XML 56 R41.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

 

​

    

2022

    

2021

    

2020

 

​

​

(in thousands)

 

United States

​

$

198,028

​

$

116,380

​

$

51,934

​

Foreign

​

 

6,857

​

 

4,048

​

 

3,952

​

Income before income taxes

​

$

204,885

​

$

120,428

​

$

55,886

​

​

Schedule of provision for income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

 

​

    

2022

    

2021

    

2020

 

​

​

(in thousands)

 

Current:

​

​

​

​

​

​

​

​

​

​

United States

​

​

​

​

​

​

​

​

​

​

Federal

​

$

8,430

​

$

—

​

$

—

​

State

​

 

1,716

​

 

82

​

 

157

​

Foreign

​

 

3,124

​

 

1,439

​

 

1,062

​

Total current

​

 

13,270

​

 

1,521

​

 

1,219

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

​

9,097

​

​

20,521

​

​

4,594

​

State

​

​

(102)

​

​

406

​

​

295

​

Foreign

​

 

(459)

​

 

(670)

​

 

(204)

​

Total deferred

​

 

8,536

​

 

20,257

​

 

4,685

​

Income tax provision

​

$

21,806

​

$

21,778

​

$

5,904

​

​

Schedule of reconciliation of income taxes at the United States Federal statutory rate to the effective income tax rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

 

​

    

2022

    

2021

    

2020

 

​

​

(in thousands)

 

Income taxes at the United States statutory rate

​

$

43,026

​

$

25,290

​

$

11,736

​

State income taxes

​

 

1,075

​

 

387

​

 

226

​

Effect of change in valuation allowance

​

 

680

​

 

(1,443)

​

 

806

​

Foreign income tax rate differentials

​

 

289

​

 

152

​

 

181

​

Stock based compensation

​

 

(3,818)

​

 

(3,658)

​

 

(2,803)

​

Internal revenue code section 162(m) limitation

​

​

2,692

​

​

1,481

​

​

409

​

Credit expirations

​

​

1,181

​

​

2,342

​

​

(14)

​

Rate change

​

​

94

​

​

159

​

​

151

​

Credit generation

​

​

(4,764)

​

​

(3,096)

​

​

(2,473)

​

Discrete items, net

​

​

206

​

​

72

​

​

(147)

​

Previously unrecognized tax benefit

​

​

—

​

​

—

​

​

(4,063)

​

GILTI inclusion

​

​

69

​

​

301

​

​

732

​

Foreign-derived intangible income

​

​

(20,526)

​

​

—

​

​

—

​

Other, net

​

 

1,602

​

 

(209)

​

 

1,163

​

Income tax provision

​

$

21,806

​

$

21,778

​

$

5,904

​

​

Schedule of significant components of current and long-term deferred income taxes

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

 

​

​

2022

​

2021

 

​

    

(in thousands)

 

Deferred tax assets:

​

​

 

Federal net operating loss carryforwards

​

$

—

​

$

5,635

​

State net operating loss carryforwards

​

 

291

​

 

727

​

Foreign net operating loss carryforwards

​

 

276

​

 

371

​

Federal tax credit carryforwards

​

 

—

​

 

18,840

​

State tax credit carryforwards

​

 

8,683

​

 

8,138

​

Property, plant and equipment

​

 

8,755

​

 

8,967

​

Operating lease liability

​

​

1,564

​

​

792

​

Accrued compensation

​

​

276

​

​

280

​

Inventories

​

​

1,613

​

​

1,729

​

Stock compensation

​

 

1,620

​

 

1,401

​

Warranty

​

 

1,993

​

 

1,471

​

Deferred revenue

​

​

4,501

​

​

836

​

Capitalized research and development costs

​

​

18,067

​

​

—

​

Gross deferred tax assets

​

​

47,639

​

​

49,187

​

Valuation allowance

​

 

(8,370)

​

 

(7,689)

​

Net deferred tax assets

​

​

39,269

​

​

41,498

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Intangible assets

​

 

(176)

​

 

(72)

​

Right-of-use asset

​

​

(5,400)

​

​

(4,918)

​

Other

​

 

(1,992)

​

 

(1,054)

​

Gross deferred tax liabilities

​

 

(7,568)

​

 

(6,044)

​

Deferred taxes, net

​

$

31,701

​

$

35,454

​

​

Schedule of reconciliation of the beginning and ending balance of unrecognized tax benefits

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

Year ended December 31,

 

​

​

2022

​

2021

    

2020

 

​

​

(in thousands)

​

Balance at beginning of year

​

$

9,961

​

$

10,044

​

$

9,799

​

Decrease in unrecognized tax benefits as a result of tax positions taken during a prior period

​

 

(122)

​

 

(546)

​

 

(502)

​

Decreases in unrecognized tax benefits related to settlements with tax authorities

​

 

(708)

​

 

—

​

 

—

​

Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitation

​

​

—

​

​

(472)

​

​

—

​

Increases in unrecognized tax benefits as a result of tax positions taken during the current period

​

 

1,312

​

 

935

​

 

747

​

Balance at end of year

​

$

10,443

​

$

9,961

​

$

10,044

​

​

​

​

​

​

​

​

​

​

​

​

Recorded as other long-term liability

​

$

7,190

​

$

—

​

$

472

​

Recorded as a decrease in deferred tax assets

​

 

3,253

​

 

9,961

​

 

9,572

​

Balance at end of year

​

$

10,443

​

$

9,961

​

$

10,044

​