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Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization and Summary of Significant Accounting Policies [Abstract] |
Shipping and handling costs associated with outbound freight | The table below presents shipping and handling costs associated with outbound freight, which we include in selling and administrative expenses (in thousands):
2023 |  | 2022 |  | 2021
$ | 84,932 |  |  | $ | 89,002 |  |  | $ | 75,411 |
Advertising expense | We expense advertising costs when incurred. The table below presents advertising expense for the past three years (in thousands):
2023 |  | 2022 |  | 2021
$ | 28,532 |  |  | $ | 28,778 |  |  | $ | 9,409 |
Fair value measurements | The table below presents our assets and liabilities measured and recorded at fair value on a recurring basis (in thousands):
|  |  |  |  | Fair Value at December 31,
| Input Level |  | Classification |  | 2023 |  | 2022
Assets |  |  |  |  |  |  |
Unrealized gains on interest rate swaps | Level 2 |  | Other assets |  | $ | 25,752 |  |  | $ | 34,049 |
Deferred compensation plan asset | Level 1 |  | Other assets |  | 15,347 |  |  | 13,148 |
Liabilities |  |  |  |  |  |  |
Contingent consideration liabilities | Level 3 |  | Accrued expenses and other current liabilities |  | $ | — |  |  | $ | 554 |
Deferred compensation plan liability | Level 1 |  | Other long-term liabilities |  | 15,347 |  |  | 13,148 |
Summary of changes in allowance for doubtful accounts | The following table summarizes the changes in our allowance for doubtful accounts for the past three years (in thousands):
|  | 2023 |  | 2022 |  | 2021
Balance at beginning of year |  | $ | 9,522 |  |  | $ | 5,942 |  |  | $ | 4,808 |
Bad debt expense |  | 7,526 |  |  | 7,449 |  |  | 3,377 |
Write-offs, net of recoveries |  | (5,330) |  |  | (3,869) |  |  | (2,243) |
Balance at end of year |  | $ | 11,718 |  |  | $ | 9,522 |  |  | $ | 5,942 |
Summary of changes in allowance for inventory obsolescence | The following table summarizes the changes in our reserve for inventory obsolescence for the past three years (in thousands):
|  | 2023 |  | 2022 |  | 2021
Balance at beginning of year |  | $ | 21,208 |  |  | $ | 15,196 |  |  | $ | 11,398 |
Provision for inventory write-downs |  | 8,483 |  |  | 11,989 |  |  | 7,781 |
Deduction for inventory write-offs |  | (6,227) |  |  | (5,977) |  |  | (3,983) |
Balance at end of year |  | $ | 23,464 |  |  | $ | 21,208 |  |  | $ | 15,196 |
Estimated useful lives of property and equipment | We depreciate property and equipment on a straight-line basis over the following estimated useful lives:
Buildings | 40 years
Leasehold improvements (1) | 1 - 10 years
Autos and trucks | 3 - 6 years
Machinery and equipment | 3 - 15 years
Computer equipment | 3 - 7 years
Furniture and fixtures | 5 - 10 years
(1)For substantial improvements made near the end of a lease term where we are reasonably certain the lease will be renewed, we amortize the leasehold improvement over the remaining life of the lease including the expected renewal period.
Depreciation expense | The table below presents depreciation expense for the past three years (in thousands):
2023 |  | 2022 |  | 2021
$ | 31,585 |  |  | $ | 30,381 |  |  | $ | 28,287 |
Accumulated other comprehensive loss | The table below presents the components of our Accumulated other comprehensive income balance (in thousands):
| December 31,
| 2023 |  | 2022
Foreign currency translation adjustments | $ | (12,699) |  |  | $ | (19,608) |
Unrealized gains on interest rate swaps, net of tax | 19,281 |  |  | 25,503 |
Accumulated other comprehensive income | $ | 6,582 |  |  | $ | 5,895 |
Supplemental disclosures to Consolidated Statements of Cash Flows | The following table presents supplemental disclosures to the accompanying Consolidated Statements of Cash Flows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cash paid during the year for: |  |  |  |  |
Interest | $ | 58,131 |  |  | $ | 39,759 |  |  | $ | 10,023 |
Income taxes, net of refunds | 153,157 |  |  | 314,714 |  |  | 83,953 |
Schedule of recent accounting pronouncements pending adoption | The following table summarizes the remaining recent accounting pronouncements that we plan to adopt in future periods:
Standard | Description | Effective Date | Effect on Financial Statements and Other Significant Matters
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | In December 2023, the FASB issued ASU 2023-09, Income Taxes- Improvements to Income Tax Disclosures, which will require enhancements and further transparency for decision usefulness to various income tax disclosures, most notably the tax rate reconciliation and income taxes paid. | Annual periods beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. Early adoption is also permitted. | We are currently evaluating the effect this standard will have on our disclosures.
ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures | In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which intends to improve reportable segment disclosures through requirement of enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, refines situations in which an entity can disclose multiple segment measures of profit or loss, provides advanced segment disclosure requirements for entities with a single reportable segment, as well as other disclosure requirements. | Annual periods beginning after December 15, 2023 on a retrospective basis. Early adoption is permitted. | We are currently evaluating the effect this standard will have on our disclosures.
ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative | In October 2023, the FASB issued ASU 2023-06, D isclosure Agreements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. | The amendments in ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. | We are currently evaluating the effect this standard will have on our disclosures.

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