Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, 2024, 2023 and 2022, income before income taxes is broken out between U.S. and foreign-sourced operations and consisted of the following (in thousands):

	2024		2023		2022
Domestic	$	93,687	$	60,935	$	77,562
Foreign		56,306		51,154		5,067
Total	$	149,993	$	112,089	$	82,629

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in thousands):

	2024		2023		2022
Current expense:
Federal	$	26,061	$	15,684	$	9,584
State		5,286		3,775		3,162
Foreign		13,162		10,862		10,291
Total current expense		44,509		30,321		23,037
Deferred expense (benefit):
Federal		(12,609)		(11,030)		(10,438)
State		(1,421)		(1,699)		(3,615)
Foreign		(843)		86		(871)
Total deferred benefit		(14,873)		(12,643)		(14,924)
Total income tax expense	$	29,636	$	17,678	$	8,113

Schedule of Effective Income Tax Rate Reconciliation

The difference between the income tax expense reported and amounts computed by applying the statutory federal rate of 21.0% to pretax income for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in thousands):

	2024		2023		2022
Computed federal income tax expense at applicable statutory rate of 21%	$	31,499	$	23,539	$	17,352
State income tax expense		3,081		1,627		35
Tax credits		(3,004)		(2,412)		(1,978)
Tax effect of international items		(1,870)		(3,994)		(10,698)
Uncertain tax positions		218		4		(47)
Deferred compensation insurance assets		(535)		(548)		706
Stock-based compensation		(1,817)		(3,001)		(3,423)
Valuation allowance		—		(90)		3,523
Remeasurement of state deferred taxes		—		(73)		(375)
Non-deductible expenses		2,454		2,101		2,027
Remeasurement of contingent consideration liabilities		108		317		1,061
Other — including the effect of graduated rates		(498)		208		(70)
Total income tax expense	$	29,636	$	17,678	$	8,113

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31, 2024 and 2023, consisted of the following temporary differences and carry-forward items (in thousands):

	2024		2023
Deferred income tax assets:
Allowance for credit losses on trade receivables	$	2,215	$	2,009
Accrued compensation expense		11,701		10,285
Inventory differences		5,139		5,477
Net operating loss carryforwards		8,320		10,007
Stock-based compensation expense		7,569		7,913
Operating lease assets		11,586		11,331
State R&D tax credits		5,924		5,237
IRC section 174 capitalized R&D		35,200		26,370
Other		10,759		10,159
Total deferred income tax assets		98,413		88,788
Deferred income tax liabilities:
Prepaid expenses		(1,277)		(1,123)
Property and equipment		(22,699)		(23,539)
Intangible assets		(29,440)		(34,613)
Foreign withholding tax		(1,681)		(2,005)
Operating lease liabilities		(11,737)		(10,129)
Other		(1,632)		(1,898)
Total deferred income tax liabilities		(68,466)		(73,307)
Valuation allowance		(14,143)		(13,740)
Net deferred income tax liabilities	$	15,804	$	1,741
Reported as:
Deferred income tax assets	$	16,044	$	7,288
Deferred income tax liabilities		(240)		(5,547)
Net deferred income tax liabilities	$	15,804	$	1,741

Schedule of reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits for the years ended December 31, 2024, 2023 and 2022, consisted of the following (in thousands):

	2024		2023		2022
Unrecognized tax benefits, opening balance	$	1,622	$	1,576	$	1,635
Gross increases (decreases) in tax positions taken in a prior year		70		112		(10)
Gross increases in tax positions taken in the current year		559		442		294
Lapse of applicable statute of limitations		(371)		(508)		(343)
Unrecognized tax benefits, ending balance	$	1,880	$	1,622	$	1,576