XML 61 R35.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for (Benefit From) Income Taxes

he geographical breakdown of the Company’s income before provision for income taxes was as follows (in thousands):

		Year Ended December 31,
		2023				2022
Domestic		$	17,352			$	19,094
International			2,442				5,683
Profits before provision for income taxes		$	19,794			$	24,777

Summary of Income Tax Expense Attributable to Income From Continuing Operations

Income tax expense attributable to income from continuing operations consists of (in thousands):

		Year Ended December 31,
		2023				2022
Current provision for income taxes:
Federal		$	162			$	702
Foreign			656				1,444
State			785				472
Total current			1,603				2,618
Deferred tax expense (benefit):
Federal			3,826				574
Foreign			34				488
State			(417	)			18
Total deferred tax expense:			3,443				1,080
Total provision for income taxes		$	5,046			$	3,698

Schedule of Reconciliation of Federal Statutory Rate to Company's Effective Tax Rate

The following table presents a reconciliation of the federal statutory rate to the Company’s effective tax rate:

		Year Ended December 31,
		2023				2022
U.S. federal tax benefit at statutory rate			21.0	%			21.0	%
State taxes, net of federal benefit			1.9	%			2.1	%
Permanent differences			3.6	%			2.0	%
Foreign rate differential			0.2	%			0.5	%
Valuation allowance			0.0	%			-2.1	%
Other			-1.2	%			-9.0	%
Effective tax rate			25.5	%			14.5	%

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below (in thousands):

		Year Ended December 31,
		2023				2022
Deferred tax assets
Net operating loss carryforward		$	1,544			$	3,378
Allowance for doubtful accounts			333				323
Share-based compensation			1,451				941
Bonus accrual			440				599
Inventory			130				53
Intangible assets			1,129				1,152
Other			—				140
Gross deferred tax assets			5,028				6,587
Valuation allowance			—				—
Net deferred tax assets			5,028				6,587
Deferred tax liabilities
Depreciation on property, plant, and equipment			(11,391	)			(8,958	)
Withholding tax on unremitted earnings			(264	)			(72	)
Other			—				(742	)
Deferred tax liabilities			(11,655	)			(9,772	)
Net deferred liabilities		$	(6,627	)		$	(3,185	)

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