (1.5 | ) |  |  | (0.5 | ) |  |  | 0.0 |
Foreign tax credit |  |  | 0.0 |  |  |  | (3.6 | ) |  |  | 0.0 |
Undistributed foreign earnings |  |  | 0.1 |  |  |  | (1.4 | ) |  |  | (8.7 | )
Valuation allowance |  |  | 0.0 |  |  |  | (130.2 | ) |  |  | 139.6 |
Other |  |  | (0.3 | ) |  |  | 0.0 |  |  |  | 0.0 |
|  |  | 15.2 | % |  |  | (81.9 | )% |  |  | (4.0 | )%
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of income (loss) before provision for income taxes are as follows (in thousands):
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 28,552 |  |  | $ | 31,588 |  |  | $ | (7,881 | )
Foreign |  |  | 16,394 |  |  |  | 18,487 |  |  |  | 2,219 |
|  | $ | 44,946 |  |  | $ | 50,075 |  |  | $ | (5,662 | )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table provides further information of UTPs that would affect the effective tax rate, if recognized, as of December 31, 2023 (in millions):
Balance, December 31, 2020 |  | $ | 1.0 |
Settlements |  |  | (0.8 | )
Balance, December 31, 2021 |  |  | 0.2 |
Additions based on tax positions related to the current year |  |  | 0.1 |
Additions for tax positions of prior years |  |  | 2.8 |
Settlements |  |  | (0.2 | )
Balance, December 31, 2022 |  |  | 2.9 |
Additions based on tax positions related to the current year |  |  | 0.3 |
Additions for tax positions of prior years |  |  | 0.8 |
Settlements |  |  | (0.9 | )
Balance, December 31, 2023 |  | $ | 3.1 |

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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + 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 income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration