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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 89,954 |  |  | $ | 90,703 |  |  | $ | 65,861 |
State | 24,323 |  |  | 25,347 |  |  | 19,515 |
Foreign | 15,824 |  |  | 12,544 |  |  | 7,641 |
Deferred |  |  |  |  |
Federal | (6,466) |  |  | (5,806) |  |  | 802 |
State | (860) |  |  | (801) |  |  | (169) |
Foreign | (215) |  |  | (7,917) |  |  | (1,548) |
| $ | 122,560 |  |  | $ | 114,070 |  |  | $ | 92,102 |
Schedule of income and loss from operations before income taxes | Income and loss from operations before income taxes for the years ended December 31, 2023, 2022, and 2021, respectively, consisted of the following:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Domestic | $ | 427,296 |  |  | $ | 437,506 |  |  | $ | 336,085 |
Foreign | 49,251 |  |  | 10,559 |  |  | 22,464 |
| $ | 476,547 |  |  | $ | 448,065 |  |  | $ | 358,549 |
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) | 2023 |  | 2022 |  | 2021
Federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 3.8 | % |  | 4.4 | % |  | 4.3 | %
Change in U.S. tax rate applied to deferred taxes | 0.6 | % |  | — | % |  | — | %
True-up of prior year tax returns to tax provision | (0.1) | % |  | — | % |  | (0.1) | %
Difference between U.S. statutory and foreign local tax rates | 0.4 | % |  | 0.2 | % |  | 0.4 | %
Change in uncertain tax position | (0.6) | % |  | — | % |  | — | %
Other | 0.6 | % |  | (0.1) | % |  | 0.1 | %
Effective income tax rate | 25.7 | % |  | 25.5 | % |  | 25.7 | %
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, 2023, and 2022, respectively, were as follows:
| As of December 31,
(in thousands) | 2023 |  | 2022
Deferred asset taxes |  |  |
State tax | $ | 1,606 |  |  | $ | 1,857 |
Health claims | 2,845 |  |  | 2,877 |
Inventories | 8,218 |  |  | 7,902 |
Sales incentive and advertising allowances | 1,997 |  |  | 2,191 |
Lease obligations | 17,880 |  |  | 14,827 |
Stock-based compensation | 3,962 |  |  | 2,251 |
Foreign tax credit carryforwards | 3,905 |  |  | 4,961 |
Non-United States tax loss carry forward | 5,882 |  |  | 6,557 |
Acquisition expense | 1,904 |  |  | 2,409 |
Capitalized research & development expenditures | 9,369 |  |  | 6,671 |
Other | 3,689 |  |  | 2,533 |
Total deferred tax assets | $ | 61,257 |  |  | $ | 55,036 |
Less valuation allowances | (10,430) |  |  | (11,180) |
Total deferred asset taxes | $ | 50,827 |  |  | $ | 43,856 |
Deferred tax liabilities |  |  |
Depreciation | $ | (23,484) |  |  | $ | (28,271) |
Goodwill and other intangibles amortization | (106,041) |  |  | (102,998) |
Right of use assets | (17,517) |  |  | (14,635) |
Hedging OCI | (1,386) |  |  | (10,284) |
Total deferred tax liabilities | (148,428) |  |  | (156,188) |
Total Deferred tax asset/(liability) | $ | (97,601) |  |  | $ | (112,332) |
Schedule of reconciliation of unrecognized tax benefits, including foreign translation amount | A reconciliation of the beginning and ending amounts of unrecognized tax benefits in 2023, 2022 and 2021, respectively, were as follows, including foreign translation amounts:
Reconciliation of Unrecognized Tax Benefits | 2023 |  | 2022 |  | 2021
Balance as of January 1 | $ | 7,232 |  |  | $ | 944 |  |  | $ | 1,168 |
Additions based on tax positions related to prior years | 39 |  |  | 6,528 |  |  | 9 |
Reductions based on tax positions related to prior years | (103) |  |  | (38) |  |  | (47) |
Additions for tax positions of the current year | 463 |  |  | 73 |  |  | 3 |
Lapse of statute of limitations | (2,990) |  |  | (275) |  |  | (189) |
Balance as of December 31 | $ | 4,641 |  |  | $ | 7,232 |  |  | $ | 944 |
During 2023, the Company’s uncertain tax positions decreased by $3.0 million, primarily due to positions for open years of which were assumed in the Company’s acquisition of ETANCO.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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