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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of domestic and foreign components of the income before provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2022			2021
Domestic*		$	1,809,418		$	1,327,459		$	1,431,797
Foreign*	​	​	259,064	​	​	244,505	​	​	369,622
Income before provision for income taxes		$	2,068,482		$	1,571,964		$	1,801,419

​

*After intercompany royalties, management fees and interest charges from the Company’s domestic to foreign entities of $101.4 million, $85.0 million and $61.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Schedule of components of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2022			2021
Current:	​	​	​	​	​	​	​	​	​
Federal		$	259,911		$	247,482		$	273,115
State	​	​	47,079	​	​	47,255	​	​	44,990
Foreign	​	​	99,563	​	​	37,421	​	​	89,410
​	​	​	406,553	​	​	332,158	​	​	407,515
​	​	​	​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	​	42,237	​	​	19,111	​	​	14,750
State	​	​	2,376	​	​	258	​	​	4,689
Foreign	​	​	(13,936)	​	​	26,084	​	​	5,092
​	​	​	30,677	​	​	45,453	​	​	24,531
​	​	​	​	​	​	​	​	​	​
Valuation allowance	​	​	264	​	​	2,729	​	​	(8,102)
​		$	437,494		$	380,340		$	423,944

Schedule of reconciliation of income taxes computed at statutory federal rate to total income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2023			2022			2021
U.S. Federal tax expense at statutory rates		$	434,381		$	330,113		$	378,298
State income taxes, net of federal tax benefit	​	​	39,416	​	​	35,848	​	​	38,894
Permanent differences	​	​	(27,235)	​	​	(5,450)	​	​	(4,168)
Stock-based compensation	​	​	(43,846)	​	​	3,571	​	​	2,790
Residual tax on undistributed foreign earnings	​	​	8,423	​	​	—	​	​	—
Other	​	​	(5,132)	​	​	1,371	​	​	(649)
Foreign rate differential	​	​	31,223	​	​	12,158	​	​	16,881
Valuation allowance	​	​	264	​	​	2,729	​	​	(8,102)
​		$	437,494		$	380,340		$	423,944

Schedule of components of the deferred tax assets (liabilities)

​

​	​	​	​	​	​	​
​		2023			2022
Deferred Tax Assets:	​	​	​	​	​	​
Reserve for sales returns		$	1,438		$	2,262
Reserve for inventory obsolescence	​	​	4,022	​	​	4,651
Reserve for marketing development fund	​	​	8,358	​	​	7,487
Capitalization of inventory costs	​	​	12,159	​	​	6,537
State franchise tax - current	​	​	2,511	​	​	2,339
Accrued compensation	​	​	12,413	​	​	10,499
Accrued other liabilities	​	​	1,729	​	​	1,820
Deferred revenue	​	​	58,156	​	​	63,196
Stock-based compensation	​	​	19,093	​	​	25,526
Foreign net operating loss carryforward	​	​	27,000	​	​	19,896
Prepaid supplies	​	​	10,567	​	​	7,901
Termination payments	​	​	46,810	​	​	52,466
Operating lease liabilities	​	​	5,739	​	​	5,739
Intangibles	​	​	30,952	​	​	33,603
Impairment-trademarks and others	​	​	12,715	​	​	2,567
Other deferred tax assets	​	​	64,955	​	​	33,209
Total gross deferred tax assets		$	318,617		$	279,698
​	​	​	​	​	​	​
Deferred Tax Liabilities:	​	​	​	​	​	​
Amortization of trademarks		$	(76,536)		$	(39,237)
State franchise tax - deferred	​	​	(5,038)	​	​	(5,503)
Operating lease ROU assets	​	​	(5,739)	​	​	(5,739)
Bang transaction gain	​	​	(10,698)	​	​	—
Other deferred tax liabilities	​	​	(8,784)	​	​	(5)
Depreciation	​	​	(35,708)	​	​	(22,433)
Total gross deferred tax liabilities	​	​	(142,503)	​	​	(72,917)
​	​	​	​	​	​	​
Valuation Allowance	​	​	(30,007)	​	​	(29,742)
​	​	​	​	​	​	​
Net deferred tax assets		$	146,107		$	177,039

Schedule of roll-forward of the total gross unrecognized tax benefits, not including interest and penalties

​

​	​	​	​
​		Gross Unrecognized Tax
​	​	Benefits
Balance at December 31, 2020	​	$	742
Additions for tax positions related to the current year	​		—
Additions for tax positions related to the prior year	​		—
Decreases for tax positions related to prior years	​		(742)
Balance at December 31, 2021	​	$	—
Additions for tax positions related to the current year	​	​	—
Additions for tax positions related to the prior year	​	​	3,020
Decreases for tax positions related to prior years	​	​	—
Balance at December 31, 2022	​	$	3,020
Additions for tax positions related to the current year	​	​	—
Additions for tax positions related to the prior year	​	​	739
Decreases for tax positions related to prior years	​		(650)
Balance at December 31, 2023	​	$	3,109

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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