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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Earnings before Income Taxes | Earnings before income taxes were as follows:
(in thousands) |  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 889,133 |  |  | $ | 684,661 |  |  | $ | 689,994 |
International |  | 172,043 |  |  | 175,311 |  |  | 212,660 |
|  | $ | 1,061,176 |  |  | $ | 859,972 |  |  | $ | 902,654 |
Schedule of Components of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes comprised the following:
(in thousands) |  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |  |
Federal |  | $ | 191,274 |  |  | $ | 150,099 |  |  | $ | 112,811 |
State |  | 40,369 |  |  | 30,529 |  |  | 19,147 |
International |  | 32,797 |  |  | 35,138 |  |  | 29,288 |
|  | 264,440 |  |  | 215,766 |  |  | 161,246 |
Deferred |  |  |  |  |  |
Federal |  | (36,501) |  |  | (31,663) |  |  | (7,019) |
State |  | (6,462) |  |  | (5,735) |  |  | (503) |
International |  | (5,343) |  |  | 2,515 |  |  | 4,086 |
|  | (48,306) |  |  | (34,883) |  |  | (3,436) |
|  | $ | 216,134 |  |  | $ | 180,883 |  |  | $ | 157,810 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:
|  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
U.S. federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income tax, net of federal tax benefit |  | 2.7 |  |  | 2.3 |  |  | 2.1 |
Taxation on international earnings |  | (0.1) |  |  | 0.6 |  |  | (0.8) |
Foreign derived intangible income |  | (1.4) |  |  | (1.7) |  |  | (1.2) |
Share-based compensation from settlements |  | (1.3) |  |  | (1.5) |  |  | (3.6) |
Research and development credit |  | (1.2) |  |  | (1.1) |  |  | (0.7) |
Other, net |  | 0.7 |  |  | 1.4 |  |  | 0.7 |
Effective tax rate |  | 20.4 | % |  | 21.0 | % |  | 17.5 | %
Schedule of Components of Net Deferred Tax Assets and Liabilities | The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows:
(in thousands) |  | December 31, 2023 |  | December 31, 2022
Assets |  |  |  |
Accrued expenses |  | $ | 44,043 |  |  | $ | 38,457 |
Accounts receivable reserves |  | 2,700 |  |  | 2,447 |
Deferred revenue |  | 6,427 |  |  | 4,671 |
Inventory basis differences |  | 24,500 |  |  | 9,062 |
Property-based differences |  | 18,036 |  |  | 20,157 |
Intangible asset basis differences |  | 47,089 |  |  | 44,196 |
Share-based compensation |  | 12,061 |  |  | 11,324 |
Other |  | 2,267 |  |  | 1,273 |
Net operating loss carryforwards |  | 9,007 |  |  | 8,956 |
Tax credit carryforwards |  | 12,824 |  |  | 13,370 |
Unrealized losses on foreign currency exchange contracts and investments |  | 821 |  |  | 227 |
Research and development expenditure differences |  | 66,705 |  |  | 29,997 |
Total assets |  | 246,480 |  |  | 184,137 |
Valuation allowance |  | (34,793) |  |  | (39,726) |
Total assets, net of valuation allowance |  | 211,687 |  |  | 144,411 |
Liabilities |  |  |  |
Customer acquisition costs |  | (39,318) |  |  | (37,223) |
Property-based differences |  | (52,235) |  |  | (44,295) |
Intangible asset basis differences |  | (6,335) |  |  | (2,379) |
Other |  | (11,639) |  |  | (8,958) |
Unrealized gains on foreign currency exchange contracts and investments |  | (1,813) |  |  | (4,491) |
Total liabilities |  | (111,340) |  |  | (97,346) |
Net deferred tax assets |  | $ | 100,347 |  |  | $ | 47,065 |
Schedule of Valuation Allowance | The following table summarizes the changes in valuation allowance for deferred tax assets:
(in thousands) |  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Balance at beginning of year |  | $ | 39,726 |  |  | $ | 39,280 |  |  | $ | 40,262 |
Charges to costs and expense |  | 21 |  |  | 2,200 |  |  | 1,464 |
Write-off/cash payments |  | (7,846) |  |  | (1,537) |  |  | (1,182) |
Foreign currency translation |  | 2,892 |  |  | (217) |  |  | (1,264) |
Balance at the end of the year |  | $ | 34,793 |  |  | $ | 39,726 |  |  | $ | 39,280 |
Schedule of Changes in Unrecognized Tax Benefits | The following table summarizes the changes in unrecognized tax positions:
(in thousands) |  | For the Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Total amounts of unrecognized tax benefits, beginning of period |  | $ | 22,547 |  |  | $ | 21,789 |  |  | $ | 22,484 |
Gross increases in unrecognized tax positions as a result of tax positions taken during a prior period |  | 6,366 |  |  | 342 |  |  | 443 |
Gross increases in unrecognized tax positions as a result of tax positions taken in the current period |  | 3,987 |  |  | 3,197 |  |  | 2,414 |
Decreases in unrecognized tax positions related to settlements with taxing authorities |  | (7,535) |  |  | (1,544) |  |  | (537) |
Decreases in unrecognized tax positions as a result of a lapse of the applicable statutes of limitations |  | (3,045) |  |  | (1,237) |  |  | (3,015) |
Total amounts of unrecognized tax benefits, end of period |  | $ | 22,320 |  |  | $ | 22,547 |  |  | $ | 21,789 |

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