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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes from operations

The provision for income taxes from operations consisted of the following: 

			Years Ended December 31,
(in thousands)			2022						2021						2020
Current
Federal			$	90,703					$	65,861					$	42,337
State			25,347						19,515						12,571
Foreign			12,544						7,641						4,478
Deferred															0
Federal			(5,806)						802						2,330
State			(801)						(169)						598
Foreign			(7,917)						(1,548)						250
			$	114,070					$	92,102					$	62,564

Schedule of income and loss from operations before income taxes

Income and loss from operations before income taxes for the years ended December 31, 2022, 2021, and 2020, respectively, consisted of the following:

			Years Ended December 31,
(in thousands)			2022						2021						2020
Domestic			$	437,506					$	336,085					$	238,320
Foreign			10,559						22,464						11,244
			$	448,065					$	358,549					$	249,564

Schedule of effective income tax rates reconciliations

Reconciliations between the statutory federal income tax rates and the Company’s effective income tax rates as a percentage of income before income taxes for its operations were as follows:

			Years Ended December 31,
(in thousands)			2022						2021						2020
Federal tax rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit			4.4		%				4.3		%				4.2		%
Change in valuation allowance			—		%				—		%				0.1		%
True-up of prior year tax returns to tax provision			—		%				(0.1)		%				(0.4)		%
Difference between U.S. statutory and foreign local tax rates			0.2		%				0.4		%				0.4		%
Change in uncertain tax position			—		%				—		%				—		%
Other			(0.1)		%				0.1		%				(0.2)		%
Effective income tax rate			25.5		%				25.7		%				25.1		%

Schedule of deferred tax assets and liabilities

The tax effects of the significant temporary differences that constitute the deferred tax assets and liabilities as of December 31, 2022, and 2021, respectively, were as follows:

			As of December 31,
(in thousands)			2022						2021
Deferred asset taxes
State tax			$	1,857					$	1,490
Health claims			2,877						1,351
Inventories			7,902						7,497
Sales incentive and advertising allowances			2,191						1,777
Lease obligations			14,827						11,562
Stock-based compensation			2,251						2,612
Foreign tax credit carryforwards			4,961						4,983
Non-United States tax loss carry forward			6,557						7,824
Acquisition expense			2,409						609
Capitalized research & development expenditures			6,671						—
Other			2,533						1,889
Total deferred tax assets			$	55,036					$	41,594
Less valuation allowances			(11,180)						(11,992)
Total deferred asset taxes			$	43,856					$	29,602
Deferred tax liabilities
Depreciation			$	(28,271)					$	(14,999)
Goodwill and other intangibles amortization			(102,998)						(16,682)
Right of use assets			(14,635)						(11,453)
Hedging OCI			(10,284)						—
Total deferred tax liabilities			(156,188)						(43,134)
Total Deferred tax asset/(liability)			$	(112,332)					$	(13,532)

Schedule of reconciliation of unrecognized tax benefits, including foreign translation amount

A reconciliation of the beginning and ending amounts of unrecognized tax benefits in 2022, 2021 and 2020, respectively, were as follows, including foreign translation amounts:

Reconciliation of Unrecognized Tax Benefits			2022						2021						2020
Balance as of January 1			$	944					$	1,168					$	1,706
Additions based on tax positions related to prior years			6,528						9						78
Reductions based on tax positions related to prior years			(38)						(47)						(7)
Additions for tax positions of the current year			73						3						48
Lapse of statute of limitations			(275)						(189)						(657)
Balance as of December 31			$	7,232					$	944					$	1,168

During 2022, the Company’s uncertain tax positions increased by $6.5 million, primarily due to positions for open years of which were assumed in the Company’s acquisition of ETANCO.

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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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