INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

8.INCOME TAXES

The following table summarizes income/(loss) before income taxes, including intercompany amounts:

	December 31,
(in thousands)	2023		2022		2021
United States	$	65,068	$	21,572	$	10,947
Foreign		8,716		4,160		10,819
Total	$	73,784	$	25,732	$	21,766

The following table presents the significant components of the income tax provision:

	December 31,
(in thousands)	2023		2022		2021
Current:
Federal	$	14,949	$	3,225	$	1,126
State		541		180		343
Foreign		2,184		920		3,016
Total Current	$	17,674	$	4,325	$	4,485
Deferred:
Federal	$	1,797	$	890	$	981
State		310		91		13
Foreign		74		80		32
Total Deferred	$	2,181	$	1,061	$	1,026
Provision for/(benefit from) income taxes	$	15,493	$	5,386	$	5,511

The following table presents a reconciliation of income taxes calculated at the statutory rate and the provision for income taxes:

	December 31,
	2023		2022		2021
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax benefit	0.2	%	0.8	%	1.3	%
Excess of foreign tax over U.S. tax on foreign income	0.4	%	0.5	%	3.6	%
Domestic tax deductions and credits	(0.2)	%	(1.3)	%	(1.6)	%
Foreign derived intangible income deduction	(0.6)	%	(0.3)	%	—	%
Other	0.2	%	0.3	%	1.0	%
Effective tax rate	21.0	%	21.0	%	25.3	%

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The following table shows significant components of our deferred tax assets and liabilities:

	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	307	$	268
Accruals and reserves		3,169		2,058
Research and development		2,316		1,697
Other		1,099		747
Total deferred tax assets		6,891		4,770
Deferred tax liabilities:
Property, plant, and equipment		10,701		10,989
Other		260		11
Total deferred tax liabilities		10,961		11,000
Net deferred tax liability	$	(4,070)	$	(6,230)

Deferred tax assets represent the future tax benefit of future deductible differences and, if it is more likely than not that a tax asset will not be realized, a valuation allowance is required to reduce the recorded deferred tax assets to net realizable value. The Company has evaluated positive and negative evidence to assess the realizability of its deferred taxes. Based on the evidence, the Company believes it is more likely than not that its deferred tax assets will be realizable. Accordingly, the Company has not included a valuation allowance against its deferred tax assets at this time.

We do not currently have plans to repatriate undistributed foreign earnings to the United States and have not determined any timeline or amount for any such future distributions.

As of December 31, 2023 and 2022, the Company had no federal net operating loss carryforwards, and a state net operating loss carryforward of approximately $3.7 million.

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions.  The Company’s 2020 and later tax years remain open to examination by the tax authorities.  With few exceptions, as of December 31, 2023, the Company is no longer subject to U.S. federal, state or non-U.S. income tax examination prior to 2020.