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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 75,783 |  |  | $ | 89,954 |  |  | $ | 90,703 |
State | 22,418 |  |  | 24,323 |  |  | 25,347 |
Foreign | 17,855 |  |  | 15,824 |  |  | 12,544 |
Deferred |  |  |  |  |
Federal | (787) |  |  | (6,466) |  |  | (5,806) |
State | 690 |  |  | (860) |  |  | (801) |
Foreign | (4,140) |  |  | (215) |  |  | (7,917) |
| $ | 111,819 |  |  | $ | 122,560 |  |  | $ | 114,070 |
Schedule of income and loss from operations before income taxes | Income and loss from operations before income taxes for the years ended December 31, 2024, 2023, and 2022, respectively, consisted of the following:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Domestic | $ | 395,777 |  |  | $ | 427,296 |  |  | $ | 437,506 |
Foreign | 38,266 |  |  | 49,251 |  |  | 10,559 |
| $ | 434,043 |  |  | $ | 476,547 |  |  | $ | 448,065 |
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,
| 2024 |  | 2023 |  | 2022
Federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 4.1 | % |  | 3.8 | % |  | 4.4 | %
Change in U.S. tax rate applied to deferred taxes | 0.1 | % |  | 0.6 | % |  | — | %
Change in valuation allowance | 0.5 | % |  | — | % |  | — | %
True-up of prior year tax returns to tax provision | — | % |  | (0.1) | % |  | — | %
Difference between U.S. statutory and foreign local tax rates | 0.4 | % |  | 0.4 | % |  | 0.2 | %
Change in uncertain tax position | — | % |  | (0.6) | % |  | — | %
Other | (0.3) | % |  | 0.6 | % |  | (0.1) | %
Effective income tax rate | 25.8 | % |  | 25.7 | % |  | 25.5 | %
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, 2024, and 2023, respectively, were as follows:
| As of December 31,
(in thousands) | 2024 |  | 2023
Deferred asset taxes |  |  |
State tax | $ | 1,388 |  |  | $ | 1,606 |
Health claims | 1,910 |  |  | 2,845 |
Inventories | 8,766 |  |  | 8,218 |
Sales incentive and advertising allowances | 1,751 |  |  | 1,997 |
Lease obligations | 23,493 |  |  | 17,880 |
Stock-based compensation | 4,235 |  |  | 3,962 |
Foreign tax credit carryforwards | 3,782 |  |  | 3,905 |
Non-United States tax loss carry forward | 8,128 |  |  | 5,882 |
Acquisition expense | 1,315 |  |  | 1,904 |
Capitalized research & development expenditures | 11,627 |  |  | 9,369 |
Other | 6,282 |  |  | 3,689 |
Total deferred tax assets | $ | 72,677 |  |  | $ | 61,257 |
Less valuation allowances | (12,727) |  |  | (10,430) |
Total deferred asset taxes | $ | 59,950 |  |  | $ | 50,827 |
Deferred tax liabilities |  |  |
Depreciation | $ | (26,886) |  |  | $ | (23,484) |
Goodwill and other intangibles amortization | (96,779) |  |  | (106,041) |
Right of use assets | (23,075) |  |  | (17,517) |
Hedging OCI | (2,190) |  |  | (1,386) |
Total deferred tax liabilities | (148,930) |  |  | (148,428) |
Total deferred tax liability | $ | (88,980) |  |  | $ | (97,601) |
Schedule of reconciliation of unrecognized tax benefits, including foreign translation amount | A reconciliation of the beginning and ending amounts of unrecognized tax benefits in 2024, 2023 and 2022, respectively, were as follows, including foreign translation amounts:
Reconciliation of Unrecognized Tax Benefits (in thousands) | 2024 |  | 2023 |  | 2022
Balance as of January 1 | $ | 4,641 |  |  | $ | 7,232 |  |  | $ | 944 |
Additions based on tax positions related to prior years | 585 |  |  | 39 |  |  | 6,528 |
Reductions based on tax positions related to prior years | (49) |  |  | (103) |  |  | (38) |
Additions for tax positions of the current year | 647 |  |  | 463 |  |  | 73 |
Lapse of statute of limitations | (1,157) |  |  | (2,990) |  |  | (275) |
Balance as of December 31 | $ | 4,667 |  |  | $ | 4,641 |  |  | $ | 7,232 |

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