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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
Domestic*		$	1,540,619		$	1,809,418		$	1,327,459
Foreign*	​	​	448,840	​	​	259,064	​	​	244,505
Income before provision for income taxes		$	1,989,459		$	2,068,482		$	1,571,964

​

*After intercompany royalties, management fees and interest charges from the Company’s domestic to foreign entities of $108.4 million, $101.4 million and $85.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Schedule of components of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
Current:	​	​	​	​	​	​	​	​	​
Federal		$	273,825		$	259,911		$	247,482
State	​	​	55,087	​	​	47,079	​	​	47,255
Foreign	​	​	145,118	​	​	99,563	​	​	37,421
​	​	​	474,030	​	​	406,553	​	​	332,158
​	​	​	​	​	​	​	​	​	​
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​	​	11,395	​	​	42,237	​	​	19,111
State	​	​	(900)	​	​	2,376	​	​	258
Foreign	​	​	(12,772)	​	​	(13,936)	​	​	26,084
​	​	​	(2,277)	​	​	30,677	​	​	45,453
​	​	​	​	​	​	​	​	​	​
Valuation allowance	​	​	8,658	​	​	264	​	​	2,729
​		$	480,411		$	437,494		$	380,340

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
U.S. Federal tax expense at statutory rates		$	417,786		$	434,381		$	330,113
State income taxes, net of federal tax benefit	​	​	38,850	​	​	39,416	​	​	35,848
Permanent differences	​	​	(21,298)	​	​	(27,235)	​	​	(5,450)
Stock-based compensation	​	​	5,266	​	​	(43,846)	​	​	3,571
Residual tax on undistributed foreign earnings	​	​	3,903	​	​	8,423	​	​	—
Other	​	​	(10,843)	​	​	(5,132)	​	​	1,371
Foreign rate differential	​	​	38,089	​	​	31,223	​	​	12,158
Valuation allowance	​	​	8,658	​	​	264	​	​	2,729
​		$	480,411		$	437,494		$	380,340

Schedule of components of the deferred tax assets (liabilities)

​

​	​	​	​	​	​	​
​		2024			2023
Deferred Tax Assets:	​	​	​	​	​	​
Reserve for inventory obsolescence		$	9,950		$	4,022
Capitalization of inventory costs	​	​	13,253	​	​	12,159
Accrued compensation	​	​	13,941	​	​	12,413
Deferred revenue	​	​	53,802	​	​	58,156
Stock-based compensation	​	​	19,649	​	​	19,093
Net operating loss carryforward	​	​	33,159	​	​	27,000
Prepaid supplies	​	​	9,081	​	​	10,567
Termination payments	​	​	39,489	​	​	46,810
Operating lease liabilities	​	​	13,201	​	​	5,739
Intangible assets	​	​	84,455	​	​	70,500
Accrued liabilities	​	​	16,725	​	​	10,087
Other deferred tax assets	​	​	57,562	​	​	42,071
Total gross deferred tax assets		$	364,267		$	318,617
​	​	​	​	​	​	​
Deferred Tax Liabilities:	​	​	​	​	​	​
Amortization of intangibles		$	(93,511)		$	(76,536)
Operating lease ROU assets	​	​	(13,201)	​	​	(5,739)
Bang transaction gain	​	​	(11,740)	​	​	(10,698)
Depreciation	​	​	(57,168)	​	​	(35,708)
Other deferred tax liabilities	​	​	(12,741)	​	​	(13,822)
Total gross deferred tax liabilities	​	$	(188,361)	​	$	(142,503)
​	​	​	​	​	​	​
Valuation Allowance	​	​	(38,665)	​	​	(30,007)
​	​	​	​	​	​	​
Net deferred tax assets		$	137,241		$	146,107

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

​

​	​	​	​
​		Gross Unrecognized Tax
​	​	Benefits
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
Additions for tax positions related to the current year	​	​	—
Additions for tax positions related to the prior year	​	​	631
Decreases for tax positions related to prior years	​		(1,114)
Balance at December 31, 2024	​	$	2,626

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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 of the change in unrecognized tax benefits.

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