Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Taxes from Continuing Operations

The components of income before taxes from continuing operations consisted of the following for the years ended December 31 (in thousands):

	2023		2022		2021
Domestic	$	149,348	$	112,635	$	93,155
Foreign	(356)		(1,145)		6,407
Income before taxes from continuing operations	$	148,992	$	111,490	$	99,562

Summary of Provision for Income Taxes for Continuing Operations

The provision for income taxes from continuing operations for the years ended December 31 consisted of the following (in thousands):

	2023		2022		2021
Current:
U.S. Federal	$	21,579	$	17,014	$	16,137
State	6,048		5,647		5,009
Foreign	32		86		932
Total current	27,659		22,747		22,078
Deferred:
U.S. Federal	8,617		5,259		1,766
State	2,112		1,381		134
Foreign	71		(303)		1,068
Total deferred	10,800		6,337		2,968
Provision for income taxes	$	38,459	$	29,084	$	25,046

Provision for Income Taxes from Continuing Operations Differs from the Federal Statutory Rate

The provision for income taxes from continuing operations differs from the federal statutory rate of 21% due to the following for the years ended December 31 (in thousands, except for percentages) :

	2023				2022				2021
Statutory rate	$	31,288	21.0	%	$	23,413	21.0	%	$	20,908	21.0	%
State taxes, less federal effect	6,446		4.3	%	5,541		5.0	%	4,068		4.1	%
Federal tax credits	(787)		(0.5)	%	(549)		(0.5)	%	(587)		(0.6)	%
Excess tax benefit on stock based compensation	(203)		(0.1)	%	(214)		(0.2)	%	(2,039)		(2.0)	%
Executive compensation	1,369		0.9	%	960		0.9	%	1,781		1.8	%
Other	346		0.2	%	(67)		(0.1)	%	915		0.9	%
	$	38,459	25.8	%	$	29,084	26.1	%	$	25,046	25.2	%

Deferred Tax Liabilities (Assets)

Deferred tax liabilities at December 31 consisted of the following (in thousands):

	2023		2022
Depreciation	$	13,838	$	14,570
Goodwill	65,967		62,132
Operating leases	11,325		6,775
Intangible assets	1,919		3,706
Other	1,264		1,358
Gross deferred tax liabilities	94,313		88,541
Capitalized research and development costs	(6,286)		(4,503)
Equity compensation	(6,907)		(5,993)
Operating leases	(11,678)		(7,076)
Assets held for sale	—		(13,669)
Capital loss carryforward	(26,527)		(26,490)
Other	(12,422)		(10,417)
Gross deferred tax assets	(63,820)		(68,148)
Valuation allowances	26,593		26,488
Deferred tax assets, net of valuation allowances	(37,227)		(41,660)
Net deferred tax liabilities	$	57,086	$	46,881

Summary of Valuation Allowance

The following sets forth a reconciliation of the beginning and ending amount of the Company’s valuation allowance (in thousands):

	2023		2022		2021
Balance as of January 1	$	26,488	$	26,581	$	111
Cost charged to the tax provision	105		10		13
Reductions	—		(103)		(41)
Reclassification from discontinued operations upon sale of industrial group	—		—		26,498
Balance as of December 31	$	26,593	$	26,488	$	26,581

Income Taxes Paid, Net of Tax Refunds

The Company made net payments for income taxes for the following amounts for the years ended December 31 (in thousands):

	2023		2022		2021
Payments made for income taxes, net	$	23,447	$	27,017	$	22,076